- DHC announced H1 2023 results that are in line with the preliminary results announced at its 2023 AGM in June 2023. H1 2023 revenue and NPAT retreated 19% YoY and 23% YoY, completing 47% and 46% of our full-year forecasts, respectively.

- Q2 2023 revenue slumped 19% QoQ as demand worsened vs Q1 2023. However, Q2 2023 NPAT edged up QoQ as seasonally lower SG&A expenses offset weaker sales volume.

- The average paper price jumped from VND8,300/kg in January to VND9,500/kg in March but slumped to VND8,000/kg in May. The June 2022 peak was approximately VND12,500/kg. Meanwhile, the average old corrugated container (OCC) price slumped to around USD140/tonne in June 2023 vs the June 2022 peak of USD260/tonne.

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