- 2023-07-27T00:00:00
- Company Research
- H1 2023 results: Net revenue declined 28% YoY to VND 8.6tn (USD363mn) and NPAT-MI plunged 53% YoY to VND162bn (USD7mn), completing 49% and 43% of our respective full-year forecasts. While revenue was ahead of our expectation, NPAT-MI was in line with our forecast. We currently do not foresee any potential changes to our 2023F earnings forecasts. However, there is upside potential to our 2023F revenue forecast, pending a fuller review, as we expect earnings to continue recovering in H2 2023.
- Q2 2023 results: Net revenue increased 16% QoQ and NPAT-MI edged up 5% QoQ. However, Q2 NPAT-MI remained weak, dropping 39% YoY. As one of Vietnam’s leading ICT distributors, DGW was an early beneficiary of short-term retailer restocking across segments. Laptop & tablet sales (29% of total sales) rose 23% QoQ thanks to retailers restocking for the back-to-school season in Q3 2023. Mobile phone sales (48% of total sales) recovered 15% QoQ, which was partly supported by new product launches from Xiaomi. Office equipment sales (16% of total sales) advanced 7% QoQ. Notably, consumer goods (4% of total revenue) surged 51% QoQ thanks to (1) new contributions from Lotte Chilsung Beverage and (2) a QoQ recovery from ABInBev beer.
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