The independent financial analyst theScreener just lowered the general evaluation of KAO (JP), active in the Personal Products & Services industry. As regards its fundamental valuation, the title still shows 1 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as moderately risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Neutral. As of the analysis date January 14, 2022, the clos...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Summary Ci:z Holdings Co Ltd - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights CI:Z Holdings Co., Ltd. (Ci:z Holdings) is a manufacturer and supplier of cosmetics, health food and beauty products. Its product portfolio includes moisturizing, cleansing, makeup, serum...
Summary Unilever NV - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Unilever NV (Unilever) is a producer and marketer of fast moving consumer goods. The company’s product portfolio comprises food, beverages, home care products, and health and wellbeing products. U...
Despite a slow start to the year, Kao maintained its guidance for the full year and we are maintaining our wide moat rating and JPY 8,800 fair value estimate. We believe Kao is currently reasonably priced. First-quarter sales decelerated again, contracting 0.2% on a like-for-like basis. By business division, trends were little changed from the fourth quarter, with beauty care, and cosmetics in particular, driving growth. In the cosmetics segment, which makes up 19% of Kao's sales, like-for-like...
Despite a slow start to the year, Kao maintained its guidance for the full year and we are maintaining our wide moat rating and JPY 8,800 fair value estimate. We believe Kao is currently reasonably priced. First-quarter sales decelerated again, contracting 0.2% on a like-for-like basis. By business division, trends were little changed from the fourth quarter, with beauty care, and cosmetics in particular, driving growth. In the cosmetics segment, which makes up 19% of Kao's sales, like-for-like...
Despite a slow start to the year, Kao maintained its guidance for the full year and we are maintaining our wide moat rating and JPY 8,800 fair value estimate. We believe Kao is currently reasonably priced. First-quarter sales decelerated again, contracting 0.2% on a like-for-like basis. By business division, trends were little changed from the fourth quarter, with beauty care, and cosmetics in particular, driving growth. In the cosmetics segment, which makes up 19% of Kao's sales, like-for-like...
Despite a slow start to the year, Kao maintained its guidance for the full year and we are maintaining our wide moat rating and JPY 8,800 fair value estimate. We believe Kao is currently reasonably priced. First-quarter sales decelerated again, contracting 0.2% on a like-for-like basis. By business division, trends were little changed from the fourth quarter, with beauty care, and cosmetics in particular, driving growth. In the cosmetics segment, which makes up 19% of Kao's sales, like-for-like ...
Kao posted an in-line fourth quarter but missed our full-year sales growth estimate by a whisker. The full-year EBIT margin was also close to our forecast. We are maintaining our cash flow forecasts that assume steady margin expansion, and our JPY 8,800 fair value estimate and our wide economic moat rating. We believe Kao is fairly valued. Fourth-quarter sales decelerated to just 0.3%, but Kao still ended the year in positive growth territory, with 1.3% like-for-like sales growth. By business d...
Kao posted an in-line fourth quarter but missed our full-year sales growth estimate by a whisker. The full-year EBIT margin was also close to our forecast. We are maintaining our cash flow forecasts that assume steady margin expansion, and our JPY 8,800 fair value estimate and our wide economic moat rating. We believe Kao is fairly valued. Fourth-quarter sales decelerated to just 0.3%, but Kao still ended the year in positive growth territory, with 1.3% like-for-like sales growth. By business di...
Growth in wide-moat Kao's core businesses improved in the third quarter, and the company continues to eke out margin gains. We have made only very minor changes to our near-term forecasts and maintain our fair value estimate of JPY 8,800 and our wide economic moat rating. Kao is still tracking below its 2020 guidance of 5% like-for-like sales growth and an operating margin of 15%, but the third quarter was an encouraging improvement. Even assuming growth and margins slightly below these targets,...
Growth in wide-moat Kao's core businesses improved in the third quarter, and the company continues to eke out margin gains. We have made only very minor changes to our near-term forecasts and maintain our fair value estimate of JPY 8,800 and our wide economic moat rating. Kao is still tracking below its 2020 guidance of 5% like-for-like sales growth and an operating margin of 15%, but the third quarter was an encouraging improvement. Even assuming growth and margins slightly below these targets,...
TJX currently trades above corporate averages relative to UAFRS-based (Uniform) Earnings, with a 24.0x Uniform P/E. At these levels, the market is pricing in expectations for Uniform ROA to improve from 15% in 2018 to 17% in 2023, accompanied by 4% Uniform Asset growth going forward. Analysts have similar expectations, projecting Uniform ROA to improve to 16% through 2020, accompanied by 4% Uniform Asset growth. However, management has concern about volatility in the U.K. market, their ability t...
Kao Corporation (4452:JPN) currently trades well above corporate averages relative to UAFRS-based (Uniform) Earnings, with a 34.6x Uniform P/E. At these levels, the market has bullish expectations for the firm, but management has concerns about their 2018 initiatives, volatility in their baby diaper business, and their ability to improve their Human Health Care Segment Specifically, management appears concerned that they are not making progress on various 2018 initiatives. Additionally, they ma...
YTD sideways congestion for the MSCI ACWI ex-US and an intact downtrend for the MSCI EM index continue to point to a risk-off environment for international equity markets, and supports our neutral outlook (at best)... see page 2. We continue to recommend avoiding broad indexed exposure in favor of selectivity. In today's report we highlight actionable country- and Sector-specific themes: • Norway and India are leadership. Norway's Oslo OBX and India's SENSEX remain global leaders. Overweight ...
Wide-moat Kao posted a slightly weaker-than-expected second quarter, with like-for-like sales growth of just 1% and a 20 basis point improvement in the operating margin. Although the market appeared to breathe a sigh of relief that it was not worse, Kao now looks to be tracking well below its 2020 guidance of 5% like-for-like sales growth and an operating margin of 15%. We have lowered our near-term forecasts, and we now expect 2% reported sales growth this year, and we think Kao can grow at thi...
Wide-moat Kao posted a slightly weaker-than-expected second quarter, with like-for-like sales growth of just 1% and a 20 basis point improvement in the operating margin. Although the market appeared to breathe a sigh of relief that it was not worse, Kao now looks to be tracking well below its 2020 guidance of 5% like-for-like sales growth and an operating margin of 15%. We have lowered our near-term forecasts, and we now expect 2% reported sales growth this year, and we think Kao can grow at thi...
Wide-moat Kao posted a slightly weaker-than-expected first quarter, but we think this is primarily due to the timing of product launches in its consumer products business versus a year ago, and with retail demand remaining steady, it seems likely that Kao will meet its guidance for full-year sales and operating income growth of 3.4% and 5.0%, respectively. We have slightly lowered our 2018 assumptions to accommodate the recent strengthening of the Japanese yen, but this does not affect our JPY 8...
Wide-moat Kao posted a strong fourth quarter, as we expected, with its full-year operating income landing around 3% above our forecast. We are encouraged to see management making an effort to restructure the beauty business and speed up the decision-making process. As the largest Japanese consumer product maker with several JPY 100 billion brands, the company can further leverage its brand equity, huge research platform, and entrenched retailer relationships (the source of its wide economic moat...
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