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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": "Uses a bar chart to compare Kao's CAGR against Rohto and Kose to demonstrate underperformance.",
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      "kind": "callout",
      "text": "Global expansion in growth driver areas: Actively investing in the businesses that we have designated as global growth drivers. Each business in the Growth Driver area is steadily expanding its sales outside Japan",
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      "text": "When looks at holistically this is NOT anywhere near the 'robust recovery' management claims. In fact, Overseas Cosmetic Sales have FALLEN 8.8% since K27 was introduced.",
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      "text": "2021-2024 REVENUE CAGR: Kao Cosmetics (Overseas exc Asia) 10.4%, Kao Cosmetics (Overseas ex China) 12.1%, Rohto (Ex Asia) 26.1%, Kose (Ex Asia) 33.4%",
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      "text": "Cosmetics: Double-digit growth in target markets outside Japan. CAGR +12.1%. Sales outside Japan (excl. China) 38.2 billion yen to 53.8 billion yen. Focus on six brands: SENSAI, MOLTON BROWN, KANEBO, SOFINA, KATE, Curél.",
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      "text": "2021-2024 Revenue CAGR: 12.1%",
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      "text": "While Kao reports 12.1% revenue growth in international cosmetics (excluding China) this figure requires important context: Excludes China: This growth contrast sharply with – and failed to offset – Kao's Chinese market performance, where revenue declined by a 21% CGAR over the three years. Lags Peer Performance: Kao's international growth ex-China actually significantly underperforms peers in similar markets. Competitors like Kose achieved 33.4% CAGR in non-Asian sales and now surpasses Kao's revenue in markets outside Asia.",
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      "kind": "title",
      "text": "Growth Drivers Are Not Growing",
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