Japan Specialist

Mark Chadwick

Over 20 years experience in equities and asset management in Asia and Japan. Qualified CFA with experience analyzing companies as a buy-side analyst. In-depth knowledge of company fundamental analysis, corporate governance and valuations.

Good Morning Japan |Benign CPI; Fed Pause in the Crosshairs - Equities Extend Rally

Japan Weekly | Tokyo Electron, 7&I, Fast Retail

Good Morning Japan |Fed 1 Inflation 0, Fed Wins; Equity Bid Continues; Telsa Cuts Px; BOJ in Focus

Fast Retailing (9983) | Fantastic Execution at Fantastical Valuation

Fast Retailing (9983) | Elevated Multiple and Guidance Risk

Gravity Works As WeWork Doesn't; Now Plan B

Equity Bottom-Up

<ul>
<li>We remain bearish on Fast Retailing given its valuation premium versus global peers</li>
<li>Q1 sales were resilient despite global cost of living issues. Profits missed on rising costs and China's Covid hangover </li>
<li>Cost pressures on the wage bill could be a multi-year issue as Uniqlo seeks to align with global pay standards</li>
</ul>


We remain bearish on Fast Retailing given its valuation premium versus global peers
Q1 sales were resilient despite global cost of living issues. Profits missed on rising costs and China's Covid hangover 
Cost pressures on the wage bill could be a multi-year issue as Uniqlo seeks to align with global pay standards


Fast Retailing

Fast Retailing (9983) | Q1 Miss