Kevin Smith, of Delft Partners and portfolio manager of the TAMIM Asia Small Companies Fund, highlights one of the stocks in the Asia Small Companies portfolio, Dowa Holdings Co Ltd (5714.TYO). Dowa Holdings Co Ltd (Dowa) has history dating back to the Kosaka mine in Akita in 1884. Operational experience developed in mining and smelting has been directed towards diversification into recycling and waste treatment businesses, materials used in the manufacture of semiconductors, high performance copper alloys and industrial furnaces. According to their CSR Report Dowa employs 6,094 people in Japan and 9,335 globally with a retention rate of 93%. Accounting, Strategy and Governance Comments Accounting
Strategy
Source: Dowa Holdings Medium Term Plan Ending 2020 Governance
Value, Momentum and Quality Comments
Source: Dowa Holdings First Half Results Presentation FY2019
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