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.

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Equity Bottom-Up

<ul>
<li>Merger synergies such as integrated purchasing will result in higher gross margins. A more efficient cost structure and sales synergies will boost the bottom line </li>
<li>We expect consumption to normalize in Japan as people get used to "living with covid."  Higher foot traffic will drive a resumption of high margin cosmetics </li>
<li>Inbound travel should be partially normalized this year and we believe the market will quickly price this in once borders reopen. We see 21% upside </li>
</ul>


Merger synergies such as integrated purchasing will result in higher gross margins. A more efficient cost structure and sales synergies will boost the bottom line 
We expect consumption to normalize in Japan as people get used to "living with covid."  Higher foot traffic will drive a resumption of high margin cosmetics 
Inbound travel should be partially normalized this year and we believe the market will quickly price this in once borders reopen. We see 21% upside 


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