Reported Earnings • Aug 06
Second quarter 2026 earnings released: EPS: JP¥38.31 (vs JP¥28.83 in 2Q 2025) Second quarter 2026 results: EPS: JP¥38.31 (up from JP¥28.83 in 2Q 2025). Revenue: JP¥458.7b (up 9.4% from 2Q 2025). Net income: JP¥34.7b (up 29% from 2Q 2025). Profit margin: 7.6% (up from 6.4% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Personal Products industry in Europe. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Aug 06
Kao Corporation Revises Consolidated Earnings Guidance for the Fiscal Year Ending December 31, 2026 (From January 1, 2026 to December 31, 2026) Kao Corporation revised consolidated earnings guidance for the fiscal year ending December 31, 2026 (from January 1, 2026 to December 31, 2026). For the year, the company now expects net sales of JPY 1,800.0 Billion; Operating income of JPY 190.0 Billion, and net income attributable to owners of the parent of JPY 135.0 Billion or basic earnings per share of JPY 149.21 compared to net sales of JPY 1,750 Billion; Operating income of JPY 182.0 Billion, and net income attributable to owners of the parent of JPY 130.0 Billion or basic earnings per share of JPY 143.70 previous guidance. The Company has conducted a share split at a ratio of two shares for each ordinary share on the effective date of July 1, 2026. Basic earnings per share in the forecast of consolidated operating results for the fiscal year ending December 31, 2026 takes into account the impact of the share split. If the share split were not taken into account, basic earnings per share would be JPY 298.42. Buy Or Sell Opportunity • Jul 31
Now 21% undervalued Over the last 90 days, the stock has risen 13% to €17.38. The fair value is estimated to be €22.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.7% over the last 3 years. Earnings per share has grown by 31%. For the next 3 years, revenue is forecast to grow by 3.4% per annum. Earnings are also forecast to grow by 6.2% per annum over the same time period. Upcoming Dividend • Jun 25
Upcoming dividend of JP¥78.00 per share Eligible shareholders must have bought the stock before 29 June 2026. Payment date: 01 September 2026. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of German dividend payers (4.8%). In line with average of industry peers (2.5%). Buy Or Sell Opportunity • Jun 01
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.2% to €31.88. The fair value is estimated to be €40.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.7% over the last 3 years. Earnings per share has grown by 31%. For the next 3 years, revenue is forecast to grow by 3.2% per annum. Earnings are also forecast to grow by 6.2% per annum over the same time period. Declared Dividend • May 21
Dividend of JP¥78.00 announced Shareholders will receive a dividend of JP¥78.00. Ex-date: 29th June 2026 Payment date: 1st September 2026 Dividend yield will be 248%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is covered by both earnings (55% earnings payout ratio) and cash flows (54% cash payout ratio). The dividend has increased by an average of 7.5% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 23% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Tillkännagivande • May 14
Kao Corporation to Report First Half, 2026 Results on Aug 05, 2026 Kao Corporation announced that they will report first half, 2026 results on Aug 05, 2026 Tillkännagivande • Feb 06
Kao Corporation to Report Q1, 2026 Results on May 12, 2026 Kao Corporation announced that they will report Q1, 2026 results on May 12, 2026 Tillkännagivande • Feb 05
Kao Corporation, Annual General Meeting, Mar 26, 2026 Kao Corporation, Annual General Meeting, Mar 26, 2026. Tillkännagivande • Nov 28
Kao Corporation to Report Fiscal Year 2025 Results on Feb 05, 2026 Kao Corporation announced that they will report fiscal year 2025 results on Feb 05, 2026 Tillkännagivande • Nov 06
Kao Corporation Provides Consolidated Earnings Guidance for the Fiscal Year Ending December 31, 2025 Kao Corporation provided consolidated earnings guidance for the fiscal year ending December 31, 2025. For the year, the company expects net sales of JPY 1,690,000 million; Operating income of JPY 165,000 million, and net income attributable to owners of the parent of JPY 121,000 million or basic earnings per share of JPY 262.31. Tillkännagivande • Sep 03
