Kao's Full-Year Operating Margin Improvement Better Than Expected; Raising FVE to JPY 6,900
Wide-moat Kao posted positive full-year earnings results, with operating margins coming in stronger than expected. While revenue was in line with...
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Supported by Its Home Care and Human Healthcare Businesses, Kao Stands to Deliver High ROICs
We initiate coverage of Kao with a fair value estimate of JPY 6,100, which implies a forward P/E of 27 times, enterprise value/EBITDA of 13 times,...
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