DGC released positive Q1 2021 results with revenue and NPAT-MI jumping 28% and 50% YoY, respectively — broadly in line with our expectation. That said, we see potential upside to our current full-year forecasts — pending a fuller review — owing to DGC’s plan to raise selling prices of its yellow phosphorus in the next few quarters. Upbeat Q1 results were underpinned by strong demand for industrial phosphorus chemicals (e.g., from the electronics sector) and agricultural phosphates