Shiseido Improved Its Margin More Than Expected; Raising FVE to JPY 6,200.
Narrow-moat Shiseido’s fiscal 2017 results were in line with the new guidance announced on Feb. 7, but 24% and 20% higher than its previous guidance and our forecast, respectively, thanks to the 4.4-percentage-point margin expansion, driven by a better-than-expected product mix. Encouragingly, Shiseido’s ex-tourist domestic sales and Asian sales continued to outperform overall market growth, supported by the firm’s brand equity in the prestige cosmetics space, which is its primary moat source. W...
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