Kose Holdings: Planning to announce structural reforms in stages in Q2 and Q3 Quick Note

研报英文原文证据摘录

Kose Holdings: Planning to announce structural reforms in stages in Q2 and Q3 Quick Note

Global Markets Research

24 June 2026Kose Holdings

4922.T 4922 JP / EQUITY: JAPAN TOILETRIES & COSMETICS

Planning to announce structural reforms in stages Rating Neutralin Q2 and Q3

Target price JPY 5,560Quick Note

Closing price

24 June 2026 JPY 5,060President hosts briefing

Kose Holdings hosted a briefing on 24 June featuring presentations by President & Group (Note: Quick Note reports are not a

COO Koichi Shibusawa and Executive Director & Group CFO Shinichi Mochizuki. With vehicle for changes to ratings, target

earnings weak in Q1, the briefing focused on the outlook for individual brands and future prices, or earnings forecasts)

earnings structure reforms. The company had achieved strong sales to date, partly by

attracting younger customers than rivals in Japan, but we think it is lagging behind in

terms of earnings structure reforms, and we will be keeping a close eye on the details and

timing of restructuring benefits scheduled for release in due course. We identify the Research Analysts

following main takeaways.

Japan toiletries & cosmetics

Earnings structure reforms: The company plans to announce earnings structure reforms Yuji Ohana - NSC

in Q2 and Q3. It plans to disclose COGS savings from SKU and brand restructuring in Q2 yuji.ohana@nomura.com

and details related to organizational reforms, including quantitative benefits, in Q3. We see +81-3-6703-1143

plenty of scope for consolidation, as the Kose parent has 4,000 SKUs alone, the bottom

25% of which account for only 1% of sales.

Japan: (1) Outlook: Sell-out since April has been a mixed bag, with weak sales of major

brands such as Decorte and Albion. The company needs to get a grip on products such as