Kao Will Continue to Leverage Its Brand Equity in Asia; Raising FVE to JPY 8,800
Wide-moat Kao posted a strong fourth quarter, as we expected, with its full-year operating income landing around 3% above our forecast. We are encouraged to see management making an effort to restructure the beauty business and speed up the decision-making process. As the largest Japanese consumer product maker with several JPY 100 billion brands, the company can further leverage its brand equity, huge research platform, and entrenched retailer relationships (the source of its wide economic moat...
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