Anglo-Dutch speciality timber products manufacturer Accsys Technologies stands to benefit from worldwide growth in demand for its technology to effectively transform softwood into hardwood. Poor early financial performance and mounting debts led to a Board overhaul in mid-2023, and the six-year ‘FOCUS’ strategy, detailed in January 2025, is already appearing transformative. We initiate coverage with an assumption that operational gearing and financial deleveraging will support a move to strong profitability by FY30E, potentially allowing the introduction of dividends.