We attended DGC’s AGM in HCMC on March 29. Our key takeaways are as follows.

- Management’s Q1 2023 NPAT estimate: VND700bn (USD30mn; -50% YoY), which is 10% behind our estimate but in line with management’s guidance.

- For 2023, DGC guides for a 25% YoY decline in revenue and 50% YoY slump in NPAT due to weaker demand weighing on sales volume and selling prices.