- DGC released its Q3 2023 results with revenue edging up 2% QoQ but NPAT-MI dropping 10% QoQ. 

- 9M 2023 revenue and NPAT completed 73% and 64% of our full-year forecasts, respectively.

- Comparing Q3 2023 to Q2 2023, we estimate that a 10% slump in ASP was cushioned by a 14% increase in sales volume (we use phosphorus content as a proxy sales volume).

- Selling prices trailed our expectations as industrial phosphorus chemical prices declined more than we expected, dropping 13% QoQ to USD4,000/tonne.