Taipei Marketing Feedback: Japan | Retailers

研报英文原文证据摘录

Taipei Marketing Feedback: Japan | Retailers

Japan | Retailers EquityJulyResearch13, 2026

Taipei Marketing Feedback

We have completed our Taipei marketing trip and the most discussed

stocks were: 1) Fast Retailing, 2) Ryohin Keikaku, 3) Sanrio, and 4) OLC.

Fast Retailing (9983 JP, Hold): Investors focused on the Q3 results and the subsequent drop

in share price, sustainability of the global growth of UNIQLO brand and medium term OPM

assumptions. We think the share price fell on profit taking after the solid results although next

FY faces tough comps and currency may impact gross margins. EU/US growth of 40%+ in Q3

appears stronger than expected and investors asked whether they are peaking out and SSSg

is moderating. 21% OPM in Q3 marked strong beat and investors wanted to know the realistic

OPM outlook and whether mid-20% is feasible. Implied Q4 looks conservative and UNIQLO's

ongoing collaboration with third party designers and brands continue to contribute to brand

awareness. We discussed potential future brand partnerships and ambassador opportunities

for UNIQLO. Some asked about the rising power of negotiation with the OEMs and how this

could impact gross margins going forward. More attention was given on GU give the recent

strength and the potential to become the next growth driver, thereby assigning higher multiple

to this brand. Valuation catalysts are now taking center stage.

Ryohin Keikaku (7453 JP, Buy): Most inquiries on the reasons for the weak share price

performance and medium-term upside from here. Strength in China is impressive given the

weak backdrop and consensus OPM assumptions still appear conservative. The update on the

rolling MTP was a topical discussion, and we think the company will revise up its MTP at the FY

results announcement in October.