Akso Health

We see no durable competitive advantages. Intangible assets: weak and repeatedly impaired (goodwill and patents/licenses written down in FY2025 and FY2026). Switching costs: minimal for insurance‑lead clients and medical device distribution. Network effects: none. Cost advantage: none evident. Efficient scale: none.

The company’s current core is a marketing promotion service for auto insurance brokers and a small device trading business, both highly commoditized with customer/vendor concentration (top customers represented 31.9%, 20.6%, and 10.5% of FY2026 revenue; one vendor was 100% of purchases for the promotion business).

These characteristics argue for a very low and fragile moat score.