Asia Essentials - 22 Jun 2026

研报英文原文证据摘录

Asia Essentials - 22 Jun 2026

:leverage, and clearer earnings visibility. 160 2022-24: Gasoline subsidies 2024-25: May 25:

(¥10/L)

Subsidy Subsidies 40

Winners are pulling away: Against this backdrop, we see select names - 150 reduction resumed 20

such as Fast Retailing, Isetan Mitsukoshi, Ryohin Keikaku, Food & Life, and 140 Dec(¥25.1/L)25: Provisional tax abolished 0

Skylark - as well positioned to capture this shift, leveraging a combination J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J

of product strength, marketing, and supply-chain efficiency that resonates 2024 2025 2026

Source: ENECHO, retail gasoline prices (regular,

strongly with younger consumers, driving superior top-line growth and national avg, weekly), BOJ, FactSet, Macquarie

enabling them to ride the inflation cycle more effectively. By contrast, food Research, June 2026

inflation remains the binding constraint: as long as perceived inflation in

daily essentials remains elevated, incremental disposable income is unlikely Rating & TP revisions

to translate into discretionary spending. Company Rating Change TP Change

Time to own the leaders: The market is shifting from “stock selection” to SKYLARK - → O/P - → ¥3,700

“earning concentration,” with winners likely to pull further ahead. Structural FOOD & LIFE O/P → O/P ¥8,100 →¥12,500

leaders now offer the most attractive risk-reward. RYOHIN KEIKAKU O/P → O/P ¥3,800 → ¥4,500

ISETAN MITSUKOSHI Neutral → O/P ¥2,100 → ¥4,200

Key changes to our views: We reiterate our Outperform on Fast Retailing FAST RETAILING O/P → O/P ¥61,000 →¥90,000

and raise our TP from ¥61,000 to ¥90,000 as its globally scalable model PPIH Neutral →Neutral ¥1,000 → ¥900