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.

Good Morning Japan |US Off = Directionless; BOJ in Focus +2trn JGB Buying; Kuroda off to Davos

Good Morning Japan | The Doves Strike Back; Google Joins Layoff Parade; "Too Early for BOJ Exit"

Komatsu (6301) | Plenty of Gas in the Tank

Japan's Governance: Komatsu (6301) ESG Presentation

Komatsu (6301) | Back Test Suggests 56% Upside from Here

Japan's Governance: Corporate Governance Evaluation of Pharmaceutical Companies

Equity Bottom-Up

<ul>
<li>Komatsu reported above Consensus 2Q OP; lifted OP guidance; and raised dividends.  Outlook for next FY3/24 looks bright</li>
<li>Share price is pricing in a severe recession. A PBR of 1.1x is implies a significant OP decline. We see no evidence of an earnings contraction next year</li>
<li>We expect the share price to re-rate as the market prices in resilient earnings outlook. Our back test still suggests over 45% upside </li>
</ul>


Komatsu reported above Consensus 2Q OP; lifted OP guidance; and raised dividends.  Outlook for next FY3/24 looks bright
Share price is pricing in a severe recession. A PBR of 1.1x is implies a significant OP decline. We see no evidence of an earnings contraction next year
We expect the share price to re-rate as the market prices in resilient earnings outlook. Our back test still suggests over 45% upside 


Komatsu(6301) | Post 2Q Earnings – BACKTEST STILL Says over 45% Upside

Komatsu Ltd

Komatsu(6301) | Post 2Q Earnings – BACKTEST STILL Says over 45% Upside