Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

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Equity Bottom-Up

<ul><li>Fast Retailing&rsquo;s major apparel brand, Uniqlo, is well known for its quality materials at reasonable prices.</li><li>The company is replicating its proven success in Japan in the rest of the world. Uniqlo's international (excluding Japan) store count is expected to explode to 818 in 2015, up from 136 in 2010, a 43% five-year average annual growth rate, while revenue for Uniqlo International is expected to register a 53% CAGR in the period.</li><li>We believe that rapid Uniqlo International store expansion, especially in mainland China and South Korea, is the key driver of Fast Retailing's business growth.</li><li>Despite its rapid expansion, we have concerns about decreasing operating margins going forwards, as lower-margin Uniqlo International increases its contribution to the group</li></ul><p>Analyst: Dan Baker &amp; Chelsey Tam</p><p>Full report below the fold...</p>

Fast Retailing&rsquo;s major apparel brand, Uniqlo, is well known for its quality materials at reasonable prices.The company is replicating its proven success in Japan in the rest of the world. Uniqlo's international (excluding Japan) store count is expected to explode to 818 in 2015, up from 136 in 2010, a 43% five-year average annual growth rate, while revenue for Uniqlo International is expected to register a 53% CAGR in the period.We believe that rapid Uniqlo International store expansion, especially in mainland China and South Korea, is the key driver of Fast Retailing's business growth.Despite its rapid expansion, we have concerns about decreasing operating margins going forwards, as lower-margin Uniqlo International increases its contribution to the groupAnalyst: Dan Baker &amp; Chelsey TamFull report below the fold...

Fast Retailing is Becoming a Global Brand, but will Struggle to Compete with its Global Rivals.