ACG - YoY decline improves in Q2; ACG expects similar Q3 to Q2

- ACG reported H1 2023 results with revenue and NPAT dropping 14% YoY and 48% YoY, achieving 37% and 23% of our full-year forecasts, respectively.

- While demand weakened across all segments, the YoY decline in ACG’s revenue improved from 20% in Q1 2023 to 9% in Q2 2023. In addition, Q2 2023 NPAT tripled QoQ.

- Although revenue increased YoY in March and April, it began to slow down starting in May.