In short: Cohen: "reminds me of an early-stage Procter & Gamble" (both began as 19th-century soap companies) — Japanese consumer staples (detergents ~half the business; Molton Brown, Oribe, John Frieda, Jergens abroad) with Japan's middle-income consumer doing well and real incomes growing. ~20x 2027E consensus, 2.4% yield, 12.5% ROE; international build-out is the extra growth source. (ADR: KAOOY.)
Kao is Japan's household-products staple — detergents and personal care, plus growing international brands (Molton Brown, Oribe, John Frieda, Jergens). Cohen calls it "an early-stage Procter & Gamble" — both started as 19th-century soap makers. Her macro angle: unlike squeezed American households, Japan's middle class is finally seeing real income growth and rising confidence. Modest 4% revenue growth has been producing 12%+ earnings gains; ~20x 2027 earnings with a 2.4% yield. (U.S. investors can use the ADR, KAOOY.)
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