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  "documentTitle": "Kao Corporation (4452.JP)",
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  "notes": "Uses a trendline to highlight Kao's inefficiency compared to peers like P&G and Beiersdorf.",
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      "text": "P&G has less brands than Kao but almost 10x the revenue",
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      "text": "Beiersdorf Consumer Products business is around the same size as Kao by revenue but with just 13 brands",
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      "text": "Kao needs to shrink the number of brands and focus on aggressively growing the revenue of what remains",
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      "text": "It is true that we have too many businesses",
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      "text": "\"It is true that we have too many businesses\" — President Yoshihiro Hasebe, February 2023",
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      "text": "Source: Company Websites, IR and Oasis calculations",
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      "text": "4. Bloated Consumer Brand Portfolio",
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