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.

Equity Bottom-Up

<ul>
<li>Q1 Operating Profit -2% YoY; weaker than analyst consensus; Full year guidance unchanged but risk to the downside</li>
<li>Key concerns around EU and China remain in Q1. Both regions seeing zero top line growth and heat pumps have cratered </li>
<li>The stock price has declined 16% since our last note, underperforming Topix by around 6%. Valuation more supportive</li>
</ul>


Q1 Operating Profit -2% YoY; weaker than analyst consensus; Full year guidance unchanged but risk to the downside
Key concerns around EU and China remain in Q1. Both regions seeing zero top line growth and heat pumps have cratered 
The stock price has declined 16% since our last note, underperforming Topix by around 6%. Valuation more supportive


Daikin (6367) | Q1 Earnings: Frozen in Uncertainty

Daikin Industries

Daikin (6367) | Q1 Earnings: Frozen in Uncertainty