Shiseido Reports Another Strong Quarter as Trends Remain Unchanged in 2Q; Stock Looks Rich
Shiseido appears well on track to meet our full-year EBIT estimate of JPY 125 billion. At the halfway point of 2018, it is tracking slightly behind our 14% revenue growth assumption and comfortably ahead of our 11% EBIT margin forecast. We are maintaining our estimates in light of the recent strength of the Japanese yen, particularly against the Chinese renminbi, as this could slow inbound tourist volumes in the later part of the year. We remain skeptical about whether Shiseido's current growth ...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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