Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>Cosmetics is one of the industries, worst hit by the coronavirus pandemic. The industry was struggling for growth even before COVID-19. Due to the consumption tax increase, Japan’s domestic cosmetics market declined 0.6% year-on-year on average during Oct-2019 to Jan-2020. The rate of decline accelerated to 26% by April 2020 due to COVID-19.</li>
<li>However, the situation is much better outside of Japan. Total cosmetics exports grew 8% year-on-year in May 2020 as exports to China increased 49.8% year-on-year.</li>
<li>Below we analyse, Japan’s cosmetics industry using the monthly data released by the Ministry of Economy, Trade and Industry (METI) and the Ministry of Finance.</li>
</ul>


Cosmetics is one of the industries, worst hit by the coronavirus pandemic. The industry was struggling for growth even before COVID-19. Due to the consumption tax increase, Japan’s domestic cosmetics market declined 0.6% year-on-year on average during Oct-2019 to Jan-2020. The rate of decline accelerated to 26% by April 2020 due to COVID-19.
However, the situation is much better outside of Japan. Total cosmetics exports grew 8% year-on-year in May 2020 as exports to China increased 49.8% year-on-year.
Below we analyse, Japan’s cosmetics industry using the monthly data released by the Ministry of Economy, Trade and Industry (METI) and the Ministry of Finance.


Japanese Cosmetics Industry Statistics- May 2020: China Recovers While Domestic Demand Deteriorates

<a href="https://www.smartkarma.com/entities/shiseido-co-ltd" target="_blank" data-smartkarma-citation="entities:5718:1" rel="noopener">Shiseido Co Ltd (4911 JP)</a>, the biggest pureplay cosmetics company in Japan is generally the last cosmetics company to release its quarterly results.On 6th February 2020, Shiseido released its Q4 results and 2020 guidance. Revenue guidance was 0.4% above consensus as of 6th Feb while OP was 14.6% below consensus. About half of this OP difference is due to Shiseido’s CSR initiatives. The company has donated ¥165m as of Feb 2020 and it has also pledged 1% of sales from the Asian markets to the following initiatives:<ul>
<li>Donate to charity to support the restoration of daily lives.</li>
<li>Offer utility products from Shiseido Group to areas in need.</li>
<li>Offer various support to invigorate people through the power of beauty.</li>
</ul>Since Feb 6th guidance, consensus has adjusted its forecasts. The current 2020 revenue and OP estimates are 10.3% and 25.0% lower than company guidance.<a href="https://www.smartkarma.com/entities/fancl-corp" target="_blank" rel="noopener">Shiseido</a> is scheduled to release its 1Q20 results on 12th May 2020. In this Insight, we provide a preview of Shiseido’s Q1 results using METI and Ministry of Finance industry data for January and February.Consensus estimates revenue of ¥246.5bn and OP of ¥20.0bn for Q1. It implies a 9.9% and 48.6% year-on-year decline for revenue and OP respectively.However, our analysis of industry data suggests that Shiseido’s revenue will undershoot even the revised consensus estimate by about 4%.

Shiseido Co Ltd (4911 JP), the biggest pureplay cosmetics company in Japan is generally the last cosmetics company to release its quarterly results.On 6th February 2020, Shiseido released its Q4 results and 2020 guidance. Revenue guidance was 0.4% above consensus as of 6th Feb while OP was 14.6% below consensus. About half of this OP difference is due to Shiseido’s CSR initiatives. The company has donated ¥165m as of Feb 2020 and it has also pledged 1% of sales from the Asian markets to the following initiatives:
Donate to charity to support the restoration of daily lives.
Offer utility products from Shiseido Group to areas in need.
Offer various support to invigorate people through the power of beauty.
Since Feb 6th guidance, consensus has adjusted its forecasts. The current 2020 revenue and OP estimates are 10.3% and 25.0% lower than company guidance.Shiseido is scheduled to release its 1Q20 results on 12th May 2020. In this Insight, we provide a preview of Shiseido’s Q1 results using METI and Ministry of Finance industry data for January and February.Consensus estimates revenue of ¥246.5bn and OP of ¥20.0bn for Q1. It implies a 9.9% and 48.6% year-on-year decline for revenue and OP respectively.However, our analysis of industry data suggests that Shiseido’s revenue will undershoot even the revised consensus estimate by about 4%.

