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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 slide uses a bar chart to show Kao's 73.8 days vs peers, with a dashed arrow indicating 'Growth Potential' for improvement.",
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      "text": "At current levels, it takes 2.0x as long as its next closest peer for goods to be paid for.",
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      "text": "Cash Conversion Cycle (Days): 73.8",
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      "text": "Kao's cash conversion cycle is markedly higher than peers. While the chemical business has a naturally higher cycle than FCMG it is not enough to materially distort this for Kao. At current levels, it takes 2.0x as long as its next closest peer for goods to be paid for. Some of Kao's peers have negative working capital cycles, freeing up capital to invest in other growth initiatives.",
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      "text": "Source: Bloomberg (Cash conversion cycles are for latest available full financial year as of Feb 6 2025)",
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      "kind": "title",
      "text": "Improving Supply Chain",
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