Beverages/Tobacco/Cosmetics & Personal Care Products: Asia Investor Feedback

研报英文原文证据摘录

Beverages/Tobacco/Cosmetics & Personal Care Products: Asia Investor Feedback

Update

July 5, 2026 06:59 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MBeverages/Tobacco/Cosmetics & Personal Care Haruka Miyake

Products | Japan Equity Analyst

Haruka.Miyake@morganstanleymufg.com +81 3 6836-5421

Jully Ussui

Research AssociateAsia Investor Feedback Jully.Akina.Ussui.Nakao@morganstanleymufg.com +81 3 6836-5408

We visited institutional investors in Hong Kong and Singapore on

June 25-26 and 29, and highlight key feedback from those

meetings below.

Cosmetics & Personal Care Products

Key Takeaways Japan

Industry View In-Line

Although investor attention remains concentrated on technology, with interest in

consumer-related stocks generally subdued, we also heard a reasonable number

of comments indicating a willingness to consider names with appeal from a

medium- to long-term perspective.

Key discussion topics included what would be needed for rising share prices in

the industry overall (with improvement in the consumer environment viewed as

one factor) and how to think about the earnings impact from developments in

the Middle East.

Kao (4452.T): There was a fair degree of agreement with our Top Pick

recommendation. Many investors showed interest in our view that Kao has entered

a new growth phase following restructuring efforts and strengthening of its data-

driven capabilities. At present, however, we believe most investors primarily favor

the stock for its defensive characteristics. That said, some expressed concerns over

the lack of eye-catching growth and the possibility of retracement in 3Q even if 2Q

results are strong. We therefore believe greater visibility into a reacceleration of

overseas growth will be particularly important.