Unicharm (TYO: 8113) FY18 Results: Revenue Below Consensus, China Remains a Main Market

Executive Summary

• Unicharm reported FY18 revenue of ¥688.3 billion, slightly below the consensus estimate of ¥689.2 billion and up 7.3% from FY17.
• Revenues increased across segments, with personal care up 7.9% year over year.
• Asia (except Japan) was a key region driving the company’s top-line growth, with 10.0% revenue growth in FY18.