{
  "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": 14,
  "pageCount": 21,
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  "slideType": "expose_contradiction",
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  "density": "balanced",
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  "notes": "The slide uses a line chart to show Kao's declining return on research capital relative to peers and a bar chart to show the collapse of EVA into negative territory.",
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      "kind": "callout",
      "text": "What has been the External Directors' assessment of the decline in EVA over the past three years?",
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      "kind": "callout",
      "text": "How is the board ensuring R&D is driving innovation and amortizing the cost of R&D across the portfolio?",
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      "kind": "chart",
      "text": "Kao Economic Value Added (EVA)",
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      "text": "Kao Return on Research Capital vs Peers",
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      "text": "Economic Value Added: -43,793",
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      "kind": "source-note",
      "text": "Source: Bloomberg, Company Disclosure",
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      "kind": "title",
      "text": "Depressed Productivity",
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      "evidence": "The slide juxtaposes R&D performance metrics with direct questions challenging 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",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
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      "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",
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  "locked": true
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