DKSH reported strong FY21 results with beats on both PAT and FCF. Revenues grew across all four business units despite lockdown restrictions in Q3, supported by organic growth above weighted GDP in key markets, and margin accretive M&As. Strong FCF generation allowed management to continue with its progressive dividend policy. While the 2022 guidance for EBIT growth is already factored into our estimates, we will revise our forecasts upwards and maintain the cautiously optimistic stance on the s ....
