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.

Equity Bottom-Up

<ul>
<li>Q3 earnings risk skewed to upside: we forecast sales/OP of ¥857b/¥171b vs. Street’s ¥826b/¥152b.</li>
<li>Domestic Uniqlo trends strong; international segment likely resilient despite Inditex’s headline miss.</li>
<li>Tariff impact likely reiterated but remains a FY26 issue, not a near-term earnings swing factor.</li>
</ul>


Q3 earnings risk skewed to upside: we forecast sales/OP of ¥857b/¥171b vs. Street’s ¥826b/¥152b.
Domestic Uniqlo trends strong; international segment likely resilient despite Inditex’s headline miss.
Tariff impact likely reiterated but remains a FY26 issue, not a near-term earnings swing factor.


FAST RETAILING (9983 JP) | Q3 Preview: Upside Risk into Print, But Tariff Narrative Still Overhangs

Fast Retailing

FAST RETAILING (9983 JP) | Q3 Preview: Upside Risk into Print, But Tariff Narrative Still Overhangs