MILBON CO., LTD. (4919 JP) RESEARCH UPDATE – 15 MARCH 2024

P age |1

MILBON CO., LTD (4919 JP)F Y24 WILL BE A YE AR T O RECRE AT E VA LUE OF BE AUT Y SALON E XP ERIE NC ES UNDE R T HE NE W TOP MANA GEM ENT .

FY23 EARNINGS RESULTS SUMMARY
Milbon Co., Ltd (4919 JP) reported FY23 (Dec year-end) earnings with grossprofit [GP] of ¥29,525mil (+0.1% YoY) and operating profit [OP] of ¥5,525mil(-26.8% YoY) on sales of ¥47,762mil (+5.6% YoY).
FY23 sales were in line with expectations thanks to solid growth in both
domestic and overseas sales of haircare products, which hit record sales. On
the other hand, FY23 OP came in -7.9% below the firm’s guidance that wasrevised at the time of Q3 results, due to:
1. Production adjustments of hair colour products resulted in fixed costs
not being absorbed. This led to a rise of the manufacturing cost ratio.
2. The sales mix also deteriorated on the back of a shortfall in sales of haircolour products, and
3. Higher raw material costs pushing up production costs.
Milbon (4919 JP): Earnings Summary (Cumulative)
FY22

FY23

1H

FY
Actual1H

FY
Actual

YoY
(%)

FYCE
(Revisedat Q3)

FY v.
FYCE

Sales

21,46745,23822,70347,762

5.6

47,820

-0.1

COGS

7,198

15,7297,893

18,237

15.9

NA

NA

GP

14,26929,50914,80929,5250.1

29,900-1.3

GPM (%)

66.5

65.2

65.2

61.8

-3.4ppt

62.5-0.7ppt

SG&A

10,444

21,957

11,71924,0009.3

23,900

0.4

SG&A / Sales (%)

48.7

48.5

51.6

50.2

+1.7ppt

50.0+0.2ppt

OP

3,824

7,551

3,090

5,525

-26.8

6,000

-7.9

OPM (%)

17.8

16.7

13.6

11.6

-5.1ppt

12.5-0.9ppt

RP

4,137

7,829

3,129

5,586

-28.6

6,160

-9.3

RPM (%)

19.3

17.3

13.8

11.7

-5.6ppt

12.9-1.2ppt

NP*

2,875

5,577

2,195

4,001

-28.3

4,260

-6.1

(¥mil)

Source: Nippon-IBR based on Milbon's FY21, FY22 & FY23 earnings presentation materials* NP attributed to the parent's shareholders

FY23 OP declined -¥2,026mil YoY / -26.8% YoY, despite the positive impact
from a +¥1,646mil improvement in sales. GP was negatively affected by:
1. A surge in the price of raw materials (-¥385mil).
Milbon had stockpiled extra inventory of some core raw materials
during FY22, which had cushioned earnings from the impact of the cost
increases. However, given management had anticipated the rise inmaterials costs would likely continue in FY23, the firm reported a+¥385mil YoY rise in raw material costs, which resulted in a +¥700mil
increase in COGS together, in addition to the weaker sales mix.

MILBON CO., LTD (4919 JP)

EXECUTIVE SUMMARY
 Milbon Co., Ltd (4919 JP) reported
FY23 (Dec year-end) earnings withgross profit [GP] of ¥29,525mil (+0.1%
YoY) and operating profit [OP] of¥5,525mil (-26.8% YoY) on sales of¥47,762mil (+5.6% YoY). Sales landed
in line, but OP fell short of guidancerevised as of Q3 results.
 FY23 Domestic sales were supported
by solid sales of haircare products.
However, with hair colour productsales peaking, profitability fell.
 The Overseas business enjoyed an
expanding customer base, and higher
sales volumes, mainly due to solid
growth in South Korea and improved
sales in the US.
 Milbon is guiding for FY24 GP of¥32,400mil (+9.7% YoY) and OP of¥6,600mil (+19.5% YoY) on sales of¥50,620mil (+6.0% YoY).
 Milbon’s medium-term (FY22~FY26)
targets remain unchanged with OP of¥10,800mil on sales of ¥58,000mil(respective CAGR +25.0% and +6.7%,
for the remaining 3 years of the Plan),on Domestic sales of ¥43,700mil(CAGR +6.1%) and Overseas sales of¥14,300mil (CAGR of +8.3%). Revised
numbers for the medium-term targets
will be disclosed in due course.
 During the medium-term plan,management aims to achieve an ROEof 13.9% and ROIC of 13.6% vs 8.9%
and 8.6% in FY23, respectively. The
firm has not yet disclosed capitalcosts.
 The firm has earmarked a dividend
pay-out ratio of 50%. In FY24, Milbon
plans to make an annual dividend
payment of ¥88.00/share or pay out
61.6% of net profit to shareholders in
dividends.

