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  "docSlug": "f1fce331b0c4",
  "documentTitle": "Kao Corporation (4452)",
  "authorId": "25_Oasis_Management",
  "authorName": "Oasis",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-12-05 00:00:00",
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  "pageNumber": 10,
  "pageCount": 21,
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  "slideType": "expose_contradiction",
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  "notes": "Uses a combination of a grouped bar chart for peer ROIC and an area chart for revenue opportunity.",
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      "kind": "callout",
      "text": "How do External Directors track Kao's product performance vs competitors?",
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      "kind": "callout",
      "text": "What feedback have board members received from shareholders about K27 targets?",
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      "text": "Just growing in line with the market would mean revenues in 2027 would be JPY 30 billion and EBITDA nearly JPY 7 billion larger than under Kao's targets",
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      "text": "Curél Revenue Forecast (JPY billion) 2022-27",
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      "text": "Peer Group ROIC Trends",
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      "text": "ROIC: 11%",
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      "kind": "source-note",
      "text": "Source: Bloomberg, \"A Better Kao\" Presentation",
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      "kind": "title",
      "text": "Underwhelming Targets",
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      "evidence": "callout: Just growing in line with the market would mean revenues in 2027 would be JPY 30 billion and EBITDA nearly JPY 7 billion larger than under Kao's targets",
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      "evidence": "Exposing the gap between company targets and market reality",
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      "confidence": 0.8,
      "parentBeatName": "Development",
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  "loops": [
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      "evidence": "The loop starts by presenting key messages and then builds a logical chain of problems",
      "position": 0,
      "objective": "To demonstrate the logical connection between Kao's current issues and the need for change",
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      "confidence": 0.7,
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      "evidence": "The loop dives deeper into the problems faced by Kao, revealing the underlying issues",
      "position": 1,
      "objective": "To reveal the underlying issues (the iceberg) that are not immediately visible",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
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