Kao Corporation to Report Q3, 2025 Results on Nov 06, 2025 Kao Corporation announced that they will report Q3, 2025 results on Nov 06, 2025 Tillkännagivande • Aug 06
Kao Corporation (TSE:4452) announces an Equity Buyback for 15,000,000 shares, representing 3.22% for ¥80,000 million. Kao Corporation (TSE:4452) announces a share repurchase program. Under the program, the company will repurchase up to 15,000,000 shares, representing 3.22% of its issued share capital for total worth of ¥80,000 million. The purpose of the program is to improve capital
efficiency and increase shareholders’ returns. The program will run till January 30, 2026. As of June 30, 2025, the company had 465,810,061 shares in issue and 89,939 shares in treasury. Tillkännagivande • Jun 03
Kao Corporation to Report Q2, 2025 Results on Aug 06, 2025 Kao Corporation announced that they will report Q2, 2025 results on Aug 06, 2025 Tillkännagivande • Mar 04
Kao Corporation to Report Q1, 2025 Results on May 08, 2025 Kao Corporation announced that they will report Q1, 2025 results on May 08, 2025 Tillkännagivande • Feb 07
Kao Corporation, Annual General Meeting, Mar 21, 2025 Kao Corporation, Annual General Meeting, Mar 21, 2025. Tillkännagivande • Dec 17
Oasis Management Company Ltd Disputes Kao Corporation's Recent Public Statements On December 16, 2024, Oasis Management Company Ltd announced that it disputed Kao Corporation's recent statements, claiming that it mischaracterized the engagement level with Oasis and obscured key corporate governance issues ahead of the 2025 Annual General Meeting. Oasis highlighted significant governance deficiencies, inadequate transparency, and a lack of accountability from the Company. Oasis stated that despite proposing qualified candidates for the Company’s Board of Directors, the Nomination Committee has not engaged meaningfully or clarified its selection process. The early announcement of director nominees for the AGM seems to bypass shareholder input. Additionally, the Company’s vague explanation of recent governance changes, including a major delegation of authority to management, raises concerns about transparency and shareholder engagement, further eroding confidence in its governance practices and commitment to long-term value creation. Tillkännagivande • Dec 11
Oasis to Nominate Industry-Leading Independent Director Candidates for Upcoming Kao AGM On December 10, 2024, Oasis Management Company Ltd. announced that it has increased its stake in Kao to over 5%. This move reinforces Oasis's position as one of the company's largest institutional investors and underscores its commitment to driving sustainable growth at Kao. Oasis Management expressed that despite its strong domestic presence and reputation for delivering high-quality products, Kao has consistently failed to fully capitalize on its international growth potential. Oasis believes that by leveraging its brands to drive robust international growth, Kao has the potential to become a global leader, competing with the likes of Beiersdorf AG, L’Oreal SA, Unilever Plc, and The Procter & Gamble Co. In light of this, Oasis plans to nominate five industry-leading director candidates for Kao's upcoming Annual General Meeting in March 2025. Oasis has expressed its disapproval of Kao's dilution of Board oversight and the premature announcement of director changes before interviewing the candidates submitted by Oasis. Tillkännagivande • Dec 05
Kao Corporation to Report Fiscal Year 2024 Results on Feb 06, 2025 Kao Corporation announced that they will report fiscal year 2024 results on Feb 06, 2025 Reported Earnings • Nov 10
Third quarter 2024 earnings released: EPS: JP¥59.45 (vs JP¥34.24 in 3Q 2023) Third quarter 2024 results: EPS: JP¥59.45 (up from JP¥34.24 in 3Q 2023). Revenue: JP¥402.0b (up 3.8% from 3Q 2023). Net income: JP¥27.6b (up 74% from 3Q 2023). Profit margin: 6.9% (up from 4.1% in 3Q 2023). Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Personal Products industry in Europe. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Sep 25
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to €43.67. The fair value is estimated to be €35.58, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.2% over the last 3 years. Earnings per share has declined by 29%. For the next 3 years, revenue is forecast to grow by 2.1% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Tillkännagivande • Sep 02
