PSA Basic Materials / Chemicals: Asahi Kasei (3407 JT): Contemplating a Recovery – LiB Separators to be Back in Focus
Joel Scheiman continues his celebrated series of long shelf-life, in-depth reports in the chemicals and electronic materials space with this exploration of Asahi Kasei’s businesses and an assessment of its prospects. Promisingly, Joel discerns grounds for optimism at a time when valuations are undemanding, with a 3.5% yield and an expected 14.2% CAGR in OP from FY20~FY24.Asahi Kasei is a holding company. Co., through its affiliates, operates in three principal business segments. Material segment manufactures and sells petrochemicals, synthetic rubber, performance materials, household products (plastic wrap and storage bags), cleaning agents, elastic polyurethane filament, and battery separators. Homes segment is engaged in the development, construction and sale of unit houses and apartment buildings; and the provision of construction materials. Health Care segment manufactures and sells pharmaceuticals, diagnostic reagents, and critical care devices. In addition, Co. is engaged in the electricity supply, engineering, and employment agency businesses.
Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods.
PSA produces both company and sector reports. The focus of PSA’s research is to identify winners and losers as new technologies impact the top and bottom lines of corporations. Critical to our research is the clear explanation of how these new technologies work and how they impact companies and industries.
The founding partners have worked closely together for twenty years and the team has more than doubled in size since 2012.
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