In today’s briefing:
- Fast Retailing (9983) | Elevated Multiple and Guidance Risk
- Women Founders Should Be Supported Rather than Goals that Are Less Feasible for Achieving Diversity
Fast Retailing (9983) | Elevated Multiple and Guidance Risk
- Fast Retailing’s share price has risen 24% year-to-date, outperforming the index and global peers
- The share price has been driven by multiple expansion, which we believe is now at risk of reversing
- With an uncertain economic backdrop, we believe management may issue conservative guidance for the next fiscal year. We turn Bearish.
Women Founders Should Be Supported Rather than Goals that Are Less Feasible for Achieving Diversity
- If we want to increase women directors even to growth market companies, we can solve this problem by extending the scope of this comply-or-explain requirement to growth market companies.
- It is a fact that companies with top female executives have more women on their boards of directors. It’s required to create support to increase the number of women founders.
- Rather than setting targets for the ratio of female managers, which are vague and unworkable, a framework should be created to support female founders.
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