NIPPON INVESTMENT BESPOKE RESEARCH UK LTD

MILBON CO., LTD. (4919 JP) RESEARCH UPDATE – 15 MARCH 2024

P age |2

2. The decline in higher-margin hair colour product sales (-¥348mil) led to a deterioration in sales mix.
With restrictions under COVID, the use of hair colour became a fashion staple because people had to wear facemasks. However, demand for hair colour peaked as COVID-related restrictions were lifted.
3. Write-downs on hair dryers (-¥897mil) due to disappointing sales.
As a result, FY23 gross profit margin [GPM] deteriorated -3.4ppt YoY to 61.8%.
FY23 SG&A rose +9.3% YoY, mainly due to the following increases in costs:
1. Event and sales promotions (+¥835mil YoY).
With the reopening after COVID, Milbon proactively held large-scale educational events for hairdressers both inJapan and in overseas.
2. Personnel (+¥366mil YoY)
In addition to an increase in hiring, the firm also raised salaries for existing employees.
3. Travel and subsistence (+¥256mil YoY)
Business trips recommenced after the reopening and transportation fares rose.
4. Others (+¥326mil YoY).
Net Sales Breakdown by Products (Cumulative)
FY21

FY22

FY23

FY24 CE

1H

FY

1H

FY

1H

FY ActualYoY (%)

FYCE(Revised at
Q3)

FY24 CE

YoY (%)

Hair care products

11,08724,02912,21826,312

13,33928,3557.8

NA30,200

6.5

Hair colouring products

6,999

14,5498,148

16,631

8,238

16,9531.9

NA17,6003.8

Permanent wave products

727

1,424

751

1,450

714

1,463

1.0

NA

1,480

1.1

Cosmetic products

293

579

262

572

267

571

-0.1

NA

820

43.4

Others

109

266

87

272

144

418

53.6

NA

520

24.4

Total

19,217

40,84921,46745,23822,70347,762

5.6

47,82050,620

6.0(¥mil)

Source: Nippon-IBR based on Milbon's earnings presentation materials (FY21,FY22 & FY23)

Sales by Country
Japan
Milbon reported FY23 Japan OP of ¥4,231mil (-31.7% YoY) on sales of ¥36,502mil (+3.3% YoY), which produced an OPMof 11.6%, down from FY22’s 17.5% and FY23 1H’s 14.0%. FY23 domestic sales were in line with expectations, thanks tosolid sales of haircare products, although sales of hair colour products peaked out, leading to a deterioration in thedomestic OPM.
Given many people in Japan still wear masks, the use of hair colour became a type of fashion item and offeredindividuals ways to express themselves. This trend led to hair colour sales rising +12.4% YoY in FY22. Moreover, theboost in demand for hair colouring, such as double colour and bleach on colour, resulted in distributors stockpiling haircolour products at the end of FY22. Although stockpiling by distributors ran its course, sales of hair colour products
declined -0.8% YoY as demand for hair colour as a fashion staple peaked.
Milbon co-developed a hairdryer with Panasonic, which incorporates a function to spray Milbon’s hair serum while thehair is being dried. Milbon planned to sell the dryer through its network of salons, including those that are registeredwith milbon:iD – Milbon’s original product sales support e-commerce platform for hair salons. Dryer sales have been
disappointing due to usability not fit for demonstrating at salons, which did not lead to successful promotion. FY23
sales of the hair dryer itself were ¥119mil, just shy of meeting the target of ¥120mil – though the sales forecast had
been revised down from ¥300mil at the time of FY23 1H results – by promoting sales and rentals at the end of the year.
MILBON CO., LTD (4919 JP)

