ASICS Corp

7936: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥‎3,765.00	Zlk	Sprskmtm

Asics: Initiating Coverage With No-Moat Rating and JPY 1,800 Fair Value Estimate; Shares Overvalued

Ivan Su ,

Oct 8, 2024

We initiate coverage of Asics, a leading athletic footwear producer with a JPY 1,800 fair value estimate, a no-moat rating, and a High Uncertainty Rating. We think Asics is overvalued, with its shares trading at roughly 70% above our fair value estimate. We believe the market is too optimistic about the company’s earnings growth in recent quarters, but whether it could be maintainable in the longer term remains highly uncertain.

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