Shiseido 1Q20 Earnings Preview: Market More Cautious than Consensus

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

Thematic (Sector/Industry)

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/132/350/original/2020-05-10_07-41-07.png?1589064097" class="editor-image img-responsive" data-smartkarma-image-id="132350"></figure><div class="content-caption">Source • Japan Analytics</div>HERD IMMUNITY - The market 'herd' continues to be immune to the siren song of earnings announcements. In last week's two reporting days, aggregate trailing operating income declined by ¥400 billion, while the current year forecast was trimmed by ¥800 billion. The respective numbers for net income were ¥600 billion and ¥200 billion - the latter being flattering in its 'deception' as the figure includes three net-income 'heavy' sogo-shosha. We expect a PER 'breakout' to above 18x in the coming week.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/132/351/original/2020-05-10_08-08-43.png?1589065754" class="editor-image img-responsive" data-smartkarma-image-id="132351"></figure><div class="content-caption">Source • Japan Analytics</div>INTERIM LEADING THE WAY - Our Results and Revisions scoring methodology tracks both Interim and Annual forecasts with the former signalling the direction of the latter. For some companies such as <a href="https://www.smartkarma.com/entities/fancl-corp" target="_blank" data-smartkarma-citation="entities:15862:1" rel="noopener">Fancl (4921 JP)</a>, <a href="https://www.smartkarma.com/entities/jcu-corp" target="_blank" data-smartkarma-citation="entities:16229:1" rel="noopener">JCU (4975 JP)</a> and <a href="https://www.smartkarma.com/entities/zenkoku-hosho-co-ltd" target="_blank" data-smartkarma-citation="entities:5537:1" rel="noopener">Zenkoku Hosho (7164 JP)</a>, the Interim forecast is sufficiently pessimistic as to taint the reliability of the annual forecast. Our Interim Score will reach a new ten-year low this week; the Annual Score did so last month. We do not expect the COVID-19 earnings cycle to bottom until the January/February's mostly third-quarter results announcements.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/132/366/original/2020-05-10_09-01-50.png?1589068924" class="editor-image img-responsive" data-smartkarma-image-id="132366"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/132/367/original/2020-05-10_09-00-50.png?1589068939" class="editor-image img-responsive" data-smartkarma-image-id="132367"></figure><div class="content-caption">Source • Japan Analytics</div><div class="content-caption"></div>In the DETAIL below, we shall review the results, revisions and initial forecast announcements made by larger-cap (¥75b+) companies on Friday. The balance between positive/neutral/negative of the 211 results announcements was 90:27:107. The average change in Score was -1. For the 131 revisions/initial forecasts, the split was 43:4:84  and the average Score was -5. Of the 155 companies declaring full-year results, 49% made interim and annual forecasts for the current year. Two hundred thirty-three companies will announce on Monday, the largest of which by market capitalisation will be <a href="https://www.smartkarma.com/entities/softbank-corp" target="_blank" data-smartkarma-citation="entities:27445:1" rel="noopener">Softbank Corp (9434 JP)</a>, <a href="https://www.smartkarma.com/entities/mitsubishi-electric-corp" target="_blank" data-smartkarma-citation="entities:11171:1" rel="noopener">Mitsubishi Electric (6503 JP)</a>, and <a href="https://www.smartkarma.com/entities/bridgestone-corp" target="_blank" data-smartkarma-citation="entities:8914:1" rel="noopener">Bridgestone (5108 JP)</a>. Friday's 'best' and worst scoring results were from <a href="https://www.smartkarma.com/entities/chiyoda-corp" target="_blank" data-smartkarma-citation="entities:6232:1" rel="noopener">Chiyoda (6366 JP)</a> and <a href="https://www.smartkarma.com/entities/keihan-electric-railway-co" target="_blank" data-smartkarma-citation="entities:6120:1" rel="noopener">Keihan Electric Railway (9045 JP)</a>, although the former is below our cap cut-off for our tables below. For more, see <a href="https://www.smartkarma.com/profiles/mio-kato-cfa" target="_blank" data-smartkarma-citation="accounts:713" rel="noopener">Mio Kato</a>'s results update <a href="https://www.smartkarma.com/insights/chiyoda-gross-margin-disappoints-but-sg-a-control-continues" target="_blank" data-smartkarma-citation="insights:39166" rel="noopener">Chiyoda – Gross Margin Disappoints but SG&amp;A Control Continues</a>.

