The general evaluation of UNI CHARM (JP), a company active in the Personal Products & Services industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 2 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date March 8, 2022, the closing price was J...
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....
Major Indexes Testing Resistance Positive news flow surrounding COVID-19 is encouraging on many fronts, notably from a human and economic perspective (e.g., peaking infections/deaths in Italy & Spain, certain European governments making plans to ease lockdowns, and that US death projections were likely overestimated). Still, despite encouraging news and the relief rally in global equities, history tells us that this is a fairly standard bear market rally in terms of its magnitude, making us bel...
Narrow-moat Unicharm kicked off the year with a double-digit profit decline resulting from of decreased diaper exports to China and accelerated cost inflation. The result fell short of our estimate but seems to be in line with the company’s internal target. While the degree of cost inflation, about JPY 3.2 billion mainly for the petrochemical-based materials, advanced faster than our expectation and the company’s guidance of JPY 5 billion in the first half, management expects the pace to slo...
Narrow-moat Unicharm kicked off the year with a double-digit profit decline resulting from of decreased diaper exports to China and accelerated cost inflation. The result fell short of our estimate but seems to be in line with the company’s internal target. While the degree of cost inflation, about JPY 3.2 billion mainly for the petrochemical-based materials, advanced faster than our expectation and the company’s guidance of JPY 5 billion in the first half, management expects the pace to slo...
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-t...
Narrow-moat Unicharm’s fourth-quarter results came in a touch above its guidance and our expectation, with sales up 5.8% and core operating profits (gross profits minus selling, general, and administrative expense) up 3.1%. Growth decelerated from the pace of the first half mainly due to a high comparison hurdle resulting from increased exports of premium Japanese diapers to China from the last third quarter. We have lowered our profit estimates for the explicit forecast period by about 2% to ...
Narrow-moat Unicharm’s fourth-quarter results came in a touch above its guidance and our expectation, with sales up 5.8% and core operating profits (gross profits minus selling, general, and administrative expense) up 3.1%. Growth decelerated from the pace of the first half mainly due to a high comparison hurdle resulting from increased exports of premium Japanese diapers to China from the last third quarter. We have lowered our profit estimates for the explicit forecast period by about 2% to ...
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-t...
Narrow-moat Unicharm’s fourth-quarter results came in a touch above its guidance and our expectation, with sales up 5.8% and core operating profits (gross profits minus selling, general, and administrative expense) up 3.1%. Growth decelerated from the pace of the first half mainly due to a high comparison hurdle resulting from increased exports of premium Japanese diapers to China from the last third quarter. We have lowered our profit estimates for the explicit forecast period by about 2% to ...
Narrow-moat Unicharm’s third-quarter results were largely in line with our expectations, with sales up 5.8% and core operating profits (gross profits less selling, general, and administrative expense) up 3.1%. Growth decelerated from the pace of the first half mainly due to a high comparison hurdle resulting from increased exports of premium Japanese diapers to China from the last third quarter. We have lowered our 2018 profit estimates marginally to reflect an expectation of increased marketi...
Narrow-moat Unicharm’s third-quarter results were largely in line with our expectations, with sales up 5.8% and core operating profits (gross profits less selling, general, and administrative expense) up 3.1%. Growth decelerated from the pace of the first half mainly due to a high comparison hurdle resulting from increased exports of premium Japanese diapers to China from the last third quarter. We have lowered our 2018 profit estimates marginally to reflect an expectation of increased marketi...
Narrow-moat Unicharm’s third-quarter results were largely in line with our expectations, with sales up 5.8% and core operating profits (gross profits less selling, general, and administrative expense) up 3.1%. Growth decelerated from the pace of the first half mainly due to a high comparison hurdle resulting from increased exports of premium Japanese diapers to China from the last third quarter. We have lowered our 2018 profit estimates marginally to reflect an expectation of increased marketi...
Narrow-moat Unicharm’s third-quarter results were largely in line with our expectations, with sales up 5.8% and core operating profits (gross profits less selling, general, and administrative expense) up 3.1%. Growth decelerated from the pace of the first half mainly due to a high comparison hurdle resulting from increased exports of premium Japanese diapers to China from the last third quarter. We have lowered our 2018 profit estimates marginally to reflect an expectation of increased marketi...
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 ...
Narrow-moat Unicharm beat its first-half guidance as expected with sales up 5.8% and core operating profits (gross profits - SG&A) up 12% during the second quarter. A strong rebound in operating margins of Asia personal care led the group's growth thanks to rigorous control of marketing spend including promotions, in addition to a solid top line growth. Despite the positive results, management has maintained its full-year guidance because a surge in petrochemical-based raw materials is likely to...
Narrow-moat Unicharm beat its first-half guidance as expected with sales up 5.8% and core operating profits (gross profits - SG&A) up 12% during the second quarter. A strong rebound in operating margins of Asia personal care led the group's growth thanks to rigorous control of marketing spend including promotions, in addition to a solid top line growth. Despite the positive results, management has maintained its full-year guidance because a surge in petrochemical-based raw materials is likel...
Narrow-moat Unicharm started the year with sales up 10% and core operating profit (gross profit minus selling, general, and administrative expenses) up 31% as both the top line and margins in Asia advanced considerably. We estimate like-for-like profit growth at 14%-15% excluding the one-off impacts of the distribution trouble that took place in first-quarter 2017. The results reinforce our thesis of Asia’s margin recovery, led by improved product mix and cost structure in addition to sales ex...
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...
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