Kao Corporation to Report Nine Months, 2024 Results on Nov 07, 2024 Kao Corporation announced that they will report nine months, 2024 results on Nov 07, 2024 Buy Or Sell Opportunity • Aug 25
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at €39.99. The fair value is estimated to be €33.18, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.2% over the last 3 years. Earnings per share has declined by 29%. For the next 3 years, revenue is forecast to grow by 1.9% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. New Risk • Aug 21
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 29% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (99% payout ratio). Large one-off items impacting financial results. Declared Dividend • Aug 11
First half dividend of JP¥76.00 announced Shareholders will receive a dividend of JP¥76.00. Ex-date: 27th December 2024 Payment date: 25th March 2025 Dividend yield will be 194%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is not adequately covered by earnings (99% earnings payout ratio). However, it is covered by cash flows (50% cash payout ratio). The dividend has increased by an average of 9.0% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 10% to bring the payout ratio under control. EPS is expected to grow by 55% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: JP¥57.98 (vs JP¥25.40 in 2Q 2023) Second quarter 2024 results: EPS: JP¥57.98 (up from JP¥25.40 in 2Q 2023). Revenue: JP¥422.2b (up 8.1% from 2Q 2023). Net income: JP¥26.9b (up 128% from 2Q 2023). Profit margin: 6.4% (up from 3.0% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Personal Products industry in Europe. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Tillkännagivande • Jun 05
Kao Corporation to Report First Half, 2024 Results on Aug 07, 2024 Kao Corporation announced that they will report first half, 2024 results on Aug 07, 2024 New Risk • May 17
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 33% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (126% payout ratio). Large one-off items impacting financial results. Reported Earnings • May 10
First quarter 2024 earnings released: EPS: JP¥35.43 (vs JP¥10.36 in 1Q 2023) First quarter 2024 results: EPS: JP¥35.43 (up from JP¥10.36 in 1Q 2023). Revenue: JP¥365.8b (up 5.2% from 1Q 2023). Net income: JP¥16.5b (up 242% from 1Q 2023). Profit margin: 4.5% (up from 1.4% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Personal Products industry in Europe. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Declared Dividend • Apr 11
Final dividend of JP¥76.00 announced Shareholders will receive a dividend of JP¥76.00. Ex-date: 27th June 2024 Payment date: 2nd September 2024 Dividend yield will be 208%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is not covered by earnings (159% earnings payout ratio). However, it is covered by cash flows (52% cash payout ratio). The dividend has increased by an average of 9.0% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 77% to bring the payout ratio under control. EPS is expected to grow by 74% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Tillkännagivande • Apr 05
Oasis Management Urges Kao Corporation to Prioritize Marketing or Distribution to Promote its Products On April 4, 2024, Kao Corporation announced that its shares rose sharply after Oasis Management urged the Company to focus on the international growth of its cosmetics and skin-care brands, and tap its full potential. Oasis Management stated that the Company’s management hadn't done enough to fully unleash the potential of its impressive set of brands, including Curél skin-care products and Molton Brown, which encompasses fragrances, beauty and other products. Oasis Management said the Company that it had the product portfolio to compete with the likes of L'Oreal and Procter & Gamble and become a global leader, but the Company had not prioritized marketing or distribution to promote its products and drive revenue growth. In response, the Company stated that it is pursuing global growth by investing in its strongest brands. The Company stated that Oasis Management's arguments didn't fully acknowledge the active portfolio management and structural reforms the Company has been executing. The Company added that it continues to engage with Oasis Management and other shareholders and welcomes fresh perspectives. Buy Or Sell Opportunity • Apr 04
