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Kao (TSE: 4452)

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October 9, 2023

Leading Surfactant Manufacturer with Asia Growth Tailwinds Trading at 110% NCAV

Thinking points Matsumoto Yushi-Seiyaku (TSE: 4365) is a small oleochemical manufacturer, holding a leading market share in surfactants for textiles and thermo-expandable microcapsules in Japan. Key challenges include downward pressure on earnings

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