In today’s briefing:
- Fast Retailing Faces a Severe Test from Beijing to Moscow
- Japan’s Governance: About an Article On “Capital Efficiency”
Fast Retailing Faces a Severe Test from Beijing to Moscow
- We estimate that China accounts for almost 40% of Fast Retailing’s earnings. This growth engine is stalling
- The market has yet to discount these risks, despite warnings from H&M
- The stock is down 5% YTD, but trades at an 80% premium to global peers
Japan’s Governance: About an Article On “Capital Efficiency”
- I discuss an article that mentions that Tokyu Fudosan’s profitability improvement from the sale of its subsidiary was limited and that the profitability is inferior to that of competitors.
- Its low profitability may be due to the company’s ability to manage its business portfolio and the speed at which it is transforming it.
- Not only is there a problem with disclosure in inability to successfully communicate growth policy to investors, but it also appears that Board of Directors has some issues as well.
Before it’s here, it’s on Smartkarma
