资生堂（4911）2025年日本峰会与首席财务官广藤绫子的炉边谈话

Investment Rating - The investment rating for Shiseido is Underweight [2][55]. Core Insights - Shiseido plans to implement structural reforms in F12/25 to improve profits in the Japan business by reviewing personnel expenses and promoting digitalization and e-commerce channels [5]. - The company sees growth potential in the Japanese market, particularly among the elderly and younger demographics, as well as male customers, aiming to enhance brand value for both domestic and Asian markets [5]. - In the China and Travel Retail (TR) business, Shiseido aims to regain price control and advance restructuring through the integration of two businesses [5]. - The US market presents challenges due to high price sensitivity and competition, but Shiseido identifies significant expansion opportunities in e-commerce and fragrances [5]. Valuation Methodology - The price target for Shiseido is set at ¥2,600, valuing the stock at 11.5x EV/EBITDA based on F12/26 forecasts [6].