Kao Posts Slight Miss in 1Q but Looks On Track to Regain Momentum; Stock Appears Undervalued
Wide-moat Kao posted a slightly weaker-than-expected first quarter, but we think this is primarily due to the timing of product launches in its consumer products business versus a year ago, and with retail demand remaining steady, it seems likely that Kao will meet its guidance for full-year sales and operating income growth of 3.4% and 5.0%, respectively. We have slightly lowered our 2018 assumptions to accommodate the recent strengthening of the Japanese yen, but this does not affect our JPY 8...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.
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