Global Research and Evidence Lab 14 August 2024 Pigeon A better than expected recovery in China market share Q: How did the results compare with expectations? Q2 (April-June) OP came in at ¥3.1bn (+0.6% yoy), beating our forecast (¥2.89bn) by 7% and the consensus (¥2.82bn) by 10%. Compared to management's plans, OP was in line on a local currency basis, and including forex effects in China and the Lansinoh business, budget was exceeded by ¥430mn. In yen terms, sales rose across all regions and the squeeze o ...