Source • Japan AnalyticsHERD IMMUNITY - The market 'herd' continues to be immune to the siren song of earnings announcements. In last week's two reporting days, aggregate trailing operating income declined by ¥400 billion, while the current year forecast was trimmed by ¥800 billion. The respective numbers for net income were ¥600 billion and ¥200 billion - the latter being flattering in its 'deception' as the figure includes three net-income 'heavy' sogo-shosha. We expect a PER 'breakout' to above 18x in the coming week.Source • Japan AnalyticsINTERIM LEADING THE WAY - Our Results and Revisions scoring methodology tracks both Interim and Annual forecasts with the former signalling the direction of the latter. For some companies such as Fancl (4921 JP), JCU (4975 JP) and Zenkoku Hosho (7164 JP), the Interim forecast is sufficiently pessimistic as to taint the reliability of the annual forecast. Our Interim Score will reach a new ten-year low this week; the Annual Score did so last month. We do not expect the COVID-19 earnings cycle to bottom until the January/February's mostly third-quarter results announcements.Source • Japan AnalyticsIn the DETAIL below, we shall review the results, revisions and initial forecast announcements made by larger-cap (¥75b+) companies on Friday. The balance between positive/neutral/negative of the 211 results announcements was 90:27:107. The average change in Score was -1. For the 131 revisions/initial forecasts, the split was 43:4:84  and the average Score was -5. Of the 155 companies declaring full-year results, 49% made interim and annual forecasts for the current year. Two hundred thirty-three companies will announce on Monday, the largest of which by market capitalisation will be Softbank Corp (9434 JP), Mitsubishi Electric (6503 JP), and Bridgestone (5108 JP). Friday's 'best' and worst scoring results were from Chiyoda (6366 JP) and Keihan Electric Railway (9045 JP), although the former is below our cap cut-off for our tables below. For more, see Mio Kato's results update Chiyoda – Gross Margin Disappoints but SG&amp;A Control Continues. 

🇯🇵 JAPAN • Results & Revisions Update 8th May - Lion, PPI, Hoya, Sogo Shosha, NEC

