- ACG reported Q3 2023 results with revenue and NPAT dropping 18% YoY and 22% YoY, respectively. Revenue was similar with Q2 2023 while NPAT improved 20% QoQ thanks to a higher GPM, in line with management expectations.

- 9M 2023 revenue and NPAT fulfilled 58% and 44% of our respective revenue and NPAT full-year 2023 forecasts. We see potential downside risk to our forecasts, pending a more extensive review.

- Q3 2023 domestic sales weakened 5% QoQ. However, Q3 2023 exports grew 22% QoQ and 9M 2023 revenue only dropped 3% YoY. Management expects an improvement in total sales in Q4 2023 vs Q3 2023, as well as continuing outperforming in exports.

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