Unicharm Corp

8113: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥‎3,632.00	Wncyxl	Mxrtrhjpk

Pet Care Price Increases Lift Unicharm’s Profits, but China’s Slowdown May Cap Profit Growth

Jeanie Chen

Feb 9, 2023

Narrow-moat-rated Unicharm missed its profit guidance as we had expected. The core business profit was largely in line with our expectation which was 6% below its guidance and 4% below the Bloomberg consensus. The results echo two concerns that we have raised: challenging targets of price hike benefits and slowing feminine care premiumization in China.

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