Nippon Investment Bespoke Research UK Ltd

Nippon Investment Bespoke Research UK

Equity Bottom-Up

<ul>
<li>Milbon Co., Ltd (4919 JP) reported FY25 (Dec year-end) 1H earnings with a gross profit [GP] of ¥15,502mil (-1.6% YoY) and operating profit [OP] of ¥1,938mil (-39.0% YoY) on sales of ¥24,807mil (+1.1% YoY).</li>
<li>RP declined -44.3% YoY to ¥1,853mil, due mainly to net FOREX losses (-¥120mil).</li>
<li>The 1H results fell short of the firm’s sales and OP guidance by -4.2% and -31.0%, respectively due to (1) a decline in GP due to weaker-than-expected sales (-¥707mil) and (2) the deterioration of the GPM on the back of inventory valuation losses (approx. -¥454mil).</li>
</ul>


Milbon Co., Ltd (4919 JP) reported FY25 (Dec year-end) 1H earnings with a gross profit [GP] of ¥15,502mil (-1.6% YoY) and operating profit [OP] of ¥1,938mil (-39.0% YoY) on sales of ¥24,807mil (+1.1% YoY).
RP declined -44.3% YoY to ¥1,853mil, due mainly to net FOREX losses (-¥120mil).
The 1H results fell short of the firm’s sales and OP guidance by -4.2% and -31.0%, respectively due to (1) a decline in GP due to weaker-than-expected sales (-¥707mil) and (2) the deterioration of the GPM on the back of inventory valuation losses (approx. -¥454mil).


Milbon Co., LTD (4919 JP): Research Update - 11 SEPTEMBER 2025

Japan

Milbon Co., Ltd. manufactures hair care products for beauty salons.  The Company produces chemicals for permanents, hair coloring, shampoos, rinses, and hair growth stimulant products.

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Milbon Co Ltd (4919 JP)

Milbon Co., LTD (4919 JP): Research Update - 11 SEPTEMBER 2025

Milbon Co., Ltd (4919 JP) reported FY25 (Dec year-end) 1H earnings with a gross profit [GP] of ¥15,502mil (-1.6% YoY) and operating profit [OP] of...

Nippon Investment Bespoke Research UK

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