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TL;DR
* Ryohin Keikaku has a strong franchise with its 'MUJI' brand with a strong market position in Japan and East Asia.
* Recent trading is robust as business conditions normalize. Continued geographic expansion looks to be the longer term growth driver, although China exposure brings some complications.
* The share is at very cheap levels compared to its historical valuation with a P/E of 13.52, compared to its 10 year average of 20.
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