DKSH reported mixed FY22 results, with sales and EBIT slightly ahead of consensus, but a soft miss on PAT. Performance Material and Technology segments continue to drive the top line, with Consumer Goods impacted by the delayed recovery in demand. Management provided the same guidance for FY23 as last year (i.e. EBIT growth). No wonder the share price reaction remained muted (+0.8% at the time of writing). We will increase our profitability estimates slightly and maintain our cautious stance on ....
