Japan Specialist

Mark Chadwick

Over 20 years experience in equities and asset management in Asia and Japan. Qualified CFA with experience analyzing companies as a buy-side analyst. In-depth knowledge of company fundamental analysis, corporate governance and valuations.

Equity Bottom-Up

<ul>
<li>Shiseido’s Q3 revenue rose 4.6% YoY to ¥224bn, marking its first growth in three quarters, though full-year sales guidance was cut 3%.</li>
<li>Profitability remained pressured by tariffs and Drunk Elephant weakness; product margins fell 340bps YoY, but SG&amp;A improvements limited overall margin decline to 80bps.</li>
<li>Management maintained core OP profit guidance and continued executing structural reforms, achieving ¥21bn cost savings YTD, with deeper efficiency cuts planned through 2026.</li>
</ul>


Shiseido’s Q3 revenue rose 4.6% YoY to ¥224bn, marking its first growth in three quarters, though full-year sales guidance was cut 3%.
Profitability remained pressured by tariffs and Drunk Elephant weakness; product margins fell 340bps YoY, but SG&amp;A improvements limited overall margin decline to 80bps.
Management maintained core OP profit guidance and continued executing structural reforms, achieving ¥21bn cost savings YTD, with deeper efficiency cuts planned through 2026.


Shiseido (4911) | Progress on Reforms, but Growth Still Elusive

Shiseido Company

Shiseido (4911) | Progress on Reforms, but Growth Still Elusive