{
  "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": 71,
  "pageCount": 96,
  "prevPage": 70,
  "nextPage": 72,
  "slideType": "cite_precedent",
  "function": "cite_precedent",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "Uses Beiersdorf as a precedent for management replacement to restore investor confidence.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "numbered_list",
    "paragraph",
    "photo"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dd-5fbf9530fdff/71",
  "deckHref": "/decks/019dd923-622b-71dc-a6dd-5fbf9530fdff",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dd-5fbf9530fdff.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dd-5fbf9530fdff#slide-71",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Beiersdorf made the decision to replace existing management who were failing to deliver.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0f1a-773e-97e9-1e8b6cc5a01d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.25,
        "x": 0.65,
        "y": 0.3
      },
      "kind": "image",
      "text": "Nivea Creme tin",
      "attrs": null,
      "subkind": "photo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cb38e0dc-b33c-461d-a8de-24bb89640dc6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.45,
        "x": 0.07,
        "y": 0.32
      },
      "kind": "list",
      "text": "1. Underperformance versus peers, 2. Poor allocation of marketing spend, 3. Lagging in product premiumization, 4. Infrequent but questionable M&A, 5. Depleted investor confidence in management",
      "attrs": null,
      "subkind": "numbered",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8b10314f-18b1-4da0-a73d-cc53f064e3f7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.45,
        "x": 0.07,
        "y": 0.65
      },
      "kind": "paragraph",
      "text": "HOWEVER, similar to Kao, Beiersdorf has unique IP, strong brands in skin and suncare, and untapped overseas growth runways. Beiersdorf made the decision to replace existing management who were failing to deliver.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "03a39715-5bbf-4fa9-8b61-781164c24533",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.45,
        "x": 0.07,
        "y": 0.2
      },
      "kind": "paragraph",
      "text": "Kao shares many of the attributes found in Beiersdorf back in early 2021, after a sharp pandemic-driven contraction in revenues in 2020:",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "757159b3-d8bb-4ab7-87ca-acb2b2af6e9b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.2,
        "x": 0.07,
        "y": 0.12
      },
      "kind": "title",
      "text": "Confidence is Key",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bd2f340e-de58-4268-b791-3e00e6b77176",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.45,
        "x": 0.07,
        "y": 0.03
      },
      "kind": "title",
      "text": "Kao’s issues are not new",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0a0bbca2-efe9-4e81-a064-be52295a2314",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "argument-from-analogy",
      "slug": null,
      "matchId": "35b76e4a-a7db-4cf2-99de-dbbd08aacf84",
      "evidence": "Compares Kao to Beiersdorf to justify management change.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}