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  "documentTitle": "Kao Corporation (4452.JP)",
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      "text": "In K20 (announced in 2017), Kao aimed for an operating margin of 17% by 2030. Now, Kao does not set a target...",
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      "text": "operating margin: 12.8%",
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      "text": "Gross Margin Lags FMCG Peers: Depending on mix, FMCG gross margins should be a minimum of 45%. Kao operated at this level in 2020, however, margins have tightened, and levels have struggled to break 40% in consumer products segments.",
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      "text": "Operating Margin – Consumer Products: Despite established brands like Curél, Biore, and Oribe giving Kao a presence in US and Asian markets, operating margins have declined across all Consumer Products segments internationally.",
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