Kao Improves in 3Q but Still Tracks Below 2020 Guidance
Growth in wide-moat Kao's core businesses improved in the third quarter, and the company continues to eke out margin gains. We have made only very minor changes to our near-term forecasts and maintain our fair value estimate of JPY 8,800 and our wide economic moat rating. Kao is still tracking below its 2020 guidance of 5% like-for-like sales growth and an operating margin of 15%, but the third quarter was an encouraging improvement. Even assuming growth and margins slightly below these targets,...Kao is engaged in the manufacture and sale of consumer products, cosmetics and industrial chemical products. Co.'s principal products include cosmetics, soaps, facial cleansers, body cleansers, shampoos, conditioners, hair styling products, hair coloring agents, beverages, sanitary napkins, baby diapers, bath additives, oral care products, laundry detergents, fabric treatments, cleaning products, and commercial-use products. Co. also provides fatty alcohols, fatty amines, fatty acids, glycerin, commercial-use edible fats and oils, surfactant, plastics additives, toner and toner binder for copiers and printers, ink and colorants for ink-jet printers, fragrances and aroma chemicals.
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.
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