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/131/966/original/2020-05-08_05-43-09.png?1588884207" class="editor-image img-responsive" data-smartkarma-image-id="131966"></figure><div class="content-caption">Source • Japan Analytics</div>7TH MAY - As we pick up again after the Golden Week holidays, the results and revisions 'reality' will increasingly take over the market narrative. Our cap-weighted aggregate Results &amp; Revision Score continues to decline, reaching a fresh three-year low.  A new ten-year low will follow next week, which we expect will curb any upside enthusiasm.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/131/970/original/File%202020-05-07%204%2029%2028.jpeg?1588886994" class="editor-image img-responsive" data-smartkarma-image-id="131970"></figure><div class="content-caption">Source • SUTD Data-Driven Innovation Lab</div>THE ROAD TO ZERO - Having extended the nationwide state of emergency, the Japanese government is already relaxing restrictions in less-affected prefectures and has hinted that the measures limited activity in the remainder could be lifted before the end of the month. A simulation by the Singapore University of Technology and Design's Data-Driven Innovation Lab suggests that the goal of zero daily new confirmed new cases could be reached as early as 8th June. Testing is now being ramped up as the bureaucratic 'hurdles' are being overcome, and overly-strict preconditions have been relaxed. Nevertheless, the economic consequences of the extension are such that a second supplementary budget and an easing of the requirements for business interruption subsidies will be necessary.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/131/971/original/2020-05-08_06-52-52.png?1588888396" class="editor-image img-responsive" data-smartkarma-image-id="131971"></figure><div class="content-caption">Source • Japan Analytics</div>THE OTHER SHOE? - The strength of the yen against the US Dollar and by extension against most emerging market currencies is a factor that has received less attention but has a bearing on the earnings of many Japanese exporters. We are preparing an Insight on the likely impact and those companies whose absolute and relative share prices are most and least correlated.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/131/972/original/2020-05-08_06-59-20.png?1588888777" class="editor-image img-responsive" data-smartkarma-image-id="131972"></figure><div class="content-caption">Source • Japan Analytics</div>In the DETAIL below, we shall review the results, revisions and initial forecast announcements made by larger-cap companies yesterday.  On another relatively quiet day, the balance between positive/neutral/negative of the 51 results announcements was 15:6:30. The average change in Score was -83. For the 29 revisions/initial forecasts, the split was 11:1:17  and the average Score was -2. Of the 32 companies declaring full-year results, just nine made interim or annual forecasts for the current year. Two hundred twenty-three companies will announce today, the largest of which by market capitalisation will be <a href="https://www.smartkarma.com/entities/hoya-corp" target="_blank" data-smartkarma-citation="entities:8990:1" rel="noopener">Hoya (7741 JP)</a>, <a href="https://www.smartkarma.com/entities/mitsubishi-corp" target="_blank" data-smartkarma-citation="entities:20668:1" rel="noopener">Mitsubishi Corp (8058 JP)</a>, and <a href="https://www.smartkarma.com/entities/itochu-corp" target="_blank" data-smartkarma-citation="entities:18448:1" rel="noopener">Itochu (8001 JP)</a>.

Source • Japan Analytics7TH MAY - As we pick up again after the Golden Week holidays, the results and revisions 'reality' will increasingly take over the market narrative. Our cap-weighted aggregate Results &amp; Revision Score continues to decline, reaching a fresh three-year low.  A new ten-year low will follow next week, which we expect will curb any upside enthusiasm.Source • SUTD Data-Driven Innovation LabTHE ROAD TO ZERO - Having extended the nationwide state of emergency, the Japanese government is already relaxing restrictions in less-affected prefectures and has hinted that the measures limited activity in the remainder could be lifted before the end of the month. A simulation by the Singapore University of Technology and Design's Data-Driven Innovation Lab suggests that the goal of zero daily new confirmed new cases could be reached as early as 8th June. Testing is now being ramped up as the bureaucratic 'hurdles' are being overcome, and overly-strict preconditions have been relaxed. Nevertheless, the economic consequences of the extension are such that a second supplementary budget and an easing of the requirements for business interruption subsidies will be necessary.Source • Japan AnalyticsTHE OTHER SHOE? - The strength of the yen against the US Dollar and by extension against most emerging market currencies is a factor that has received less attention but has a bearing on the earnings of many Japanese exporters. We are preparing an Insight on the likely impact and those companies whose absolute and relative share prices are most and least correlated.Source • Japan AnalyticsIn the DETAIL below, we shall review the results, revisions and initial forecast announcements made by larger-cap companies yesterday.  On another relatively quiet day, the balance between positive/neutral/negative of the 51 results announcements was 15:6:30. The average change in Score was -83. For the 29 revisions/initial forecasts, the split was 11:1:17  and the average Score was -2. Of the 32 companies declaring full-year results, just nine made interim or annual forecasts for the current year. Two hundred twenty-three companies will announce today, the largest of which by market capitalisation will be Hoya (7741 JP), Mitsubishi Corp (8058 JP), and Itochu (8001 JP). 

