Kao’s Diaper Business Sees Stronger Growth in Emerging Asia, Raise FVE to JPY 7,900
Wide-moat Kao’s human health care business, which sells diapers and sanitary napkins, delivered 4 percentage point higher sales growth (16.7% year over year on local currency basis) and 2 percentage points higher operating margin (13.6%) than our expectation in the first half of 2017. As we expect the firm’s competitive advantages can help sustain this performance over a multiyear period, we are raising our fair value estimate to JPY 7,900 from JPY 6,900. Kao’s stock is still trading at an attra...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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