日本日用品与化妆品：4-6月业绩回顾及关注要点

研报英文原文证据摘录

Japan toiletries & cosmetics

Global Markets Research

18 August 2026

EQUITY: JAPAN TOILETRIES & COSMETICS

Apr–Jun results review and points to watch

Contributions from price hikes in Japan for toiletries, cost savings for

cosmetics

Research Analysts

Japan toiletries & cosmetics

Yuji Ohana - NSC

Profits in both subsectors showed favorable progress toward full-year guidance

Although the picture was somewhat mixed, Apr–Jun 2026 operating profits (or nearest

equivalent) were higher than we had expected at all nine sector companies under our

coverage. Shares in most of the companies reacted positively the day after the results

announcements (Figure 1). We had a particularly favorable impression of results at Rohto

Pharmaceutical [4527] (Buy) and Kao [4452] (Buy), where sales rose amid brisk sales in Japan

and overseas, and the two companies did not miss the opportunity to increase their profits too.

They raised full-year guidance, but we still see upside based on performance to date. We

continue to recommend both stocks. Meanwhile, we like the way Lion [4912] (Neutral) reported

profit growth stemming from improved sales in Asia, including higher sales of oral health care

products in Japan. Looking ahead, our focus is on the ability of toiletries companies to push

through price hikes. We expect input costs to peak in 26/12 H2, and think that widening

spreads between (higher) prices and input costs will contribute to earnings in 27/12. In the

cosmetics subsector, we expect improved sales momentum and ongoing structural reforms.

Toiletries: Strong earnings in Japan, mixed picture overseas

Earnings were solid across the board in Apr–Jun, as higher input costs are still having only a

modest impact, and sales were buoyed by price hikes and growth in new high-priced products

in Japan. Overseas earnings also looked decent at first glance, owing in part to yen

depreciation and tariff refunds, However, the picture was mixed, as although sales growth in

focus areas contributed to profits at Kao and Lion, sales at Unicharm [8113] (Buy) and Pigeon

[7956] (Neutral) fell in key regions such as Asia because of fiercer competition. Operating

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