Initiating Coverage of Unicharm With JPY 3,500 FVE and Narrow Moat Rating
We initiate coverage of Unicharm, one of the largest personal hygiene manufacturers in Asia, and believe the stock price is attractive, with shares trading at a 15% discount to our fair value estimate of JPY 3,500. Unicharm’s stock price has underperformed the index over the past year, as the market has been concerned about intensifying competition in the baby diaper space in emerging Asia, but we are upbeat with regard to its margin recovery story. As a firm with entrenched retailer relationshi...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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