We attended DHC’s 2023 AGM in Ben Tre Province. Our key takeaways are as follows.

- DHC guides for 2023 revenue and NPAT to decline 18% YoY and 33% YoY, respectively. These targets imply no quarterly recovery from weak Q1 2023 revenue and NPAT, which we attribute to paper prices remaining sluggish.

- In 5M 2023, DHC’s NPAT dropped 25% YoY to VND150bn (USD6.4mn). DHC expects Q2 2023 NPAT to edge up QoQ as lower SG&A expenses offset weaker selling prices and sales volume.

- DHC expects demand to pick up in August-September 2023.

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