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 |Beta BACK-Ahead of CPI; Citizen Watch LEADS=>Massive Buyback; Toyota EV Shift?

Japan Weekly | Financials Still a Concern, Recruit, Toyota Industries

Equity Bottom-Up

<ul>
<li>FY3/22 EBITDA rose 96% driven by the recovery in the global labour market. Macro conditions suggest the coming year will be less exciting </li>
<li>EBITDA is expected to rise just 2% this year, adjusting for changes in stock-based comp </li>
<li>However, the 32% decline in the stock price YTD suggests the market is on top of the weaker outlook. <strong>We see 40% upside to the stock price</strong> </li>
</ul>


FY3/22 EBITDA rose 96% driven by the recovery in the global labour market. Macro conditions suggest the coming year will be less exciting 
EBITDA is expected to rise just 2% this year, adjusting for changes in stock-based comp 
However, the 32% decline in the stock price YTD suggests the market is on top of the weaker outlook. We see 40% upside to the stock price 


Recruit (6098 JP) | Too Conservative on Labour Outlook

Recruit Holdings

Recruit (6098 JP) | Too Conservative on Labour Outlook