DKSH reported reassuring H1 FY23 results, with profitability ahead of consensus expectations and the FY outlook confirmed. Sales remained largely flat yoy as a positive organic and M&A impact was offset by FX headwinds. However, the company reported record cash generation driven by robust working capital management, resulting in a positive share price reaction (+3.6% at the time of writing). We will reduce our sales estimates to incorporate the FX headwinds, but are likely to maintain positive o ....