Ann: First Half 2022 Results, page-8

I had this company on my watchlist for months but forgot about it.

Eventually, that omission was remedied so I've bought in at under A$0.70.

I am not an accountant but my hypothesis is this is another underappreciated entity with fairly sound prospects and management that knows what it's doing. In theory there are 'low barriers to entry' for competitors but much of what ASH does is specialised. Its management and staff will have many useful contacts (and contracts!) so that over time, notwithstanding road bumps, it moves onward and upward.

Analysts rarely discuss companies like this: all the more reason why we should do our own independent research.