Report
Shanshan Wei, CFA
EUR 101.80 For Business Accounts Only

Kobayashi will maintain its edge in Japan and develop more “hidden ponds” overseas.

Narrow-moat Kobayashi posted a healthy full-year result with revenue and operating income increasing by 8.3% and 24.3% year over year, which are in line with our expectations. Supported by the company’s established brand equity in the niche consumer categories, which is our main moat source, the firm’s 7.3% sales growth in the domestic personal care division again outperformed the industry’s growth of 2%-3%. The growth from new products which launched within the past four years, inbound sales (u...
Underlying
Kobayashi Pharmaceutical Co Ltd

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Shanshan Wei, CFA

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