Japan | Cosmetics, Household & Personal Care Discussion of Q1 Implications from China/US Following the Q1 briefing from L'Oreal, we think the US outlook remains uncertain, with weakness in particular in makeup. Key events include Q1 briefings on May 8 for Kao (4452 JP), May 9 for Kose (4922 JP), and May 12 for Shiseido (4911 JP). Following L'Oreal's Q1 briefing, we had discussions with David Hayes on the industry implications in Q2 and onwards. We think US makeup demand remains uncertain and weak. Key Q1 br ...