Shiseido Continues Its Path of Growth and Margin Upside, but Risk Not Fully Priced In
We are raising our fair value estimate for Shiseido to JPY 6,900 per share from JPY 6,200 following a stronger-than-expected first-quarter performance, which was due to very strong cross-border sales. Shiseido now seems likely to beat our initial 2018 assumptions for both revenue growth and EBIT margins, and we raise our estimates for both accordingly. Nevertheless, we remain skeptical about whether Shiseido's current growth rate is sustainable, and we expect growth to fade to the midsingle digi...Shiseido is mainly engaged in the manufacture and sale of cosmetics, toiletries, beauty products, health foods, beauty foods and pharmaceuticals. Along with its affiliates, Co. operates in seven business segments: Japan, China, Asia Pacific, Americas, EMEA, travel retail, and professional. Co. markets a wide range of skin care products, hair care products, body care products, perfumes, toiletries, health foods, pharmaceuticals, medical cosmetics, analyzers and other products through cosmetics specialty stores, drugstores, department stores, airport duty free stores and online. Co.'s principal brand names include "SHISEIDO," "cle de peau BEAUTE," "ELIXIR," "MAQuillAGE," "NARS" and "IPSA."
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