🇯🇵 JAPAN • Results & Revisions Update 7th May - Yamaha, Misumi, FANCL, Workman, Nintendo

The Japanese cosmetics and nutritional supplements company <a href="https://www.smartkarma.com/entities/fancl-corp" target="_blank" data-smartkarma-citation="entities:15862:1" rel="noopener">Fancl Corp (4921 JP)</a> is scheduled to release its 4QFY20 results on 7th May 2020.  Over the last three months, consensus estimates of FANCL’s fourth-quarter revenue and operating profit have been lowered by 7% and 27% to ¥29.5 billion and ¥2.3 billion, respectively implying year-on-year quarterly revenue growth of 1.1% and OP growth of 33.4%.
In this Insight, we provide a preview of Fancl’s Q4 results using industry data for January and February. Our analysis of this data suggests that FANCL’s operating profits will significantly undershoot even the revised consensus estimate.
<table class="table table-striped">
<tbody>
<tr>
<td style="width: 136px;">
¥ bn
</td>
<td style="text-align: right; width: 90px;">
Shiseido - 1Q March 2020
</td>
<td style="text-align: right; width: 80px;">
Kose - 4Q March 2020
</td>
<td style="text-align: right; width: 115px;">
Fancl - 4Q March 2020
</td>
<td style="text-align: right; width: 105px;">
Kao - 4Q March 2020
</td>
</tr>
<tr>
<td style="width: 136px;">
Revenue - 3 months ago
</td>
<td style="text-align: right; width: 90px;">
              289.0
</td>
<td style="text-align: right; width: 80px;">
                89.9
</td>
<td style="text-align: right; width: 115px;">
                                   31.6
</td>
<td style="text-align: right; width: 105px;">
           355.0
</td>
</tr>
<tr>
<td style="width: 136px;">
Revenue - Current
</td>
<td style="text-align: right; width: 90px;">
              246.5
</td>
<td style="text-align: right; width: 80px;">
                81.7
</td>
<td style="text-align: right; width: 115px;">
                                   29.5
</td>
<td style="text-align: right; width: 105px;">
           347.5
</td>
</tr>
<tr>
<td style="width: 136px;">
% Change
</td>
<td style="text-align: right; width: 90px;">
-15%
</td>
<td style="text-align: right; width: 80px;">
-9%
</td>
<td style="text-align: right; width: 115px;">
-7%
</td>
<td style="text-align: right; width: 105px;">
-2%
</td>
</tr>
<tr>
<td style="width: 136px;">
 
</td>
<td style="text-align: right; width: 90px;">
 
</td>
<td style="text-align: right; width: 80px;">
 
</td>
<td style="text-align: right; width: 115px;">
 
</td>
<td style="text-align: right; width: 105px;">
 
</td>
</tr>
<tr>
<td style="width: 136px;">
EBIT -3 months ago
</td>
<td style="text-align: right; width: 90px;">
41.5
</td>
<td style="text-align: right; width: 80px;">
9.1
</td>
<td style="text-align: right; width: 115px;">
3.1
</td>
<td style="text-align: right; width: 105px;">
40.9
</td>
</tr>
<tr>
<td style="width: 136px;">
EBIT - Current
</td>
<td style="text-align: right; width: 90px;">
20.0
</td>
<td style="text-align: right; width: 80px;">
5.6
</td>
<td style="text-align: right; width: 115px;">
2.3
</td>
<td style="text-align: right; width: 105px;">
40.3
</td>
</tr>
<tr>
<td style="width: 136px;">
% Change
</td>
<td style="text-align: right; width: 90px;">
-52%
</td>
<td style="text-align: right; width: 80px;">
-39%
</td>
<td style="text-align: right; width: 115px;">
-27%
</td>
<td style="text-align: right; width: 105px;">
-2%
</td>
</tr>
</tbody>
</table>
<div class="content-caption">Source: Cap IQ</div>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/131/422/original/image_56752849321588653757907.png?1588653758" class="editor-image img-responsive" data-smartkarma-image-id="131422"></figure>
<div class="content-caption">Source: Cap IQ</div>
FANCL’s shares have outperformed Nikkei by 0.5% since January 6th, while <a href="https://www.smartkarma.com/entities/shiseido-co-ltd" target="_blank" data-smartkarma-citation="entities:5718:1" rel="noopener">Shiseido Co Ltd (4911 JP)</a> and <a href="https://www.smartkarma.com/entities/kose-corp" target="_blank" data-smartkarma-citation="entities:18009:1" rel="noopener">Kose Corp (4922 JP)</a> have underperformed by 2% and 6%, respectively. <a href="https://www.smartkarma.com/entities/kao-corp" target="_blank" data-smartkarma-citation="entities:12933:1" rel="noopener">Kao Corp (4452 JP)</a> has outperformed by 8%. Post results, we expect FANCL’s shares to trade more in line with Shiseido and Kose.

