TEXT-S&P: Estee Lauder has slight lead on Shiseido

July 25 - U.S.-based The Estee Lauder Cos. Inc. and Japan-based Shiseido Co. Ltd. are two of the leading multinational cosmetics companies within the consumer products sector. Both enjoy strong brand recognition, good cash flow, strong liquidity, and good geographic diversity. They also benefit from the favorable credit characteristics of the cosmetics industry, including steady demand, low capital intensity, and stable cash flow generation. At the same time, both face challenges abroad: economi