Narrow-Moat Prada's 1H 2017 Performance Underwhelms but Not Beyond Repair; Shares Undervalued
We retain our narrow moat rating after Prada reported results that missed our implied full-year forecasts and consensus first-half 2017...
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Sector Capsule: Designer Apparel and Footwear (Ready-To-Wear) In Japan
Headlines Designer apparel and footwear (ready-to-wear) posts 2% value growth in 2016 to reach sales of JPY1,089.8 billion Demand from the...
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Downgrading Moat Ratings for Prada and Kering From Wide to Narrow; Hermes Wide Moat Confirmed
We are transitioning coverage of three names in the luxury goods space: Kering (KER FP), Hermes International (RMS FP), and Prada S.P.A. (1913 HK)....
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Sector Capsule: Womenswear in Japan
Headlines Marginal current value decline from 2015 to reach JPY3,416.8 billion in 2016 Women's office clothing benefits from growing number of...
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Prada Sales Update Disappoints; No Change to Fair Value Estimate
Prada’s preliminary 2016 year-end sales release showed reported revenue down 10% or 9% at constant exchange rates compared with the prior year. The...
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