Unicharm’s Full-Year Result In Line; Operating Margin Is Gradually Improving
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...
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