NIPPON INVESTMENT BESPOKE RESEARCH UK LTD

MILBON CO., LTD. (4919 JP) RESEARCH UPDATE – 15 MARCH 2024

P age |3

On the other hand, haircare product sales remain steady with FY23 sales (net basis) of ¥28,355mil (+7.8% YoY), of whichsales in Japan alone rose +4.9% YoY. Premium brand sales improved +12.6% YoY globally, of which domestic sales rose
+8.4% YoY.
The number of salons that registered with milbon:iD hit 5,930 in FY23, up from 1,300 in FY20, 3,200 in FY21, and 4,800
in FY22. Salon customers are registered with milbon:iD through a QR code provided by their salons. The number ofregistered users of milbon:iD hit 670,000 in FY23, vs 450,000 in FY22 (only 30,000 in FY20 and 170,000 in FY21).
Consequently, Milbon’s FY23 e-commerce revenues surged +42.2% YoY to ¥1,640mil.
The firm estimates that approx. 70% of the Domestic Haircare shipments of its haircare products comes from salon
sales. Moreover, the spend per person continues to remain above the ¥10,000-mark at approx. ¥12,000, which
compares to the typical charge of ¥7,000~8,000 for a hair cut in a Central Tokyo salon. However, only around 30% of
the 670,000 registered users of milbon:iD are active. Mobilising those dormant customers – which the company hopes
to do with its Smart Salon concept (we discuss this further below) – will be the next step for milbon:iD’s further success.
The Domestic business OPM fell back -5.9ppt YoY to 11.6%. The largest impact came from write downs of the hair dryer
product, which is reported as a cost associated with Milbon’s domestic operations.

Overseas
FY23 Overseas earnings were largely in line with Milbon’s expectations, generating OP of ¥1,294mil (-4.7% YoY) on salesof ¥11,260mil (+13.7% YoY YDB [yen-denominated basis] / +8.8% YoY LCY [local currency basis]). Although there wassome FOREX impact, the LCY-based sales growth suggests that the firm enjoyed 1) an expanding customer base, and 2)
higher sales volumes, mainly due to a) solid growth in South Korea and b) improved sales in the US.

Details by country are as follows:
US: In Q4 alone, Milbon USA sales fell -15.9% YoY [LCY] on tough comps as sales expected in FY22 Q3 were delayed to
FY22 Q4. However, by continuing to expand its alliances with local distributors to cultivate new salons, full-year FY23
US sales surged +22.3% YoY [YDB] to ¥1,624mil, surpassing Milbon’s forecast by +6.8%. Although the high YoY growthreflects the positive impact from the weak yen, US sales rose +13.9% YoY [LCY] thanks to the strong sales performanceof haircare products – comprising approx. 80% of the US sales – led by the premium haircare range Global Milbon.
Hair colour product Sophistone is also proving popular and has helped cultivate new customers, especially in the West
Coast. Thanks to educational events held in US, hair colour products sales expanded +18.8% YoY and US operating
losses contracted from -¥168mil in FY22 to -¥89mil in FY23. Milbon intends to further promote the Global Milbon brandand highlight Sophistone through the use of high-profile hairdressers in FY24. Consequently, the US operation will likely
remain in the red due to the related costs, despite higher sales.
China: FY23 sales rose +6.0% YoY YDB to ¥2,241mil (+3.8% YoY LCY) and moved into the black with an OP of ¥68mil, vsan operating loss of -¥9mil in FY22.
Although haircare product sales improved +12% YoY in FY23, proactive support to salons, helping them create
treatment menus and to train staff, led to an increase in demand for hair treatment products. However, hair colour
products sales were down -5.1% YoY on the back of slow traffic to salons, triggered by customers tightening their purse
strings in the wake of a tougher macroeconomic environment in China.
South Korea: Milbon Korea – the largest part of the firm’s overseas operations comprising 9.9% of FY23 total
consolidated net sales – generated FY23 OP of ¥1,284mil (-4.9% YoY) on sales of ¥4,715mil (+13.4% YoY YDB / +7.4%
YoY LCY), with FY23 sales surpassing the firm’s expectations by 2.0%.
FY23 Haircare product sales improved +13.9% YoY thanks to solid sales of Global Milon products through Milbon’s local
distributors. The Korean operations earns 70% of sales from hair colour sales, which were up +4.3% YoY in FY23.
However, OP fell -4.9% YoY [YDB] due to costs for reopening activities, an increase in number of staff, and adeterioration in the sales mix as sales of lower-margin haircare products outweighed that of high-margin hair colour
sales. Consequently, the FY23 OPM contracted -5.2ppt YoY to 27.3%.
MILBON CO., LTD (4919 JP)

