ASICS Corp

7936: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Asics: Upgrading Moat Rating to Narrow; Raising Fair Value to JPY 4,790 Per Share From JPY 4,300

Ivan Su , Junhao Yang

May 15, 2026

We are taking a fresh look at Asics, a Japanese sportswear brand focused on performance footwear. It also owns Onitsuka Tiger, a luxury lifestyle brand. The company delivered a 20% compound annual sales growth between 2020 and 2025, significantly outpacing the 5% industry average.

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ASICS Corp

Asics: Upgrading Moat Rating to Narrow; Raising Fair Value to JPY 4,790 Per Share From JPY 4,300

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