- 9M 2023 results: Net revenue declined 22% YoY to VND14tn (USD570mn) and NPAT-MI plunged 50% YoY to VND265bn (USD11mn), completing 74% and 70% of our respective full-year forecasts and tracking ahead of our expectations. We currently foresee upside potential to our 2023F earnings forecasts, pending a more comprehensive review.

- Q3 2023 results: Net revenue and NPAT-MI increased 18% and 23% QoQ, respectively. However, Q3 NPAT-MI remained weak vs last year, dropping 43% YoY. As one of Vietnam’s leading ICT distributors, we believe DGW was an early beneficiary of short-term retailer restocking across segments, especially in the context of the back-to-school season in Q3. As a result, its laptop & tablet sales (44% of total sales) surged 79% QoQ. Conversely, mobile phone sales (33% of total sales) dropped 19% QoQ. Office equipment sales (17% of total sales) advanced 25% QoQ. Total sales of home appliances and consumer goods (6% of total revenue) slid 1% QoQ.

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