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  "documentTitle": "Kao Corporation (4452.JP)",
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  "notes": "Oasis Management activist deck slide criticizing Kao's ROE performance.",
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      "kind": "callout",
      "text": "にもかかわらず、花王の2023年度のROEは5%を下回っています。",
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      "text": "花王：ROEの推移",
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      "text": "日本の株式市場における改革は、各企業に自己資本利益率（ROE）の改善を求めています。これは、資本効率の改善のために各社経営陣の行動を大きく変えるきっかけとなっており、投資家もこれに従い経営陣や取締役の責任を追及しています。低ROEを短期的に解決させる施策が尽きることに伴い、各社にとって次の課題となるのは、いかにして高いROE水準を維持するか、ということです。一言で言えば、花王は直ちに成長を始め、そしてその成長を維持し続けなければなりません。2023年に行った小規模なリストラを受け、花王のROEは2024年には回復すると当社はみていますが、持続可能な成長ストーリーがないかぎり、花王が世界のFMCG業界で一般的とされる10%台後半のROEを達成できる可能性は低いと考えます。",
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      "text": "日本市場は企業に対し成長実現を促している",
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      "text": "今こそ、より強い花王を",
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