Morningstar - FAST RETAILING CO. LTD. (9983) Raising Fast Retailings Moat Rating to Narrow from None; Overseas Growth Potential Fully Priced in

Report

Morningstar

Jeanie Chen

EUR 100.00 For Business Accounts Only

Raising Fast Retailing's Moat Rating to Narrow from None; Overseas Growth Potential Fully Priced in

After taking a fresh look of Fast Retailing, we have raised its moat rating to narrow from none and maintained the stable moat trend rating and the fair value estimate of JPY 45,000. Brand equity and a cost advantage in functional fabric and raw material procurement derived from its scale, form its moat sources. Despite our optimistic view on Uniqloâ€™s growth potential in Asia, we view Fast Retailingâ€™s shares as overvalued, trading at a 25% premium to our fair value estimate, and prefer to own th...

25/09/2018 15 EN

Underlying

FAST RETAILING CO. LTD.

Fast Retailing is engaged in the control and management of overall group activities as a holding company. Co., through its subsidiaries, is mainly involved in the operation of chain stores, selling casual clothing and accessories at reasonable prices, called "UNIQLO" throughout Japan as well as in overseas. Co., through its subsidiaries, is also engaged in the planning, manufacture and sale of clothing under the brand names of "GU," "Theory," "COMPTOIR DES COTONNIERS," "PRINCESSE tam.tam" and "J Brand." In addition, Co. is engaged in the leasing of real estate.

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JP3802300008 Japan

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Jeanie Chen

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Raising Fast Retailing's Moat Rating to Narrow from None; Overseas Growth Potential Fully Priced in

PSA Market Strategy: Japan Perspective for 2023

Thanks to a better fundamental star rating, FAST RETAILING sees an upgrade to Neutral

Monthly LMI Update Independent Investment Research

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Sasol Provides Full-Year Production Update

Sasol Provides Full-Year Production Update

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