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  "documentTitle": "Kao Corporation (4452.JP)",
  "authorId": "25_Oasis_Management",
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  "presentationDate": "2024-04-25 00:00:00",
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  "pageNumber": 16,
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  "notes": "The chart shows a clear downward trend in ROE from 2017 to 2023, dropping below the 5% threshold.",
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      "text": "Kao Corp Return on Equity (ROE)",
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      "text": "Reforms in the Japanese market have called on companies to improve their return on equity (ROE). This has triggered wide behavioural changes from management to improve capital efficiency, and investors have sought to hold management teams and board directors accountable on this basis. As short-term solutions to the ROE problem expire, the issue that emerges for companies is how to sustain a high ROE. Put simply – Kao must start and continue to grow. While we expect ROE to rebound in 2024 following some small scale-restructuring in 2023, we think without a sustainable growth story Kao is unlikely to achieve high teen ROEs that are common in the global FMCG sector.",
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      "text": "Source: Bloomberg",
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      "kind": "title",
      "text": "NOW is the time for a better Kao",
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      "text": "Japan is pushing its companies to focus on growth",
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