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  "documentTitle": "Kao Corporation (4452.JP)",
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  "notes": "The slide uses a 'before-after' style comparison of market share vs sales growth to undermine management's credibility.",
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      "text": "Kao plans to triple its global market share by 2027 from 1.9% to 6.4% but it only estimates that its sales will increase by 70%\nKao estimates that it will triple its Australian market share by 2027 from 6.8% to 21% but only estimates that its sales will increase by 40%\nKao estimates that it will triple its European market share by 2027 from 1.7% to 5.2% but only estimates that its sales will increase by 50%",
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      "text": "2027 Total Global Sales 43.0 Bn Yen -> 74.0 Bn Yen",
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      "text": "Source: Company Presentation, September 2023.",
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      "text": "2. \"Global Sharp Top\" Disappoints",
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