Unicharm is steadily expanding its Asian business, and margins will improve in the medium term.
Narrow-moat Unicharm’s full-year sales and operating income were generally in line with our expectations. The operating margin rose to 13.5% from 13.1% last year (on an IFRS basis), supporting our base-case scenario that margins will recover as the firm expands its premium products. When combining the Japan and China numbers, the operating margin improved by 1 percentage point year over year, thanks to the 40% increase in cross-border e-commerce, which mainly sells premium baby diapers such as N...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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