The Japanese cosmetics and nutritional supplements company Fancl Corp (4921 JP) is scheduled to release its 4QFY20 results on 7th May 2020.  Over the last three months, consensus estimates of FANCL’s fourth-quarter revenue and operating profit have been lowered by 7% and 27% to ¥29.5 billion and ¥2.3 billion, respectively implying year-on-year quarterly revenue growth of 1.1% and OP growth of 33.4%.
In this Insight, we provide a preview of Fancl’s Q4 results using industry data for January and February. Our analysis of this data suggests that FANCL’s operating profits will significantly undershoot even the revised consensus estimate.




¥ bn


Shiseido - 1Q March 2020


Kose - 4Q March 2020


Fancl - 4Q March 2020


Kao - 4Q March 2020




Revenue - 3 months ago


              289.0


                89.9


                                   31.6


           355.0




Revenue - Current


              246.5


                81.7


                                   29.5


           347.5




% Change


-15%


-9%


-7%


-2%




 


 


 


 


 




EBIT -3 months ago


41.5


9.1


3.1


40.9




EBIT - Current


20.0


5.6


2.3


40.3




% Change


-52%


-39%


-27%


-2%




Source: Cap IQ

Source: Cap IQ
FANCL’s shares have outperformed Nikkei by 0.5% since January 6th, while Shiseido Co Ltd (4911 JP) and Kose Corp (4922 JP) have underperformed by 2% and 6%, respectively. Kao Corp (4452 JP) has outperformed by 8%. Post results, we expect FANCL’s shares to trade more in line with Shiseido and Kose.

FANCL 4Q Earnings Preview: Margins Weaker Than Consensus Believes

Japan

POLA ORBIS HOLDINGS INC. develops, manufactures and markets cosmetic products, centering in skincare  products. Under its multi-brand strategy, the Company holds nine cosmetic brands including POLA, prestige skincare brand, ORBIS, oil-free skincare brand, H2O PLUS and Jurlique.

Rizap Group Inc provides low calorie foods including soy milk cookies, diet drinks, and supplements.  The Company sells its products through mail order.

KOBAYASHI PHARMACEUTICAL CO., LTD. manufactures and wholesales pharmaceuticals and medical equipment.  The Company also develops and manufactures fragrances, deodorant, sanitary products, and ointment for stiff shoulders, as well as exports to Southeast Asia and the US.

Noevir Holdings Co., Ltd. manufactures and sells a variety of cosmetic products. The Company's products include skin care and make-up.  Noevir also manufactures and sells medicines, nutritional supplements and apparel.

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.

euglena Co., Ltd. develops and manufactures euglena based products. The Company uses the unique growing and nutritional properties to produce functional food tablets, jelly, beverages, cookies, noodles, and cosmetics. euglena grows in high carbon dioxide environments which enables it to be used for environmental and outer space applications as well.

KOSE Corporation manufactures, retails, and exports cosmetics including make up, skin care, and hair care products.  The Company sells its products in Hong Kong, China, Singapore, and Malaysia.

MANDOM CORPORATION manufactures and markets a variety of cosmetic products for men and women.  The Company's products include hair care and skin care cosmetics.

COTA CO., LTD. manufactures and sells hair care products.  The Company offers an extensive line of perm, coloring, styling, and treatment products.