Now 24% overvalued The stock has been flat over the last 90 days, currently trading at €36.59. The fair value is estimated to be €29.54, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.9% over the last 3 years. Earnings per share has declined by 29%. For the next 3 years, revenue is forecast to grow by 1.9% per annum. Earnings are also forecast to grow by 20% per annum over the same time period. Board Change • Apr 02
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Senior Managing Executive Officer, Senior VP of Global Procurement & Director Masakazu Negoro was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 28
Full year 2023 earnings released: EPS: JP¥94.37 (vs JP¥183 in FY 2022) Full year 2023 results: EPS: JP¥94.37 (down from JP¥183 in FY 2022). Revenue: JP¥1.53t (down 1.2% from FY 2022). Net income: JP¥43.9b (down 49% from FY 2022). Profit margin: 2.9% (down from 5.5% in FY 2022). Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Personal Products industry in Europe. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Mar 11
Now 23% overvalued Over the last 90 days, the stock has fallen 2.5% to €35.65. The fair value is estimated to be €29.02, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.9% over the last 3 years. Earnings per share has declined by 29%. For the next 3 years, revenue is forecast to grow by 1.9% per annum. Earnings are also forecast to grow by 20% per annum over the same time period. Tillkännagivande • Mar 01
Kao Corporation to Report Q1, 2024 Results on May 09, 2024 Kao Corporation announced that they will report Q1, 2024 results on May 09, 2024 Reported Earnings • Feb 08
Full year 2023 earnings released: EPS: JP¥94.37 (vs JP¥183 in FY 2022) Full year 2023 results: EPS: JP¥94.37 (down from JP¥183 in FY 2022). Revenue: JP¥1.53t (down 1.2% from FY 2022). Net income: JP¥43.9b (down 49% from FY 2022). Profit margin: 2.9% (down from 5.5% in FY 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Personal Products industry in Europe. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Dec 21
Upcoming dividend of JP¥75.00 per share at 2.6% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 27 March 2024. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of German dividend payers (5.1%). Higher than average of industry peers (1.7%). Tillkännagivande • Dec 01
Kao Corporation to Report Fiscal Year 2023 Results on Feb 07, 2024 Kao Corporation announced that they will report fiscal year 2023 results on Feb 07, 2024 Reported Earnings • Nov 09
Third quarter 2023 earnings released: EPS: JP¥34.24 (vs JP¥41.65 in 3Q 2022) Third quarter 2023 results: EPS: JP¥34.24 (down from JP¥41.65 in 3Q 2022). Revenue: JP¥387.4b (down 1.6% from 3Q 2022). Net income: JP¥15.9b (down 18% from 3Q 2022). Profit margin: 4.1% (down from 4.9% in 3Q 2022). Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Personal Products industry in Europe. Over the last 3 years on average, earnings per share has fallen by 24% per year whereas the company’s share price has fallen by 19% per year. Tillkännagivande • Sep 01
Kao Corporation to Report Nine Months, 2023 Results on Nov 08, 2023 Kao Corporation announced that they will report nine months, 2023 results on Nov 08, 2023 Reported Earnings • Aug 03
Second quarter 2023 earnings released: EPS: JP¥25.40 (vs JP¥43.68 in 2Q 2022) Second quarter 2023 results: EPS: JP¥25.40 (down from JP¥43.68 in 2Q 2022). Revenue: JP¥390.7b (flat on 2Q 2022). Net income: JP¥11.8b (down 43% from 2Q 2022). Profit margin: 3.0% (down from 5.3% in 2Q 2022). Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Personal Products industry in Europe. Over the last 3 years on average, earnings per share has fallen by 22% per year whereas the company’s share price has fallen by 19% per year. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥75.00 per share at 2.8% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 01 September 2023. Payout ratio is on the higher end at 95%, and the cash payout ratio is above 100%. Trailing yield: 2.8%. Lower than top quartile of German dividend payers (4.7%). Higher than average of industry peers (1.9%). Tillkännagivande • Jun 01