NIPPON INVESTMENT BESPOKE RESEARCH UK LTD

MILBON CO., LTD. (4919 JP) RESEARCH UPDATE – 15 MARCH 2024

P age |4

FY24 OUTLOOKMilbon is guiding for FY24 GP of ¥32,400mil (+9.7% YoY) and OP of ¥6,600mil (+19.5% YoY) on sales of ¥50,620mil(+6.0% YoY). The FY24 guidance is based on the following assumptions:
1. Milbon is forecasting a +5.8% YoY rise in Domestic sales to ¥38,620mil, with OP rising +30.5% YoY to ¥5,522mil,
thanks primarily to (1) a rebound from FY23’s write-downs for the hair dryer product, (2) an improved sales mix
through the launch of high value-added products such as new haircare / hair colour products with matching coloured
products for eyebrows.
2. The firm is guiding for overseas sales to rise +6.6% YoY to ¥12,000mil, with Korea, China and US Milbon’s main focus
among the seven key regions in which it operates. However, given continued sales promotion of hair colour products
in US and expansion of operations in Korea, overseas OP is expected to decline -16.7% YoY to ¥1,068mil.
3. Cost of raw materials will remain at high level. Milbon assumes the impact of cost hikes will remain during 1H.
4. The firm incurred total losses of ¥1,186mil – including the disposal for hair care and hair colour products (-¥289mil)
and write downs for hair dryers (-¥897mil) – in FY23. In FY24, the firm estimates disposal loss of approx. -¥230mil.
which implies a +¥956mil rebound from the disposal losses and write-downs reported the year before.
5. In both Japan and overseas, marketing and sales promotion costs are expected to rise by +¥208mil YoY.
6. Consolidated cost of logistics will increase by ¥211mil YoY, which reflect likely increase in domestic cost of logistics
on the back of the 2024 Problem surrounding the Japan’s logistics industry.

FY24 Forecast by Region
Milbon identifies seven key regions representing the global market for its products. Those seven regions are:
1. Japan,
2. South Korea,
3. Greater China
4. ASEAN,
5. North America (US and Canada),
6. EU, and
7. Middle East (Turkey).
The firm promotes “local production and local consumption” and aims to 1) establish a dedicated sales infrastructure,2) have localised R&D, and 3) set up manufacturing and distribution facilities in each region. Milbon has identified thateach region has its own preference for hair care due to differences in culture and hair quality, hence it is important to
tailor its products to match local demands.
Japan
Milbon is guiding for FY24 Japan OP of ¥5,522mil (+30.5% YoY) on sales of ¥38,620mil (+5.8% YoY). This will be a newrecord level of sales for the firm, bolstered by 1) higher value-added sales of hair colour products, and 2) continued
growth in product sales through milbon:iD and Smart Salon.
The firm took further steps to promote product sales at salons by introducing the Smart Salon concept in FY23, which
was designed to enhance product sales. Smart Salon is a salon space that offers a new product-buying experience thatcombines real and digital under professional advice. Salons best suited to adopt the Smart Salon concept are thoseplanning to refurbish their shopfloor space and open new branches. This means that as well as taking their stylists
advice, the Smart Salon experience allows customers to try the products themselves either in store, or buy a trial size,
before making a full product purchase.
In FY23, 23 Smart Salons were opened. In FY24, Milbon is aiming to establish 100 Smart Salons. Management anticipates
Smart Salons will likely boost the number of registered users of milbon:iD to 1mil by FY26, up from 670,000 as of FY23
and increase to 870,000 in FY24. As noted above, the key to boosting salon product sales growth will be to mobilise
MILBON CO., LTD (4919 JP)

