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SSDOF - Shiseido: Lack Of Global Footprint Putting The Brakes On Growth
Shiseido Co. Ltd.
Shiseido's move to spin off its Personal Care business highlights its core weaknesses: limited scope to raise profitability due to lack of global footprint.
The core driver for longer term growth - namely material exposure to non-Asian markets - remains missing.
We see limited downside risk to the shares, but feel there is no attraction to invest. We are neutral on the shares.