Kao Corporation to Report First Half, 2023 Results on Aug 03, 2023 Kao Corporation announced that they will report first half, 2023 results on Aug 03, 2023 Reported Earnings • May 12
First quarter 2023 earnings released: EPS: JP¥10.36 (vs JP¥38.50 in 1Q 2022) First quarter 2023 results: EPS: JP¥10.36 (down from JP¥38.50 in 1Q 2022). Revenue: JP¥347.8b (flat on 1Q 2022). Net income: JP¥4.82b (down 74% from 1Q 2022). Profit margin: 1.4% (down from 5.3% in 1Q 2022). Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Personal Products industry in Europe. Over the last 3 years on average, earnings per share has fallen by 20% per year whereas the company’s share price has fallen by 23% per year. Board Change • Apr 03
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 7 non-independent directors. Independent Outside Director Eriko Sakurai was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 28
Full year 2022 earnings released Full year 2022 results: Revenue: JP¥1.55t (up 9.3% from FY 2021). Net income: JP¥86.0b (down 22% from FY 2021). Profit margin: 5.5% (down from 7.7% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Personal Products industry in Europe. Over the last 3 years on average, earnings per share has fallen by 17% per year whereas the company’s share price has fallen by 21% per year. Reported Earnings • Feb 03
Full year 2022 earnings released: EPS: JP¥183 (vs JP¥231 in FY 2021) Full year 2022 results: EPS: JP¥183 (down from JP¥231 in FY 2021). Revenue: JP¥1.55t (up 9.3% from FY 2021). Net income: JP¥86.0b (down 22% from FY 2021). Profit margin: 5.5% (down from 7.7% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Personal Products industry in Europe. Over the last 3 years on average, earnings per share has fallen by 17% per year whereas the company’s share price has fallen by 20% per year. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥74.00 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 28 March 2023. Payout ratio is on the higher end at 80%, and the cash payout ratio is above 100%. Trailing yield: 2.8%. Lower than top quartile of German dividend payers (5.1%). Higher than average of industry peers (2.1%). Tillkännagivande • Dec 01
Kao Corporation to Report Fiscal Year 2022 Results on Feb 02, 2023 Kao Corporation announced that they will report fiscal year 2022 results on Feb 02, 2023 Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: JP¥41.65 (vs JP¥62.32 in 3Q 2021) Third quarter 2022 results: EPS: JP¥41.65 (down from JP¥62.32 in 3Q 2021). Revenue: JP¥393.8b (up 14% from 3Q 2021). Net income: JP¥19.4b (down 34% from 3Q 2021). Profit margin: 4.9% (down from 8.5% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Personal Products industry in Europe. Over the last 3 years on average, earnings per share has fallen by 17% per year whereas the company’s share price has fallen by 19% per year. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 9 experienced directors. 2 highly experienced directors. Independent Outside Director Eriko Sakurai was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 03
Third quarter 2022 earnings released: EPS: JP¥41.66 (vs JP¥62.32 in 3Q 2021) Third quarter 2022 results: EPS: JP¥41.66 (down from JP¥62.32 in 3Q 2021). Revenue: JP¥393.8b (up 14% from 3Q 2021). Net income: JP¥19.4b (down 34% from 3Q 2021). Profit margin: 4.9% (down from 8.5% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Personal Products industry in Europe. Over the last 3 years on average, earnings per share has fallen by 17% per year whereas the company’s share price has fallen by 21% per year. Tillkännagivande • Aug 28
Kao Corporation to Report Q3, 2022 Results on Nov 01, 2022 Kao Corporation announced that they will report Q3, 2022 results on Nov 01, 2022 Reported Earnings • Aug 04
Second quarter 2022 earnings released: EPS: JP¥43.68 (vs JP¥56.53 in 2Q 2021) Second quarter 2022 results: EPS: JP¥43.68 (down from JP¥56.53 in 2Q 2021). Revenue: JP¥387.1b (up 9.2% from 2Q 2021). Net income: JP¥20.6b (down 23% from 2Q 2021). Profit margin: 5.3% (down from 7.6% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 3.6%, compared to a 7.8% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 15% per year. Board Change • Jul 09
