DGC - Weak sales volume, ASP – results in line with expectation

- DGC released its Q1 2023 results, which included NPAT-MI of VND786bn/USD33mn (-41% YoY & -24% QoQ; 24% of our 2023F).

- We estimate that sales volume dropped 15% YoY and ASP slumped 20% YoY. DGC’s Q1 2023 sales volume and ASP equal 23% and 120% of our 2023F, respectively.

- Industrial phosphorus chemical revenue dropped 35% YoY as demand for most end uses weakened — especially from the electronics sector.