Miyasako arrives on site! (#6)

Research evidence excerpt

Miyasako arrives on site! (#6)

9 July 2026

Mizuho Securities Equity Research Toiletries and Cosmetics

Industry Overview

Indonesia trip report

Our visit to Indonesia on 30 Jun–3 Jul allowed us to take part in tours hostedSenior Analyst:

by Rohto Pharmaceutical and Kobayashi Pharmaceutical. We also had a lookMitsuko Miyasako

at stores across a range of formats. Separately, we met with representatives+81 3 6202 8452

mitsuko.miyasako@mizuho-sc.com of Beautynesia, which operates broadly across online media and advertising,

and TikTok Indonesia.

Indonesia market: Cosmetics are growing strongly, driven by rising skincare

awareness and beauty consciousness. By price band, skincare and color

cosmetics are seeing high levels of growth in the affordably priced mass-

market segment, and “affordable price band” is one of the key words in the

Indonesian market. In contrast, daily necessities have undergone a slowdown

since 2023, and disposable diapers for babies and laundry detergent have

been particularly weak. We think this reflects a consumer slowdown and

trading down driven by discounting from local players such as Wings. Sanitary

products are firm, supported by an expanding target population. On the current

situation, gasoline prices have risen due to the situation in the Middle East, but

we heard no comments suggesting this is weighing on consumer trends.

Rohto Pharmaceutical (4527): Indonesia does not represent a large share

of the company’s sales, but this market has seen continued annual double-

digit growth since FY3/21. Alongside Vietnam, it has supported Rohto

Pharmaceutical's share price. We see Rohto Pharmaceutical's strengths as

the breadth of its business areas, its wide SKU range, and its management