2025-06-16-Jefferies-印度尼西亚市场价格调查（6月中旬）_8页_572kb

Summary of Japan Cosmetics, Household & Personal Care Equity Research Report

This report, issued by Jefferies on June 16, 2025, provides an equity research analysis of Indonesia's beauty and personal care market, focusing on price trends, retail channels, and company valuations. Key findings are summarized below.

Market Price Survey: The unit price survey revealed declining prices for some disposable diapers and feminine care products from previous assessments. For instance, Makuku's diaper prices rose by 11.8%, while Softex and Merries brands saw mixed price changes, including some declines. In feminine care, Kao's Laurier product increased in price, but most Wings Group brands maintained low pricing. Collectively, the report expresses caution regarding companies with expectations of value-driven price declines in the coming fiscal years (2025 and 2026), based on market consensus.

Retail Channel Dynamics: The Indonesian retail landscape shows a shift, with convenience stores (CVS) like Indomaret and Alfamart expanding, while traditional grocery stores and hypermarkets are shrinking. Data indicates a steady growth in e-commerce as a significant channel, with a minor caution noted for offline channel saturation. The market remains dominated by retail, but there is a trend toward diversification into non-traditional sectors.

Company Valuation and Performance: Analysts provided ratings and stock performance metrics for key companies in the sector, such as Kao Corp. and Unicharm. Ratings include Buy, Hold, and Underperform, with P/E ratios and dividend yields as of June 16, 2025, highlighting varied investment cases. Companies like Kao Corp. and Unicharm face cautious outlooks due to potential value erosion and competitive pressures.

Overall Outlook: Conclusion suggests a balanced but watchful approach to the market, influenced by evolving retail trends and price volatility. Analysts recommend monitoring price movements and channel shifts for informed investment decisions.