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 9 experienced directors. 2 highly experienced directors. Independent Outside Director Eriko Sakurai was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥74.00 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 01 September 2022. Payout ratio is a comfortable 67% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of German dividend payers (4.4%). Higher than average of industry peers (2.4%). Tillkännagivande • Jun 01
Kao Corporation to Report First Half, 2022 Results on Aug 03, 2022 Kao Corporation announced that they will report first half, 2022 results on Aug 03, 2022 Reported Earnings • May 13
First quarter 2022 earnings released: EPS: JP¥38.50 (vs JP¥53.61 in 1Q 2021) First quarter 2022 results: EPS: JP¥38.50 (down from JP¥53.61 in 1Q 2021). Revenue: JP¥346.8b (up 8.2% from 1Q 2021). Net income: JP¥18.2b (down 29% from 1Q 2021). Profit margin: 5.3% (down from 8.0% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 4.0%, compared to a 12% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 9 experienced directors. 2 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Outside Director Nobuhide Hayashi was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Apr 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. 3 highly experienced directors. Senior Managing Executive Officer, President of Global Consumer Product & Director Tomoharu Matsuda was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Tillkännagivande • Mar 01
Kao Corporation to Report Q1, 2022 Results on May 11, 2022 Kao Corporation announced that they will report Q1, 2022 results on May 11, 2022 Reported Earnings • Feb 04
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: JP¥231 (down from JP¥262 in FY 2020). Revenue: JP¥1.42t (up 2.7% from FY 2020). Net income: JP¥109.6b (down 13% from FY 2020). Profit margin: 7.7% (down from 9.1% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 3.8%, compared to a 8.7% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 10% per year and the company’s share price has also fallen by 10% per year. Tillkännagivande • Feb 03
Kao Corporation, Annual General Meeting, Mar 25, 2022 Kao Corporation, Annual General Meeting, Mar 25, 2022. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥72.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 29 March 2022. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of German dividend payers (3.3%). Higher than average of industry peers (1.8%). Reported Earnings • Nov 03
Third quarter 2021 earnings released: EPS JP¥62.32 (vs JP¥73.48 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: JP¥345.8b (up 2.3% from 3Q 2020). Net income: JP¥29.5b (down 16% from 3Q 2020). Profit margin: 8.5% (down from 11% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year and the company’s share price has also fallen by 7% per year. Reported Earnings • Aug 04
Second quarter 2021 earnings released: EPS JP¥56.53 (vs JP¥49.77 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: JP¥354.6b (up 7.7% from 2Q 2020). Net income: JP¥26.8b (up 12% from 2Q 2020). Profit margin: 7.6% (up from 7.3% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 7% per year. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥72.00 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 01 September 2021. Trailing yield: 2.2%. Lower than top quartile of German dividend payers (3.1%). Higher than average of industry peers (1.9%). Tillkännagivande • May 19
Kao Corporation Aims to Reduce its Co2 Emissions to Zero by 2040, and to Be Carbon Negative by 2050 Kao Corporation has set new targets for realizing a decarbonized society and is aiming to reduce its carbon dioxide (CO2) emissions to zero by 2040, and become a carbon negative company by 2050. Consequently, Kao is now seeking to upgrade the 2.0°C target certification it was awarded by the Science Based Targets initiative (SBTi)*1 in 2019 to 1.5°C. It has also signed up to the “Business Ambition for 1.5°C” initiative, which was launched by the UN Global Compact, the SBTi, and company Mean Business. This is a corporate pledge for businesses to set science-based targets aligned with limiting global temperature rise to 1.5°C instead of 2.0°C. In addition, Kao is aiming to join RE100, an international program which brings