- DGW released its 2022 results, including revenue of VND22.1tn (USD935mn; +5% YoY) and NPAT-MI of VND684bn (USD29mn; +4% YoY), completing 96% and 100% of our respective full-year forecasts. Mobile revenue trailed our expectations, but consumer goods revenue was ahead of our expectations.

- In Q4 2022, DGW’s revenue was VND4.1tn (USD173mn; -48% YoY) with NPAT-MI of VND156tn (USD7mn; -52% YoY).

- Mobile revenue (49% of 2022 total revenue) dropped 49% YoY in Q4 2022, which was primarily driven by (1) weak Xiaomi sales coupled with (2) the global supply shortage of iPhones stemming from China’s commitment to zero-COVID measures while Q4 2021 was a high base for iPhone sales across smartphone retailers and distributors. For 2022, mobile revenue increased 9% YoY as a result of iPhones outperforming vs other brand sales in Vietnam.

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