Fast Retailing Shares Expensive, Despite More Positive Outlook for Uniqlo Japan
We left the meeting with Fast Retailing with a more positive outlook on the company’s strategy. We think management is quick to adapt to changes in the market, as exemplified by improved sales and effective cost-cutting measures at Uniqlo Japan in the third quarter (ended May 2016). We maintain our fair value estimate at JPY 27,000 per share, which translates to a prospective price/earnings ratio of 31 times. The shares are overvalued, in our view. Our five-year cumulative annual growth rate is ...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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