Kose (4922.T): Roundtable meeting takeaways: focusing on the details of the restructuring plan

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Kose (4922.T): Roundtable meeting takeaways: focusing on the details of the restructuring plan

Flash |

24 Jun 2026 06:43:48 ET │ 10 pages

Kose (4922.T)

Roundtable meeting takeaways: focusing on the details of the

restructuring plan

CITI’S TAKE Sell

We had the opportunity to participate in a roundtable meeting for the sell- Price (24 Jun 26 15:30) ¥5,060.0

side hosted by Kose today. The main speakers were COO Koichi Target price ¥4,900.0

Shibusawa and CFO Shinichi Mochizuki. We received mixed impressions

Expected share price return -3.2% regarding current sales, and we believe the restructuring plan that the

company will disclose alongside Q2 or Q3 results will be the key focus Expected dividend yield 3.0%

going forward. That said, Kose’s share price has been gradually declining— Expected total return -0.2%

by about 5% over the past month. We believe that reversing this Market Cap ¥287,163M

momentum will require the presentation of a bold restructuring plan on US$1,777M

the scale of ¥10bn (on an OP basis) that would make the achievement of

the 12% OPM target for FY12/30 (versus the company’s FY12/26 full-year

plan of 5.7%) appear realistic.

Hiroki WatanabeAC

+81-3-6776-8296Japan cosmetics business (45% of consolidated sales) — Decorte hiked prices in

hiroki.watanabe@citi.comJune, but we understand there was no spike in demand like that seen before the June

2025 price increase. So for Q1 in particular, the YoY sales hurdle is high. For the

makeup brands Jill Stuart and Addiction, personnel (including marketing staff) have

been replaced and reinvigorated, and management expects sales momentum to

improve after summer 2027 when new products developed by these new personnel

will be launched. Albion began sales on its own e-commerce platform in April 2026,