NIPPON INVESTMENT BESPOKE RESEARCH UK LTD

MILBON CO., LTD. (4919 JP) RESEARCH UPDATE – 15 MARCH 2024

P age |5

dormant milbon:iD users. The firm is confident that the Smart Salon concept will improve the active user ratio of
milbon:iD.
Overseas
Milbon is guiding for FY24 Overseas OP of ¥1,077mil (-16.7% YoY) on sales of ¥12,000mil (+6.6% YoY YDB / +10.1% YoY
LCY).
FY24 main expected developments overseas are as follows: In South Korea, sales of hair colour products will likely remain solid, however, due to increase in costs to hire staff
and expand, the region’s OPM being squeezed from 27.3% in FY23 to 22.3% in FY24 on sales of ¥4,784mil (+1.5%
YoY YDB / +9.1% YoY LCY).
 Steady FY24 sales growth in China (+9.8% YoY YDB / +9.2% YoY LCY) to ¥2,460mil, despite the country’s weakeconomic environment. Milbon also managed to obtain approvals to sell locally produced hair colour products.
Production at the firm’s China factory began in July 2023, six months earlier ahead of schedule.
 Promote hair colour products in US. The US operation will remain in the red at -¥106mil (vs. ¥89mil in FY23), albeit
on a record level of sales – forecast to reach ¥1,811mil (+11.5% YoY YDB / +12.4 YoY LCY) – due to higher marketingand logistics costs.
Sales and OP Breakdown by Country - Results and Guidance
FY22

FY23

(¥mil)

Japan

US

China

South
Korea

OthersOverseas
Total

FY24 CE

1H

FY

1H

FY ActualYoY (%) *FYCE(as of FY22 FY
announcement)

YoY (%) *Sales

16,62735,334

17,17536,502

3.3

38,021

7.6

38,620

5.8

OP

3,201

6,194

2,411

4,231

-31.7

7,021

13.4

5,522

30.5

OPM (%)

19.3

17.5

14.0

11.6

-5.9ppt

18.5+1.0ppt

14.3+2.7ppt

Sales

603

1,328

778

1,624

22.3

1,430

7.6

1,811

11.5

OP

-125

-168

-30

-89

-NA

-160

NA

-106

NA

OPM (%)

NA

NA

NA

NA

NA

NA

NA

NA

NA

Sales

1,058

2,114

1,171

2,241

6.0

2,641

24.9

2,460

9.8

OP

-76

-9

40

68

NA

240

NA

197

189.2

OPM (%)

NA

NA

3.5

3.1

NA

9.1

NA

8.0

+4.9ppt

Sales

2,043

4,159

2,286

4,715

13.4

4,543

9.2

4,784

1.5

OP

693

1,351

621

1,284

-4.9

1,212

-10.3

1,068

-16.8

OPM (%)

33.9

32.5

27.2

27.3

-5.2ppt

26.7-5.8ppt

22.3-5.0ppt

Sales

1,133

2,301

1,293

2,678

16.4

2,565

11.4

2,945

9.9

OP

130

184

48

30

-83.6

-12

NA

-81

NA

OPM (%)

11.5

8.0

3.7

1.1

-6.9ppt

NA

NA

NA

NA

Sales

4,839

9,904

5,528

11,26013.7

11,17912.9

12,000

6.6

OP

622

1,357

679

1,294

-4.7

1,278

-5.8

1,077

-16.7

OPM (%)

12.9

13.7

12.3

11.5

-2.2ppt

11.4-2.3ppt

9.0-2.5ppt

FYCE

YoY (%) *Source: Nippon-IBR based on Milbon's FY21, FY22 Q2 & Q4 and FY23 Q2 & Q4 earnings results material* YoY figures are based on Japanese yen denominated sales and OP numbers

MILBON CO., LTD (4919 JP)

NIPPON INVESTMENT BESPOKE RESEARCH UK LTD

MILBON CO., LTD. (4919 JP) RESEARCH UPDATE – 15 MARCH 2024

P age |6

UPDATE ON MEDIUM-TERM PLAN (FY22~FY26)
Milbon’s medium-term (FY22~FY26) targets remain unchanged at OP of ¥10,800mil on sales of ¥58,000mil (CAGR of+25.0% and +6.7%, respectively, for the remaining 3 years of the Plan), with Domestic sales of ¥43,700mil (CAGR +6.1%)
and Overseas sales of ¥14,300mil (CAGR +8.3%). Although sales have been growing in line with the medium-term
growth, OP has been below expectations due to the surge in raw material costs. Revisions to the medium-term targets
will be disclosed in due course.
Medium-term management plan (FY22~26)(¥mil)FY21

FY26

FY22~FY26 CAGR (%)

Sales

40,84958,000

7.3

Japan32,93843,7005.8

Overseas

7,910

14,30012.6

Gross Profit [GP]26,76538,160

7.4

GPM (%)

65.5

65.8

+0.3ppt

SG&A

19,681

27,360

6.8

Operating Profit [OP]7,084

10,8008.8

OPM (%)

17.3

18.6

+1.3ppt

Recurring Profit [RP]

7,158

10,8108.6

NP attributed to the parent

5,109

7,670

8.5

NPM (%)

12.5

13.2

+0.7ppt

Source: Milbon Co., Ltd. FY22~26 New medium-term plan press release

The firm identified issues related to the surge in costs such as: 1) higher raw materials, 2) increase in personnel costs,
and 3) an expected surge in logistics costs on the back of the “2024 problem” caused by structural shortage of drivers.
To tackle those issues, Milbon plans to the followings:


Launch high value-added new products. Pricing at the time of new product launches tends to timely reflect trends
in costs, which makes it easier to absorb changes in raw materials costs.



