{
  "docId": "019dd923-622b-71dc-a6dd-5fbf9530fdff",
  "docSlug": "6f751c98c9d1",
  "documentTitle": "Kao Corporation (4452.JP)",
  "authorId": "25_Oasis_Management",
  "authorName": "Oasis",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-04-25 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 40,
  "pageCount": 96,
  "prevPage": 39,
  "nextPage": 41,
  "slideType": "villain_critique",
  "function": "name_villain",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "The slide uses a 'villain critique' approach to undermine management's credibility by contrasting their stated goals with a lack of concrete metrics.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "paragraph",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dd-5fbf9530fdff/40",
  "deckHref": "/decks/019dd923-622b-71dc-a6dd-5fbf9530fdff",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dd-5fbf9530fdff.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dd-5fbf9530fdff#slide-40",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.25,
        "x": 0.15,
        "y": 0.69
      },
      "kind": "callout",
      "text": "Key Result 3: Double the productivity of our business activities. Make challenges visible and pursue open innovation",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "613fefb9-de86-4049-92ab-590b8eaac44a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Under K27, Kao eliminated the group sales target as set in K25. When asked, management’s rationale was that “our activities will become a pursuit of scale if we set sales as a key performance indicator”1.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0f1a-773e-97e6-0aa6856d84d0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.42,
        "x": 0.52,
        "y": 0.25
      },
      "kind": "list",
      "text": "Corporate Jargon: Quotes from management demonstrating vague, buzzword-heavy communication like 'Life Value Solution', 'One Team and My Dream', and 'Reborn Kao'.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5dac8329-85e0-4d29-b7ed-97addeee3d80",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.42,
        "x": 0.06,
        "y": 0.25
      },
      "kind": "list",
      "text": "Lack of Numerical Targets: Kao eliminated group sales targets, citing a desire to avoid a 'pursuit of scale'. Business lines issue targets, but the Group does not. Productivity goals remain undefined.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cdacf620-7140-48f3-9d5e-302511ee706c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“At Kao, we conduct Life Value Solution marketing aimed at providing benefit for consumers’ Life Value” — Kao Management. “We are also considering a system, ‘One Team and My Dream’” — Kao Management. “as I explained using the key words, Next Innovation... we will drastically shift the values of sanitary products through Next Innovation in the future.” — Kao Management. “Reborn Kao is Kao’s core business... we are taking a chance on Another Kao... Another Kao values delivering products and services only to those to whom products and services should be delivered sincerely. “ — Kao Management.",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0f1a-773e-97e6-0eb9476e219e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.3,
        "x": 0.1,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "1) Kao Group First Half of Fiscal 2023 Conference Q&A Session Summary, August 2023",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e84cdbdc-9f1c-41f1-a001-75247663bb80",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.5,
        "x": 0.06,
        "y": 0.05
      },
      "kind": "title",
      "text": "1. Kao's (Lack of) Strategic Vision",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4982a939-5d0e-4ae0-bee9-acd2182e76a2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.4,
        "x": 0.06,
        "y": 0.13
      },
      "kind": "title",
      "text": "Market communication has eroded confidence",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a46baa9f-0a4c-402e-a12a-e807ac28fa2b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Villain slide",
      "slug": "villain-slide",
      "agent": null,
      "layer": "slide",
      "matchId": "a24d13c0-b5e1-4145-b772-f950c42b31ab",
      "evidence": "The slide is titled 'Market communication has eroded confidence' and features a villain critique of Kao management's communication style.",
      "confidence": 0.9
    }
  ],
  "frameworks": [
    {
      "name": "antagonist-introduction",
      "slug": null,
      "matchId": "e9ec0792-801b-4d8d-918a-f4fc44641114",
      "evidence": "The slide frames management's communication style as the 'villain' causing a loss of investor confidence.",
      "confidence": 0.85
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}