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 | Shifting Sentiments but Bullish Price Action

Good Morning Japan | Dovish Fed+ Strong US Earnings = Catch up Time Japan

Good Morning Japan | Recession Fears (Again)

Seiko Epson (6724) | Home Printing Running Out of Ink

Epson (6724) - A Big Buyback Amid Benign Backdrop

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

Equity Bottom-Up

<ul>
<li>2Q Earnings Neutral; Mainly FX driven. The company sidestepped the worse of what we are seeing in broader printer market (See XEROX; Canon)</li>
<li>The outlook remains Negative. Macro conditions set to be worse in H2 vs H1. Core Home &amp; Office Printing Business key IJP unit sales struggling with severe margin pressures.</li>
<li>Ongoing share buyback mildly supportive but unlikely to be a game changer with falling earnings.  Target-based 0.8x PBR implying ¥1700 TP.  </li>
</ul>


2Q Earnings Neutral; Mainly FX driven. The company sidestepped the worse of what we are seeing in broader printer market (See XEROX; Canon)
The outlook remains Negative. Macro conditions set to be worse in H2 vs H1. Core Home &amp; Office Printing Business key IJP unit sales struggling with severe margin pressures.
Ongoing share buyback mildly supportive but unlikely to be a game changer with falling earnings.  Target-based 0.8x PBR implying ¥1700 TP.  


Seiko Epson(6724 JP)| Neutral 2Q Earnings; Negative Outlook – Remain Bearish