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.

Mar25 Nikkei 225 Rebal: Considering Fast Retailing Capping.... Again...

Fast Retailing(9983) | Weaving a Global Empire; FY8/25 Outlook

Fast Retailing (9983) | Positive Q3 Outlook, but Priced In

Equity Bottom-Up

<ul>
<li>Fast Retailing delivered an impressive Q3 report. Sales +10% YoY were +3% above our expectations. </li>
<li>Big jump in profitability. OP +31% YoY to Y145b driven by +57% jump in Uniqlo Japan earnings. Record consolidated OPM ~19% </li>
<li>Uniqlo's performance is leaving global peers in its wake. Profitability now rivalling Inditex. However, valuations remain at a premium</li>
</ul>


Fast Retailing delivered an impressive Q3 report. Sales +10% YoY were +3% above our expectations. 
Big jump in profitability. OP +31% YoY to Y145b driven by +57% jump in Uniqlo Japan earnings. Record consolidated OPM ~19% 
Uniqlo's performance is leaving global peers in its wake. Profitability now rivalling Inditex. However, valuations remain at a premium


Fast Retailing

Fast Retailing (9983) | Q3 Masterclass