{ "docId": "019dd923-622b-71dc-a6dd-591332a8793a", "docSlug": "d431e2d5bb2b", "documentTitle": "Kao Corporation (4452.JP)", "authorId": "25_Oasis_Management", "authorName": "Oasis", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2025-02-26 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 96, "pageCount": 136, "prevPage": 95, "nextPage": 97, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 0, "notes": "Uses a quote from the CEO to highlight the gap between stated intent and actual performance.", "elementsJson": [ "headline_text", "quote_block", "paragraph", "logo_grid", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622b-71dc-a6dd-591332a8793a/96", "deckHref": "/decks/019dd923-622b-71dc-a6dd-591332a8793a", "deckJsonHref": "/decks/019dd923-622b-71dc-a6dd-591332a8793a.json", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dd-591332a8793a#slide-96", "components": [ { "bbox": null, "kind": "callout", "text": "Without a proper focus on Kao’s strongest brands, it is hard to believe that Kao has the same ‘right to win’ in the global marketplace as peers and its poor portfolio management will continue to act as a drag on a turnaround.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-3f3f-7598-9403-0c9fdf676436", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.3, "w": 0.3, "x": 0.15, "y": 0.55 }, "kind": "image", "text": "Unilever brand logos", "attrs": null, "subkind": "logo-grid", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0c0acd58-be91-4055-83d1-47915859171d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.2, "w": 0.4, "x": 0.52, "y": 0.3 }, "kind": "paragraph", "text": "Since then, the only significant moves on divestment and exits have been the sale of two small businesses... It was not until 2024 that the Company finally identified six priority Cosmetics brands.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "35499338-48d8-4f02-ae59-7ddf1ddeeb25", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.4, "x": 0.52, "y": 0.15 }, "kind": "paragraph", "text": "Management has spent years talking about focusing on its largest, most profitable and fastest growing brands. In 2021 it even outlined the criteria for divestment.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "366bd3f3-563a-4ab9-9138-94f9b1ba353f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.4, "x": 0.07, "y": 0.85 }, "kind": "paragraph", "text": "Since June 2021 Unilever has divested more than twelve brands generating over EUR2bn in revenue and continues to conduct a strategic brand review", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "36c9a64b-6c94-49b4-b079-ca1503fbcca2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.2, "w": 0.4, "x": 0.52, "y": 0.5 }, "kind": "paragraph", "text": "Given the underlying real sales has been effectively stagnant since 2020... it is hard to imagine that the Company has conducted a proper review of brands with no growth, low margins and JPY5bn or lower in revenue.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "59465f39-515a-43e7-9ccb-c8d9b9f3ed4e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.4, "x": 0.52, "y": 0.7 }, "kind": "paragraph", "text": "Without a proper focus on Kao’s strongest brands, it is hard to believe that Kao has the same ‘right to win’ in the global marketplace as peers and its poor portfolio management will continue to act as a drag on a turnaround.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "63408eb0-3db9-4b78-858b-e1593a034980", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.3, "w": 0.4, "x": 0.07, "y": 0.15 }, "kind": "quote", "text": "We (will) consider divesting of brands or products that generate five billion yen or less in sales, that have a profit margin of less than 15%, and that have no growth potential...", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4b411e6a-f469-47ca-9245-f8c5e7a0f7a4", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“We (will) consider divesting of brands or products that generate five billion yen or less in sales, that have a profit margin of less than 15%, and that have no growth potential... We aim to complete this selection process within one to two years.” — Yoshihiro Hasebe, June 2021 Small Meeting with CEO", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-3f3f-7598-9403-11500a6b43b1", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.6, "x": 0.07, "y": 0.05 }, "kind": "title", "text": "Kao Has Failed To Manage Its Portfolio", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d43a6278-4d98-43a0-9542-83fd7a5241f3", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "ceo-quote-contradiction", "slug": null, "matchId": "fcf3b90d-d0f6-49ab-a385-15495f2e98ab", "evidence": "Contrasts 2021 CEO quote with 2024 reality", "confidence": 0.95 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }