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.

Ohayo Japan: Tech Leads US Equity Decline; JAPAN X: Softbank's ARM Done(Almost), PayPay IPO Next?

Equity Bottom-Up

<ul>
<li>IHI's share price has declined 16% on news that Pratt &amp; Whitney would need to ground more planes due to problems with its PW1100 turbofan engines</li>
<li>IHI has a 15% share of the revenue and risk from this program. The new engine was expected to be a major earnings driver over the next several years</li>
<li>We believe that IHI will be forced to revise down OP guidance to a loss. The bigger impact could be on FCF and future capex plans. </li>
</ul>


IHI's share price has declined 16% on news that Pratt &amp; Whitney would need to ground more planes due to problems with its PW1100 turbofan engines
IHI has a 15% share of the revenue and risk from this program. The new engine was expected to be a major earnings driver over the next several years
We believe that IHI will be forced to revise down OP guidance to a loss. The bigger impact could be on FCF and future capex plans. 


IHI Corp

IHI (7013) | Brace for a ¥130b Charge