KOSE: Key Takeaways from Management Meeting for Sell-Side

研报英文原文证据摘录

KOSE: Key Takeaways from Management Meeting for Sell-Side

Update

June 24, 2026 08:16 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MKOSE (4922) | Japan Haruka Miyake

Equity Analyst

Key Takeaways from Haruka.Miyake@morganstanleymufg.comJully Ussui +81 3 6836-5421

Research Associate

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

Management Meeting for Sell-

Side

Key Takeaways KOSE (4922.T, 4922 JP)

Held on the afternoon of June 24. President Shibusawa and CFO Mochizuki Cosmetics & Personal Care Products | Japan

presented. We view the share price implication as neutral, but the content Stock Rating Equal-weight

Industry View In-Line

suggests discussions on group-integrated structural reforms are deepening. Price target ¥5,500

Shr price, close (Jun 24, 2026) ¥5,060

Domestic sell-out trends are mixed. Cosmeport – strength and weakness varies Mkt cap, curr, basic (bn) ¥287.9

by category; Decorte – sluggish due to high YoY comps; Albion – inbound Avg daily trading value (bn) ¥1.9

demand is showing signs of weakening.

In the US, Tarte is performing well in both sell-in and sell-out, continuing to

update record-high levels. At this stage, there are no signs of retail-side inventory

adjustment risks materializing.

Since the transition to a holding company structure, discussions on improving

efficiency and margins across the group have progressed. Specific measures

under consideration include SKU reductions and greater use of EC to lower the

CoGS ratio. Also aiming to improve marketing effectiveness.

With many executives concurrently holding positions across the holding company

and subsidiaries, issue-sharing and discussions have become more active, driving a

shift in mindset across management. Governance from the holding company to