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.

Shimano: An Opportunity for Activist Investors

Shimano (7309) | Shifts Gears with Upbeat Guidance

Equity Bottom-Up

<ul>
<li>Bike Sales Recovery: Shimano’s bike component sales grew 8% year-on-year in Q3, confirming the market has stabilized after six quarters of decline.2. 3. </li>
<li>China Drives Growth: China’s share of Shimano’s bike sales surged to 31% in 1H24, with management projecting strong growth of 30% YoY in 2H.</li>
<li>Improving Profitability: The bike segment’s operating margin rose to 18.6% in Q3, reflecting a strong recovery from last year's lows, with potential for further improvement.</li>
</ul>


Bike Sales Recovery: Shimano’s bike component sales grew 8% year-on-year in Q3, confirming the market has stabilized after six quarters of decline.2. 3. 
China Drives Growth: China’s share of Shimano’s bike sales surged to 31% in 1H24, with management projecting strong growth of 30% YoY in 2H.
Improving Profitability: The bike segment’s operating margin rose to 18.6% in Q3, reflecting a strong recovery from last year's lows, with potential for further improvement.


Shimano (7309) | Bike Sales Rebound as China Fuels Growth

Shimano Inc

Shimano (7309) | Bike Sales Rebound as China Fuels Growth