together hundreds of large businesses committed to 100% renewable electricity. The SBTi is an international joint initiative by the CDP, the UN Global Compact, the World Resources Institute (WRI), and the World Wide Fund for Nature (WWF). The SBTi provides science-based verification and certification as to whether the greenhouse gas reduction targets set by business enterprises are consistent with the decarbonization levels mandated by the Paris Agreement. The Kao Group has been working with a variety of stakeholders to reduce the environmental impact throughout their products lifecycles. In April 2019, Kao defined a sustainable lifestyle in an age of increasing consumer needs as the Kirei Lifestyle, and developed the Kirei Lifestyle Plan (KLP), a new ESG Strategy. The Japanese word 'kirei' describes something that is both clean and beautiful. For Kao, Kirei not only encapsulates appearance, but also attitude—to create beauty for oneself, other people, and for the world around us. Mid- to long-term targets have been announced for each of the 19 “Kao Actions” as specified by the KLP, which includes decarbonization. Recently, Kao’s responsibilities have grown as well as the role it is expected to play in relation to tackling climate change caused by global warming. In order to be able to deliver a Kirei Lifestyle not only to today’s consumers but also to the consumers of the future, Kao has set new decarbonization objectives aimed at the realization of a decarbonized society. By implementing Innovation in Reduction and Innovation in Recycling with regards to CO2, Kao is aiming to achieve carbon zero by 2040, and carbon negative 2050 in its business activities. Kao is also proceeding with the development of products, services, and technologies that will contribute towards reducing CO2 emissions in society as a whole. Reported Earnings • May 09
First quarter 2021 earnings released: EPS JP¥53.61 (vs JP¥55.45 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and revenues, although profit margins were improved. First quarter 2021 results: Revenue: JP¥320.6b (down 5.1% from 1Q 2020). Net income: JP¥25.7b (down 3.5% from 1Q 2020). Profit margin: 8.0% (up from 7.9% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 3% per year. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS JP¥262 (vs JP¥307 in FY 2019) The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: JP¥1.38t (down 8.0% from FY 2019). Net income: JP¥126.1b (down 15% from FY 2019). Profit margin: 9.1% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 3% per year and the company’s share price has also fallen by 3% per year. Is New 90 Day High Low • Mar 13
New 90-day low: €54.00 The company is down 11% from its price of €60.50 on 11 December 2020. The German market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Personal Products industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €39.61 per share. Tillkännagivande • Mar 01
Kao Corporation to Report Q1, 2021 Results on May 07, 2021 Kao Corporation announced that they will report Q1, 2021 results on May 07, 2021 Reported Earnings • Feb 05
Full year 2020 earnings released: EPS JP¥262 (vs JP¥307 in FY 2019) The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: JP¥1.38t (down 8.0% from FY 2019). Net income: JP¥126.1b (down 15% from FY 2019). Profit margin: 9.1% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Feb 05
Revenue misses expectations Revenue missed analyst estimates by 0.6%. Over the next year, revenue is forecast to grow 3.7% while thePersonal Products industry in Germany is not expected to grow. Tillkännagivande • Feb 04
Kao Corporation, Annual General Meeting, Mar 26, 2021 Kao Corporation, Annual General Meeting, Mar 26, 2021. Is New 90 Day High Low • Jan 27
New 90-day low: €59.50 The company is down 2.0% from its price of €61.00 on 29 October 2020. The German market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Personal Products industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €47.81 per share. Upcoming Dividend • Dec 22
Upcoming Dividend of JP¥70.00 Per Share Will be paid on the 26th of March to those who are registered shareholders by the 29th of December. The trailing yield of 1.8% is below the top quartile of German dividend payers (3.5%), and is lower than industry peers (2.4%). 
