Japan Specialist

Mark Chadwick

Over 20 years experience in equities and asset management in Asia and Japan. Qualified CFA with experience analyzing companies as a buy-side analyst. In-depth knowledge of company fundamental analysis, corporate governance and valuations.

Japan's Consumer Electronics Retailers Face Tough Outlook

Equity Bottom-Up

<ul>
<li>Bic Camera is trading close to its 52-week high after rallying on expectations for the reopening of Japanese borders and increased sales from inbound tourists.</li>
<li>We think the market has gotten way ahead itself due to (a) falling real household spending and (b) less than expected impact from inbound</li>
<li>Bic’s high valuation is likely to derate due to rising interest rates.  We see around 30% downside for the stock based on peer multiples</li>
</ul>


Bic Camera is trading close to its 52-week high after rallying on expectations for the reopening of Japanese borders and increased sales from inbound tourists.
We think the market has gotten way ahead itself due to (a) falling real household spending and (b) less than expected impact from inbound
Bic’s high valuation is likely to derate due to rising interest rates.  We see around 30% downside for the stock based on peer multiples


Bic Camera (3048) | Cash-Strapped Consumers

Bic Camera Inc

Bic Camera (3048) | Cash-Strapped Consumers