{ "docId": "019dd923-622b-71dc-a6dd-6dd6e7ce8a5d", "docSlug": "cf721953f722", "documentTitle": "Kao Corporation (4452.JP)", "authorId": "25_Oasis_Management", "authorName": "Oasis", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": null, "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 20, "pageCount": 96, "prevPage": 19, "nextPage": 21, "slideType": "peer_benchmark", "function": "compare_peers", "density": "dense", "nDataPoints": 12, "notes": "Oasis Management activist deck slide criticizing Kao's lack of geographic diversification.", "elementsJson": [ "headline_text", "subtitle_text", "paragraph", "data_table", "donut_chart" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622b-71dc-a6dd-6dd6e7ce8a5d/20", "deckHref": "/decks/019dd923-622b-71dc-a6dd-6dd6e7ce8a5d", "deckJsonHref": "/decks/019dd923-622b-71dc-a6dd-6dd6e7ce8a5d.json", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dd-6dd6e7ce8a5d#slide-20", "components": [ { "bbox": null, "kind": "callout", "text": "花王は国内市場に過度に依存している", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-3f3e-76f7-b9d7-b4d77682c2cd", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.75, "w": 0.4, "x": 0.55, "y": 0.12 }, "kind": "chart", "text": "売上高依存度（国内・海外売上高の比較）", "attrs": null, "subkind": "pie", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8a20a3f9-eb5b-4c8f-9c05-ad56679de462", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "metric", "text": "domestic revenue dependency: 64.9%", "attrs": null, "subkind": "primary", "toolName": "Quantification", "toolSlug": "quantification", "confidence": null, "componentId": "019dd953-3f3e-76f7-b9d7-b940adc84a62", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.45, "x": 0.06, "y": 0.52 }, "kind": "paragraph", "text": "一方、海外の競合他社は、自国市場への依存度が花王よりも遥かに低くなっています。例えば、ユニリーバの欧州域外での売上高は全体の80.1%、P&Gの米国外での売上高は52.8%にのぼります。詳細は右図をご覧ください。", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "85f6fd71-af04-42e9-8e95-00f3378281d7", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.45, "x": 0.06, "y": 0.67 }, "kind": "paragraph", "text": "65%という高い国内依存度は化粧品事業においても顕著であり、海外での事業拡大余地の大きさがうかがえます。しかし、花王は2022年から2027年にかけて海外売上高（ケミカル事業含む）を年平均わずか3.5%しか成長させないとし、地理的な多様化に対する経営陣の危機感のなさが浮き彫りになっています。", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b2332c97-119f-4c53-8536-152a74e32e37", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.45, "x": 0.06, "y": 0.19 }, "kind": "paragraph", "text": "2023年度における花王のコンシューマープロダクツ事業売上高に占める海外売上高は僅か35.4%にとどまりました。国内売上高は2021年に底入れしたにもかかわらず、コロナ以降、収益は回復に転じていません。", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b40b92c5-57cb-4be3-b725-0e82687aff66", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.06, "y": 0.95 }, "kind": "source-note", "text": "出典：ブルームバーグ、表内の米ドル単位の売上高は1ドル=140.2円の為替レートを用いて換算", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1df44714-3e08-4bdc-b897-974518cf7239", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.45, "x": 0.06, "y": 0.35 }, "kind": "table", "text": "地域, 2019年売上高, 2023年売上高, 増減率; 日本, 8,996億円, 7,817億円, -13.1%; 日本以外, 3,573億円, 4,286億円, +19.9%", "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "53366768-c329-4bd5-8c95-970f671ad854", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.06, "y": 0.13 }, "kind": "title", "text": "花王は国内市場に過度に依存している", "attrs": null, "subkind": "action-title", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6e15b24e-2642-4fae-82d4-04c4fc3e2806", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.45, "x": 0.06, "y": 0.05 }, "kind": "title", "text": "1. 消極的なグローバル展開", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "617356e1-d5a2-42cf-a482-d30bbb3d33a6", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "from": 1, "beatId": "d082725f-12a4-4e06-b410-ac4b8fec6d00", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Problem (Identify pain)", "beatSlug": "problem-agitate-solution-problem-identify-pain", "evidence": "The deck identifies several problems, including Kao's underperformance and dependence on the domestic market.", "position": 0, "confidence": 0.9, "parentBeatName": "Complication", "parentBeatSlug": "complication" } ], "loops": [ { "to": 20, "from": 12, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "7562ad33-be28-4243-9029-2239a074085d", "evidence": "The deck highlights the consequences of Kao's inaction, including a lack of growth and underperformance.", "position": 0, "objective": "What is the cost of inaction for Kao's growth?", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "confidence": 0.7, "description": "Quantify what happens if the audience does nothing" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }