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  "documentTitle": "Kao Corporation (4452)",
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  "presentationDate": "2024-12-05 00:00:00",
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  "notes": "The slide uses a line chart for gross margin trends and a bar chart for operating profit margins to expose a performance gap.",
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      "kind": "callout",
      "text": "What is the External Directors' process for brands and segments that are unable to meet category growth?",
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      "text": "What has been the External Directors' assessment of the progress made on structural reforms?",
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      "text": "FMCG Peer Gross Margins",
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      "text": "Operating Profit Margin: 41.1%",
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      "kind": "quote",
      "text": "As featured in “A Better Kao” — Oasis Management",
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      "text": "Source: Bloomberg, \"A Better Kao\" Presentation",
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      "text": "Lagging Margins",
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