Morningstar

Morningstar, Inc.

Equity Bottom-Up

Narrow-moat Unicharm kicked off the year with a double-digit profit decline resulting from of decreased diaper exports to China and accelerated cost inflation. The result fell short of our estimate but seems to be in line with the company’s internal target. While the degree of cost inflation, about JPY 3.2 billion mainly for the petrochemical-based materials, advanced faster than our expectation and the company’s guidance of JPY 5 billion in the first half, management expects the pace to…

Narrow-moat Unicharm’s fourth-quarter results came in a touch above its guidance and our expectation, with sales up 5.8% and core operating profits (gross profits minus selling, general, and administrative expense) up 3.1%. Growth decelerated from the pace of the first half mainly due to a high comparison hurdle resulting from increased exports of premium Japanese diapers to China from the last third quarter. We have lowered our profit estimates for the explicit forecast period by about 2% to…

Narrow-moat Unicharm’s third-quarter results were largely in line with our expectations, with sales up 5.8% and core operating profits (gross profits less selling, general, and administrative expense) up 3.1%. Growth decelerated from the pace of the first half mainly due to a high comparison hurdle resulting from increased exports of premium Japanese diapers to China from the last third quarter. We have lowered our 2018 profit estimates marginally to reflect an expectation of increased marketing…

Narrow-moat Unicharm beat its first-half guidance as expected with sales up 5.8% and core operating profits (gross profits - SG&amp;A) up 12% during the second quarter. A strong rebound in operating margins of Asia personal care led the group's growth thanks to rigorous control of marketing spend including promotions, in addition to a solid top line growth. Despite the positive results, management has maintained its full-year guidance because a surge in petrochemical-based raw materials is likely to…

Narrow-moat Unicharm started the year with sales up 10% and core operating profit (gross profit minus selling, general, and administrative expenses) up 31% as both the top line and margins in Asia advanced considerably. We estimate like-for-like profit growth at 14%-15% excluding the oneoff impacts of the distribution trouble that took place in firstquarter 2017. The results reinforce our thesis of Asia’s margin recovery, led by improved product mix and cost structure in addition to sales…

Japan

UNICHARM CORPORATION is a manufacturer of sanitary napkins and baby products. Products include infant & adult diapers, household cleaning wipes, and feminine hygienic products.  The Company also produces pet food and pet toiletries as well as operates educational and finance businesses.

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