Morningstar - Unicharm Corporation (8113) Asia Margin Recovery Led Strong Profit Growth

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Morningstar

Shanshan Wei, CFA

EUR 100.00 For Business Accounts Only

Asia Margin Recovery Led Strong Profit Growth

Narrow-moat Unicharm started the year with sales up 10% and core operating profit (gross profit minus selling, general, and administrative expenses) up 31% as both the top line and margins in Asia advanced considerably. We estimate like-for-like profit growth at 14%-15% excluding the one-off impacts of the distribution trouble that took place in first-quarter 2017. The results reinforce our thesis of Asiaâ€™s margin recovery, led by improved product mix and cost structure in addition to sales expa...

09/05/2018 13 EN

Underlying

Unicharm Corporation

Unicharm is mainly engaged in the manufacture and sale of baby and child care products, feminine care products, and pet care products. Co. operates in three business segments: Personal Care, Pet Care and Others. Co.'s principal products include baby and child care related products such as disposable diapers; feminine care related products such as sanitary napkins, tampons, sanitary shorts, and panty liners; healthcare related products such as napkin-type incontinence pads, pants-type diapers (outer), tape-type diapers (outer), pants-type specialized urine pads (inner), pet food, pet toiletry products, and industrial material related products.

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JP3951600000 Japan

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Shanshan Wei, CFA

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Asia Margin Recovery Led Strong Profit Growth

UNI CHARM sees an upgrade to Slightly Positive due to a better fundamental star rating

Monthly LMI Update Independent Investment Research

Vermilion Int'l Compass: Global Equity Strategy

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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