We initiate coverage of DKSH with an ‘ADD’ recommendation. Our optimistic stance is underpinned by the anticipated improvement in the operating environment (in FY2022) as vaccine coverage gains traction in the key markets. With demand for DKSH’s offering linked to consumer spending and business activity, we believe the group is well-placed in the long term, especially given its operations predominately concentrated in the faster-growing economies. An asset-light business model with healthy FCF/E ....
