Fast Retailing Co Ltd

9983: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥‎19,326.00	Srgs	Xftdqxyp

Fast Retailing Reports In Line Results; Fair Value Estimate Maintained at JPY 66,000

Ivan Su

Apr 9, 2021

Fast Retailing's second-quarter result was largely within our expectations. Management's revenue guidance was adjusted higher to factor in the stronger first half, but bottom-line guidance is unchanged given expected pricing pressure. Our forecasts already factored in the more optimistic guidance. Our fair value estimate of JPY 66,000 per share is unchanged. While the share price has declined to 20% from its peak in late February, we continue to see the narrow moat-rated company as overvalued.

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