Rohto Pharmaceutical (4527.T): Tour of the Indonesia plant and local stores: channel strategy and product localization

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Rohto Pharmaceutical (4527.T): Tour of the Indonesia plant and local stores: channel strategy and product localization

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02 Jul 2026 08:17:07 ET │ 11 pages

Rohto Pharmaceutical (4527.T)

Tour of the Indonesia plant and local stores: channel strategy and

product localization

CITI’S TAKE Neutral

We recently had the opportunity to participate in a tour of Rohto’s Price (02 Jul 26 15:30) ¥2,391.5

Indonesia plant and local stores. The company’s Asian business accounts Target price ¥2,700.0

for 40% of consolidated sales, with Indonesia representing a core market

Expected share price return 12.9% that has 20% of Asian business sales. Looking at OP breakdowns, we

expect Asia to account for c40% and Japan 50% in FY3/27, compared to Expected dividend yield 2.1%

Japan 65% and Asia 30% in FY3/22. This narrowing gap underscores the Expected total return 15.0%

growing importance of the Asian business. The company’s PER has Market Cap ¥540,394M

historically been at a c15% discount to the industry average. However, if US$3,344M

the weighting of the high-growth Asian business continues to increase

and consolidated OP growth accelerates from the current mid single-digit

percentage to double digits, this discount could narrow.

Hiroki WatanabeAC

+81-3-6776-8296Indonesian business overview — Consumer healthcare products account for nearly

hiroki.watanabe@citi.com100% of sales, with skincare products comprising two-thirds of this total. The CAGR

for sales over the past 10 years reached 15%, significantly outpacing the country’s

GDP growth rate, which was in the mid single-digit percentages. Key brands include

Hada Labo, acne care brand Acnes, and medicated shampoo Selsun for dandruff and

seborrheic dermatitis, each holding the No.1 position in their respective categories.