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  "documentTitle": "Kao Corporation (4452.JP)",
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      "text": "Revenue Exposure (Domestic vs International)",
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      "text": "domestic revenue exposure: 64.9%",
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      "text": "Other global peers have considerably lower domestic exposure – Unilever's revenue outside of Europe is 80.1%, and P&G records 52.8% of revenues outside of the US. More are shown on the right.",
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      "text": "This 65/35 split is reflected in Cosmetics and suggests a large runway for further overseas expansion. However, Kao is seeking an overseas CAGR of just 3.5% (including Chemicals) between 2022-27, underscoring the lack of urgency management attaches to geographical diversification.",
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      "text": "Sales of Kao's Consumer Goods outside of Japan represent just 35.4% of the total for 2023. Despite Japan sales bottoming out in 2021, revenues have failed to recover post-pandemic:",
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      "kind": "source-note",
      "text": "Source: Bloomberg, Japan and Non-Japan USD revenue numbers in table above converted using a constant FX rate of JPY140.2 to the Dollar",
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      "text": "Region | 2019 Revenue | 2023 Revenue | Change\nJapan | USD 6415.3 mn | USD 5574.5 mn | -13.1%\nNon-Japan | USD 2548.0 mn | USD 3056.5 mn | +19.9%",
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      "kind": "title",
      "text": "1. Reluctant Global Expansion",
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