YA-MAN LTD. is a manufacturer of home facial equipment, and also sells its facial massager, cosmetics and laundry.

LG H&H Co., Ltd. manufactures and distributes cosmetics. The Company produces whoo, o hui, sum 37, basic cosmetics, color cosmetics, and other related products. LG H&H also produces toothpaste, soap, detergents, healthy, personal care, and refreshing products.

AMOREPACIFIC Group is an investment holding company. The Company, through its subsidiaries, produce cosmetics and toiletries.

Edgewell Personal Care Co., manufactures and markets a diversified range of personal care  products in the wet shave, skin care, feminine care and infant care categories.  The Companies products include shaving systems and disposable razors, feminine care products, sun care products, infant feeding, gloves and moist wipes.

Amorepacific Corporation develops, manufactures, and exports skin care, make-up, and fragrance products. The Company also produces and markets personal care and health-related products, such as shampoos, soaps, toothpastes, and health teas.

Shanghai Flyco Electrical Appliance Co., Ltd. develops, manufactures and sells personal care appliances. Main products include electric shavers and hairdryers.

Shanghai Flyco Electrical Appl (603868 CH)

Shanghai Jahwa United Co., Ltd. develops, manufactures and wholesales skin care and hair care products, cosmetics, perfumes, detergents, and other household chemical products.  The Company also provides technical and food services.

PT Industri Jamu Dan Farmasi Sido Muncul Tbk manufactures and produces herbal products. The Company's products consist of medicinal herbs, energy drinks, sweets and other beverages.

Blackmores Limited manufactures and markets vitamin, herbal, mineral supplements and natural skin and hair treatment products in Australia and New Zealand. These products are supplied to the over the counter retail market and to health care professionals. The Company also has a line of natural beauty and aromatherapy products and its products are distributed in South East Asia.

Cosmax, Inc. is a cosmetics manufacturer. The Company develops and produces a variety of cosmetics for men and women, such as basic and special skin care, makeup, hair care, and other beauty products. Cosmax manufactures its products on original equipment manufacturing (OEM) basis.

Herbalife Ltd. is a global nutrition company that sells weight management, healthy meals and snacks, sports and fitness, energy and targeted nutritional products as well as personal care products. The Company distributes and sells its products through a network of independent distributors, using the direct selling channel.

FANCL CORPORATION produces and sells additive-free skin care cosmetics for both women and men.  The Company's products include cleansing creams, hair care goods such as shampoos and conditioners, and facial make up products.  Fancl also makes and distributes dietary supplements including royal jelly and various tablets with extracted essence from mushrooms, garlic, ginseng, and soy beans.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Fancl Corp (4921 JP)

Japanese Cosmetics Industry Statistics- May 2020: China Recovers While Domestic Demand Deteriorates

Cosmetics is one of the industries, worst hit by the coronavirus pandemic. The industry was struggling for growth even before COVID-19. Due to the...

Oshadhi Kumarasiri

Shiseido 1Q20 Earnings Preview: Market More Cautious than Consensus

Shiseido Co Ltd (4911 JP), the biggest pureplay cosmetics company in Japan is generally the last cosmetics company to release its quarterly...

Oshadhi Kumarasiri

🇯🇵 JAPAN • Results & Revisions Update 8th May - Lion, PPI, Hoya, Sogo Shosha, NEC

HERD IMMUNITY - The market 'herd' continues to be immune to the siren song of earnings announcements. In last week's two reporting days, aggregate...

Campbell Gunn

🇯🇵 JAPAN • Results & Revisions Update 7th May - Yamaha, Misumi, FANCL, Workman, Nintendo

7TH MAY - As we pick up again after the Golden Week holidays, the results and revisions 'reality' will increasingly take over the market narrative....

Campbell Gunn

FANCL 4Q Earnings Preview: Margins Weaker Than Consensus Believes

The Japanese cosmetics and nutritional supplements company Fancl Corp (4921 JP) is scheduled to release its 4QFY20 results on 7th May 2020. Over...

Oshadhi Kumarasiri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)