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.

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Equity Bottom-Up

<ul>
<li>Mitsui OSK is up 460% since June 2020. Almost gravity defying. Strong Container profits have lead to high dividends. Now Shareholders hang on for one more big payoff</li>
<li>Container rates have just about to reverted to pre-pandemic levels. Utilization is falling; Capacity coming on; Customers using spot. All points to potential losses next year for  Containers and ONE</li>
<li>We expect a major profit decline=&gt;div cut; How far could share price fall ? See the share price vs Shanghai Container Index correlation below.  We are bearish Mitsui OSK. </li>
</ul>


Mitsui OSK is up 460% since June 2020. Almost gravity defying. Strong Container profits have lead to high dividends. Now Shareholders hang on for one more big payoff
Container rates have just about to reverted to pre-pandemic levels. Utilization is falling; Capacity coming on; Customers using spot. All points to potential losses next year for  Containers and ONE
We expect a major profit decline=&gt;div cut; How far could share price fall ? See the share price vs Shanghai Container Index correlation below.  We are bearish Mitsui OSK. 


Mitsui OSK(9104): Ex-Div - The Last Straw...

Mitsui O.S.K. Lines

Mitsui OSK(9104): Ex-Div - The Last Straw...