Report
Shanshan Wei, CFA
EUR 101.80 For Business Accounts Only

Unicharm is steadily expanding its Asian business, and margins will improve in the medium term.

Unicharm is one of the largest personal hygiene manufacturers in the world, with a focus on Asian markets. We believe its personal hygiene products (87% of sales)--including disposable baby diapers, feminine care and adult incontinence care--and pet care (12% of sales) align well with demand throughout consumers’ life stages, and it benefits from rising demand and premiumization of disposable personal hygiene in the region.With the continuous introduction of new products that target the mass-to-...
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.

Provider
Morningstar
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.

Analysts
Shanshan Wei, CFA

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