Kao’s Full-Year Operating Margin Improvement Better Than Expected; Raising FVE to JPY 6,900
Wide-moat Kao posted positive full-year earnings results, with operating margins coming in stronger than expected. While revenue was in line with our estimates on a local-currency basis (up 2.8%), we are encouraged by the company’s operating improvement, with its margin rising to 12.7% from 11.3% last year, 0.6 percentage points higher than our estimate. Increased marketing investment boosted its sales volume by 1.5%, and the company’s prioritization of core products also helped the product mix....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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