尤妮佳（8113.T）风险回报更新：地域多元化组合持续驱动利润增长

Morgan Stanley has updated its Risk Reward for Unicharm (8113.T), maintaining an Overweight rating and a price target of ¥1,050 versus the ¥1,012 close on Oct 30, 2026. Estimates were revised only slightly, so the price target is unchanged. The PT is based on F12/27e EPS of ¥47 x P/E of 22.5x, a 15-20% premium to the industry average P/E of 19x on an F12/27 basis, given improving visibility into a bottoming-out of the top line. We believe the weakness in the topline driven by company-specific factors had already bottomed out as of 3Q. While the continuity of the recovery is difficult to gauge in 4Q-1Q due to one-off factors, we expect a return to a recovery phase and modest growth trajectory when looking beyond F12/26. While the raw materials cost headwind remains a risk factor that may limit near-term upside, we continue to view geographically diversified profit growth as intact over the medium to long term and position Unicharm as a high-quality growth name. EPS estimates are ¥41.4/4