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>Expecting Beat: We forecast Q3 revenue of ¥1,007bn, +6% above consensus, driven by accelerating Uniqlo Japan sales and strong International performance.</li>
<li>Margin Outlook: We model 18.3% EBIT margin, broadly in line with consensus, as SG&amp;A efficiencies and International OPM gains offset yen-driven gross margin pressure.</li>
<li>Watch List: Monitor China recovery, US/EU store productivity, and FY guidance commentary — we see upside risk to consensus OP of ¥705bn.</li>
</ul>


Expecting Beat: We forecast Q3 revenue of ¥1,007bn, +6% above consensus, driven by accelerating Uniqlo Japan sales and strong International performance.
Margin Outlook: We model 18.3% EBIT margin, broadly in line with consensus, as SG&amp;A efficiencies and International OPM gains offset yen-driven gross margin pressure.
Watch List: Monitor China recovery, US/EU store productivity, and FY guidance commentary — we see upside risk to consensus OP of ¥705bn.


Fast Retailing (9983) | Strong Execution Expected