Small meeting with company CEO

Research evidence excerpt

Small meeting with company CEO

24 June 2026

Tokyo Intraday Comment

Toiletries and Cosmetics Kose Holdings (4922)

Rating: Neutral

Price Objective: ¥5,600

Company Note Key takeaways: On 24 June (1:30pm JST), the president of Kose Holdings headed

Share price: ¥5,035 (23 Jun) a small meeting with sell-side analysts. Kose adopted a holding company structure in

Senior Analyst: Mitsuko January 2026, and the shift was accompanied by major management and organizational

Miyasako changes. These included the appointment of the first CEO from outside the founding

family, a new CFO, the CEO of Albion becoming vice president of the holding company,

and the CEO of Cosmeport concurrently overseeing the consumer business. While

earnings reform initiatives for FY12/27 onward (both at the holding company and

within Kose) are a key focus, no specific figures were discussed at this meeting, and

management only commented that these would be disclosed at the time of 1H or 3Q

earnings. Accordingly, while there is potential for earnings improvement, there were

no comments indicating the start of major initiatives to drive topline growth in Japan,

which accounts for a large portion of sales. As such, the meeting did not leave a

strong impression that the effects of recent management and organizational changes

are materializing. We reiterate our Neutral rating on the stock.

Statements from the company

Benefits from becoming a holding company: The company transitioned to a holding

company structure from January 2026. Various departments have been engaging in

discussions about the company’s future and direction. The company intends to introduce

its finalized measures, including numerical targets, at the time of 1H and 3Q FY12/26