By driving out costs to fuel brand spend, we think Shiseido stands to bolster its competitive edge.
We raise narrow moat-rated Shiseido’s fair value estimate to JPY 3,000 from JPY 2,800 as we revise up our forecast of the company’s travel retail business, as well as the inbound tourists’ contribution to its domestic sales. After meeting the company, we confirmed management's strategy to focus on prestige products and travel retail business has been effective in bringing back the company’s sales momentum and improving its margin. The company is likely to raise its full-year guidance after the f...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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