Cosmetics & Personal Care Products: Rohto Pharmaceutical F3/26 Results; Earth F12/26 1Q Results

研报英文原文证据摘录

Cosmetics & Personal Care Products: Rohto Pharmaceutical F3/26 Results; Earth F12/26 1Q Results

Update

May 13, 2026 03:45 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MCosmetics & Personal Care Products | Japan Haruka Miyake

Equity Analyst

Rohto Pharmaceutical F3/26 Haruka.Miyake@morganstanleymufg.comJully Ussui +81 3 6836-5421

Research Associate

Jully.Akina.Ussui.Nakao@morganstanleymufg.com +81 3 6836-5408

Results; Earth F12/26 1Q Results Seki Li

Seki.Li@morganstanleymufg.com +81 3 6836-8934

Rohto: Expect positive share price reaction given solid recoveries

Cosmetics & Personal Care Products

in 4Q domestic & Indonesian sales and dividend hike Japan

announcement. Earth Corporation: Expect neutral share price Industry View In-Line

reaction. Even if OP beats guidance, uncertainty on the Middle

East will likely dampen the stock's upside for some time.

Rohto (OW): F3/26 OP topped our estimates & consensus slightly. OP in Asia &

Americas was higher than our estimates (sales in Japan, Asia, Europe). 4Q sales

growth (YoY, constant currency basis) was +10% in domestic skin care and +15-19%

in Indonesia, with results confirming recovery in momentum at businesses that

briefly slowed. In domestic skin care, 4Q sales growth was solid for Hada Labo, at

+14% (slightly affected by pre-price hike demand, not in great scale) and for Obagi,

at +16% (included effect of returns of outdated products, so growth on real basis

likely higher). Even in Indonesian business, results confirmed that last 3Q's one-offs

abated. F3/27 guidance has both sales & OP in line with consensus and below our

estimates; however, this is not particularly concerning, as Rohto is usually cautious

in initial plans. We estimate planned sales growth (constant currency; our estimate)