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.

Yaskawa (6506 JP) | Constant Currency Concerns

Equity Bottom-Up

<ul>
<li>Q1 OP +8%, but core OP (pre-adjustments) fell 18% YoY on significant decline in profitability </li>
<li>Bulls may point to the surprising strength in orders, but the boost from China re-opening and weaker yen are not reflective of the underlying outlook</li>
<li>We think Yaskawa will be hard-pressed to make full year guidance of ¥72b. Stay bearish for now</li>
</ul>


Q1 OP +8%, but core OP (pre-adjustments) fell 18% YoY on significant decline in profitability 
Bulls may point to the surprising strength in orders, but the boost from China re-opening and weaker yen are not reflective of the underlying outlook
We think Yaskawa will be hard-pressed to make full year guidance of ¥72b. Stay bearish for now


Yaskawa Electric (6506) | Don’t Be Fooled by the “strong” Q1 Print