Review prices of existing products, especially in haircare products that are sold to salon customers.



Review CAPEX previously planned in the medium-term plan. In FY23, Milbon generated CFO of ¥4,765mill, while
investing ¥3,109mil in CAPEX and returned ¥2,863mil in shareholder returns, generating a dividend pay-out ratioof 71.6%. For FY24, the firm is guiding for CAPEX of ¥4,258mil, which includes projects including facilitating thefirm’s Yumegaoka and Thai factories, as well as digital platform-related investments such as milbon:iD, and digitalmarketing of Smart Salon. Depreciation is estimated at ¥2,404mil (+8.6% YoY).

During the medium-term plan, Milbon aims to achieve ROE of 13.9% and ROIC of 13.6% vs 8.9% and 8.6% achieved in
FY23, respectively. The firm has not yet disclosed its capital cost.
SHAREHOLDER RETURN
The firm has earmarked a dividend pay-out ratio of 50%. In FY24, Milbon plans to make an annual dividend payment of¥88.00/share or pay out 61.6% of net profit to shareholders in dividends.

MILBON CO., LTD (4919 JP)

NIPPON INVESTMENT BESPOKE RESEARCH UK LTD

MILBON CO., LTD. (4919 JP) RESEARCH UPDATE – 15 MARCH 2024

P age |7

GENERAL DISCLAIMER AND COPYRIGHTThis report has been commissioned by Milbon Co., Ltd (the Sponsor) and prepared and issued by Nippon Investment
Bespoke Research UK Ltd (Nippon-IBR), in consideration of a fee payable by Milbon Co., Ltd. Fees are paid on delivery of
the report in cash without recourse. Nippon-IBR may seek additional fees for the provision of follow-up research reports
and associated IR services for the client but does not get remunerated for any investment banking services. We nevertake payment in stock, options, or warrants for any of our services.
Accuracy of content: All information used in the publication of this report has been compiled from publicly available
sources that are believed to be reliable, however Nippon-IBR does not guarantee the accuracy or completeness of thisreport and has not sought for this information to be independently verified. Opinions contained in this report represent
those of the Nippon-IBR analyst at the time of publication. Forward-looking information or statements in this reportcontain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable,
and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results,
performance, or achievements of their subject matter to be materially different from current expectations.
Exclusion of Liability: To the fullest extent allowed by law, Nippon-IBR shall not be liable for any direct, indirect, orconsequential losses, loss of profits, damages, costs, or expenses incurred or suffered by you arising out or in connection
with the access to, use of or reliance on any information contained on this note.
No personalised advice: The information that we provide should not be construed in any manner whatsoever as,
personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective
subscriber as Nippon-IBR’s solicitation to effect, or attempt to effect, any transaction in a security. The securities
described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.
Investment in securities mentioned: Nippon-IBR has a restrictive policy relating to personal dealing and conflicts ofinterest. It does not conduct any investment business and, accordingly, does not itself hold any positions in the securities
mentioned in this report. However, the respective directors, officers, employees, and contractors of Nippon-IBR may
have a position in any or related securities mentioned in this report, subject to its policies on personal dealing andconflicts of interest.
Copyright: Copyright 2024 Nippon Investment Bespoke Research UK Ltd.
For further enquiry, please contact:
Nippon Investment Bespoke Research UK Ltd
118 Pall Mall
London SW1Y 5EA
TEL: +44 (0)20 7993 2583
Email: enquiries@nippon-ibr.com

正見
Nippon Investment Bespoke Research UK Ltd (formerly known as NIB Research UK Ltd.) is registered in England and Wales (9100028) and is authorised and regulatedby the Financial Conduct Authority (FRN: 928332).

MILBON CO., LTD (4919 JP)

NIPPON INVESTMENT BESPOKE RESEARCH UK LTD