Fast Retailing’s global sales push is keeping investors confident that shares of the Uniqlo owner can extend double-digit gains that have already driven valuations above those of its global peers.

Asia’s biggest apparel maker has surged 48% over the past 12 months to become one of the top performers among 10 other clothing companies worldwide that have a market value of more than $10 billion. Fast Retailing’s price-to-earnings ratio is about 38, exceeding levels for Lululemon Athletica in the United States and Moncler in Italy.

"Even if the short-term valuation is high, considering its long-term growth potential, the investment is attractive,” Masakazu Takeda, a portfolio manager at Sparx Asia Investment Advisors who runs the Hennessy Japan Fund in Hong Kong, wrote in a note. "There is still room for growth, and I would like to expect an expansion of market capitalization.”