AHKSF - Asahi Homes Outperformed But Along With Other Segments There Are Dark Clouds
Asahi Kasei (AHKSF) is a company we like. Atypical of a Japanese entity, their disclosure is extremely clear, giving very good visibility of what was happening in the business. This visibility was helpful for us to make the assessments that we did in our previous article, where we saw that Asahi had some exposures that rendered the company somewhat undervalued, namely in critical care. Although we still like the business overall, we have changed our view somewhat due to risks we see in the chemicals portfolio, but also in the homes business. For the long