- DGW released its 9M 2022 results, including revenue of VND18.0tn (USD734mn; +38% YoY) and NPAT-MI of VND528bn (USD22mn; +60% YoY), completing 64% and 66% of our respective full-year forecasts and in line with our expectations.

- We note that Q4 is typically the high season for DGW as it contributed ~30%-34% to the company’s full-year NPAT-MI in 2018-2020. As such, we see no potential material risk to our current projections, pending a fuller review.

- In Q3 2022, DGW’s revenue was VND6.0tn (USD48mn; +59% YoY) with NPAT-MI of VND180tn (USD7mn; 68% YoY).