{
  "docId": "019dd923-622b-71dc-a6dd-620eafc8861b",
  "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": 11,
  "pageCount": 21,
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  "density": "balanced",
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  "notes": "The slide uses a rhetorical question format to challenge the board's oversight of marketing investment and international growth strategy.",
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      "kind": "callout",
      "text": "How do External Directors compare global opportunities to those domestically?",
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      "kind": "callout",
      "text": "How have External Directors established the sufficiency of marketing spend at Kao?",
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      "text": "Kao Consumer Products Overseas Net Revenue Forecast",
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      "text": "Marketing & Advertising Spend (% of Revenue)",
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      "text": "Marketing & Advertising Spend: 10.5%",
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      "kind": "source-note",
      "text": "Source: Bloomberg, Kao overseas revenue for 2024 based on calculations using Bloomberg analyst consensus forecasts, \"A Better Kao\" Presentation",
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      "kind": "title",
      "text": "Underinvested Growth Drivers",
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      "evidence": "Contrasts internal marketing spend metrics with external growth projections to challenge board oversight.",
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      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate (Make it worse)",
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      "evidence": "The agitation of the problem is spread across multiple slides, highlighting various issues",
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      "confidence": 0.8,
      "parentBeatName": "Development",
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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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      "evidence": "The loop dives deeper into the problems faced by Kao, revealing the underlying issues",
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      "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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