Unicharm Corp

8113: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	JPY 4,523.00	Dxmrqf	Zgfyffph

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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