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  "documentTitle": "Kao Corporation (4452.JP)",
  "authorId": "25_Oasis_Management",
  "authorName": "Oasis",
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  "presentationDate": "2025-02-26 00:00:00",
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  "notes": "The chart uses a grouped bar chart to show quarterly performance trends.",
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      "kind": "callout",
      "text": "Kao Captures Less Upswing and More Downswing of the Asian Market than Peers. While the entire industry has suffered a collapse in demand from the Chinese market, the scale of Kao's decline is unsettling. Despite having promising derma cosmetics brands like Curél, Asian Cosmetics shrunk 21.8% YoY in 2024. Meanwhile L'Oréal's derma business in China grew 14%.",
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      "text": "Kao Captures Less Upswing and More Downswing of the Asian Market than Peers",
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      "text": "YoY Revenue Change in (Asian Cosmetics)",
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      "text": "YoY Revenue Change: -42.7%",
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      "text": "Source: Bloomberg and Company Materials",
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      "kind": "title",
      "text": "Cosmetics FAILING in Key Markets",
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      "arcName": "Overcoming the Monster",
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      "evidence": "The presentation highlights contradictions between Kao Corp.'s statements and actual data, such as underperforming peers and lacking global experience.",
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