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  "documentTitle": "Kao Corporation (4452.JP)",
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  "notes": "Highlights potential for margin improvement by normalizing R&D spend.",
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      "text": "Oasis estimates that normalizing these costs to the business size would have added 250bps of operating income to both divisions in 2023.",
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      "text": "Kao spends more on R&D as a % of Revenue than global peers. This is particularly acute in the Cosmetics and Health & Beauty divisions. Oasis estimates that normalizing these costs to the business size would have added 250bps of operating income to both divisions in 2023.",
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      "text": "Source: Bloomberg and Company Materials",
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      "text": "OVERSPENDING on R&D",
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