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  "documentTitle": "Kao Corporation (4452.JP)",
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      "text": "1. LACKS KEY METRICS: K27 HAS NO GROUP SALES TARGET. It’s hard to plan for profitable sales growth when you don’t know what you are aiming for. 2. REMARKABLY UNAMBITIOUS IN ITS FEW TARGETS. For example, Kao’s K27 ROIC target of 11% equals the LOWEST annual ROIC posted by a peer group of international FMCG companies over the past five years.",
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      "text": "Build ‘Global Sharp Top’ Businesses, ‘Global Sharp Top’ Human Capital and Organizational Management, Improve Capital Efficiency/Profitability, Build business through Co-Creation with Partners",
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      "text": "Kao’s current medium-term plan (K27) announced in August 2023 received muted market reactions, key shortcomings are:",
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      "text": "Kao’s four “strategies” for achieving K27 objectives are vague on the concrete actions and measurable milestones & metrics to be implemented and tracked to hit the modest goals and grow profits. Unsurprisingly, investor confidence in management’s ability to deliver is low given its abandoning of the previous K25 Plan.",
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      "text": "K27 Targets: ROIC Over 11%, EVA Over JPY 70bn, Operating Income Over JPY 211.7bn, Overseas Sales Over JPY 800bn",
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