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  "documentTitle": "Kao Corporation (4452.JP)",
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  "presentationDate": "2025-02-26 00:00:00",
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  "notes": "The chart shows Kao's margin trend line diverging significantly from peers like P&G, L'Oreal, Unilever, and Beiersdorf.",
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      "text": "Once a profitable mid-teens margin business, margins have been falling since 2020 and the past three year average operating margin is now just single digits.",
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      "text": "Operating Margins – Health & Beauty",
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      "text": "operating margin: -7.5%",
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      "text": "Kao has significant overseas potential via existing brands like Biore, Jergens, and Oribe in its Health & Beauty (H&B) segment. Once a profitable mid-teens margin business, margins have been falling since 2020 and the past three year average operating margin is now just single digits. Management most recently blamed restructuring of its EU haircare business - but even if these impairments are reversed, profits were down last year suggesting deeper leadership and oversight issues. As in Cosmetics, H&B has far too many small non-core brands and we believe H&B has been additionally handicapped by particularly poor management judgement and board supervision over M&A.",
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      "text": "Best-In-Class Brands Obscured By Bad Choices",
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