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  "documentTitle": "Kao Corporation (4452.JP)",
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  "presentationDate": "2025-02-26 00:00:00",
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  "pageNumber": 42,
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  "notes": "The slide highlights a discrepancy between management's claims of performance and the actual sales decline, while also showing that the growth target is mediocre compared to peers.",
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      "text": "Despite starting from a lower base, Kao’s growth target for Curél through to 2027 (8% revenue CAGR) lags peers.",
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      "text": "2024-27 Revenue CAGR Forecast: 8.0%",
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      "text": "Derma-Cosmetics are Still Resilient. Despite L'Oréal growing China derma-cosmetics 14% in 2024, Kao's Chinese cosmetics sales (mainly Curél and Freeplus) fell 34%. Despite this, until Q3, Kao was stating the performance for locally produced products was exceeding or in line with plans. Despite starting from a lower base, Kao's growth target for Curél through to 2027 (8% revenue CAGR) lags peers.",
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      "kind": "quote",
      "text": "Among locally produced products, sales of freeplus were in line with the plan and sales of Curél exceeded the plan. — Kao Corporation",
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      "text": "Source: Bloomberg Analyst Consensus forecast for L'Oreal, Beiersdorf and Galderma. Curel based on Kao presentation materials",
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      "text": "Company | 2024-27 Revenue CAGR Forecast. L'Oréal (Derma Beauty) 7.3%. Beiersdorf (Derma) 8.7%. Galderma (Derma Skincare) 8.6%. Kao (Curél) 8.0%.",
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      "text": "Untapped Potential - Curél",
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