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.

Ryohin Keikaku (7453) | Oops Something Went Wrong

Muji 500: The Missing Key to Plans for 2,000 Stores

Good Morning Japan |Equities DEFY Yield Rise; Tesla Master Plan-Details Absent; NUGGET: U-Next(9418)

Equity Bottom-Up

<ul>
<li>Muji's historically low valuations are no reason to get excited. We think normalisation is still several quarters out</li>
<li>China growth was the key valuation driver, but Muji faces continued headwinds from sporadic lockdowns and weak foot traffic</li>
<li>Rising costs are new problem for Muji in the domestic market. The company will remain behind the curve on price hikes, leading to weaker margins</li>
</ul>


Muji's historically low valuations are no reason to get excited. We think normalisation is still several quarters out
China growth was the key valuation driver, but Muji faces continued headwinds from sporadic lockdowns and weak foot traffic
Rising costs are new problem for Muji in the domestic market. The company will remain behind the curve on price hikes, leading to weaker margins


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