Trends Unchanged in 2Q for Kao as Limited Upside Remains to the Stock
Wide-moat Kao posted a slightly weaker-than-expected second quarter, with like-for-like sales growth of just 1% and a 20 basis point improvement in the operating margin. Although the market appeared to breathe a sigh of relief that it was not worse, Kao now looks to be tracking well below its 2020 guidance of 5% like-for-like sales growth and an operating margin of 15%. We have lowered our near-term forecasts, and we now expect 2% reported sales growth this year, and we think Kao can grow at thi...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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