The Point for Asia Pacific

研报英文原文证据摘录

The Point for Asia Pacific

Kao (4452.T) - Announces launch of new mass-market brand from cosmetics

brand Sofina

Kao announced today the launch of Sofina Basic+ in its cosmetics skincare brand

Sofina (core price range of ¥3,000-5,000), targeting the mass-market segment

(¥1,000-2,000). For toner and lotion products, the launch date is August 8, 2026.

We expect drugstores to be the primary sales channel, and given Kao's strong

market presence in this channel, we anticipate smooth progress with distribution

for the new brand after launch. Kao's Japan cosmetics business revenue YoY has

consistently maintained mid to high single-digit growth in FY12/24, FY12/25, and

FY12/26 Q1. This new brand release leverages the existing Sofina brand name

while aiming for brand uptake in a new price segment, and we expect the solid

sales momentum to continue.

Hiroki Watanabe

Country Top Calls

China Banks - Citi Conference Takeaways: China Banks

We hosted CMB and CNCB at Citi's 2026 Financials and Property Conference. Key

takeaways below.

Judy Zhang

Mediatek (2454.TW) - Potential investment in GUC?

Digitimes (24-Jun) reported that TSMC may consider selling its holdings in GUC to

Mediatek, which TSMC has denied. Mediatek and GUC have not yet commented

on the matter. In our view, the AI semiconductor supply chain increasingly rewards

companies that can integrate architecture, IP, manufacturing, packaging, and

supply-chain execution. In such a framework, TSMC would provide advanced node

and packaging technologies; MediaTek would contribute customer relationships,

AI system architecture, networking, and memory optimization, while GUC would

serve as the execution turnkey solution, delivering HBM integration, chiplet

implementation, physical design, and production readiness. If such a partnership