Unicharm: Autumn 2026 New Product Briefing: Key Takeaways

研报英文原文证据摘录

Unicharm: Autumn 2026 New Product Briefing: Key Takeaways

Update

May 27, 2026 12:39 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MUnicharm (8113) | Japan Haruka Miyake

Equity Analyst

Autumn 2026 New Product Haruka.Miyake@morganstanleymufg.comJully Ussui +81 3 6836-5421

Research Associate

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

Briefing: Key Takeaways Seki Li

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

Key Takeaways

Unicharm held a briefing to unveil new products on May 27. While share price

implications are limited, the company is not simply shifting to premium products;

it is emphasizing high cost performance, based on functionality that allows usage

to be kept under control despite higher price points, to attract demand. Unicharm (8113.T, 8113 JP)

New products are again notable for a high-value-added approach based on Cosmetics & Personal Care Products | Japan

enhanced functionality and technology. They feature cross-category appeal that Stock Rating Overweight

Industry View In-Line

addresses heightened cost consciousness (including longer usage times). Price target ¥1,050

Shr price, close (May 27, 2026) ¥928

By category, products in the Wellness and Feminine Care segments in particular Mkt cap, curr, basic (bn) ¥1,615.2

showcased notable functionality, while there appeared to be more new offerings Avg daily trading value (bn) ¥6.4

in the Pet Care segment.

We think Unicharm is offering deeper usage suggestions to increase unit prices

and purchase volumes, based on the assumption of shrinking target markets (the

exceptions being seniors and cat owners).

With a segment strategy that is based on more granular categories, Unicharm is

aiming to maintain demand in large consumer segments while developing and