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Kose Holdings Corp 4922

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Stock XTKS Rating as of
¥5,385.00 −94.00 (1.72%)
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Kose's Global Expansion Gains Traction as Overseas Growth Offsets Japan Weakness

Lorraine Tan, Nicole Lim

Kose is Japan’s second-largest beauty company behind Shiseido, with 65% of sales derived domestically. This concentration highlights the scope for international expansion, with management targeting more than 50% of sales from overseas markets by 2030, driven by both organic market entry and regional brand acquisitions. We view this strategy as constructive to diversifying geographic exposure, particularly as domestic sales soften amid rising inflation in Japan and weaker inbound tourism demand. To support these goals, Kose plans to spend JPY 190 billion through 2030, with JPY 110 billion earmarked for acquisitions, digital investments, and research and development.

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Price vs Fair Value

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4922 is trading at a LOCK|J%#C%H premium.
Price
¥5,385.00
Fair Value
LOCK|c#
Uncertainty
LOCK|Mp#J
1-Star Price
LOCK|Cnz
5-Star Price
LOCK|wt!
Economic Moat
LOCK|lsXt
Capital Allocation
LOCK|s$NZND

Bulls Say, Bears Say

Bulls

Increasing polarization of consumer spending on cosmetics in Japan suggests demand for prestige cosmetics should stay resilient regardless of economic uncertainty.

Bears

Chinese consumers’ downtrading will cap sales growth, hindering margin expansion to the midteen level.

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Trading Information

Previous Close Price
¥5,479.00
Day Range
¥5,358.00–5,435.00
52-Week Range
¥4,910.00–6,500.00
Bid/Ask
¥5,376.00 / ¥5,388.00
Shares Outstanding
56.75M
Market Cap
¥305.60B
Volume/Avg
341,500 / 305,465

Key Statistics

Price/Earnings (Normalized)
33.93
Price/Sales
0.93
Dividend Yield (Trailing)
2.60%
Dividend Yield (Forward)
2.60%
Dividend Payment Schedule
Mar, Sep
Total Yield
3.74%

Company Profile

Kose is Japan’s second-largest beauty company, best known for its prestige skincare brands such as Decorte and Albion. Founded in 1946, the company remains under the management of the Kobayashi family. Albion, a fully consolidated subsidiary in which Kose holds a 79.5% stake, operates independently under a separate brand of the Kobayashi family. With a portfolio of 37 brands spanning multiple price points, the group captured approximately 15% of Japan’s premium beauty segment in 2024, according to Euromonitor. Japan remains its core market, contributing over 60% of sales, followed by North America (19%) and Asia (13%). The company distributes its products through a diversified channel mix of department stores, specialty retailers, drugstores, travel retail, and e-commerce platforms.
Sector
Consumer Defensive
Industry
Household & Personal Products
Stock Style Box
Mid Core
Total Number of Employees
13,135
Website
https://corp.kose.co.jp

Competitors

Valuation

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Metric
4922
EL
OR
Price/Earnings (Normalized)
 33.9335.9329.84
Price/Book Value
 1.098.575.85
Price/Sales
 0.932.194.39
Price/Cash Flow
 11.8127.8122.72
Price/Earnings
4922
EL
OR

Financial Strength

Metric
4922
EL
OR
Quick Ratio
 2.120.810.58
Current Ratio
 3.501.220.97
Interest Coverage
 434.882.2819.89
Quick Ratio
4922
EL
OR

Profitability

Metric
4922
EL
OR
Return on Assets (Normalized)
 5.38%5.88%11.46%
Return on Equity (Normalized)
 7.39%29.51%20.96%
Return on Invested Capital (Normalized)
 6.37%10.16%15.09%
Return on Assets
4922
EL
OR

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