DHC is a mid-size packaging paper company located in the Mekong Delta with a market share of c. 2% in 2018, per our estimate. The company is well positioned to capture paper consumption growth in Vietnam thanks to its 4.5x capacity expansion plan and new Chinese policies restricting paper production. Despite recent policy hiccups in recovered paper imports, due to environmental concerns, we see signs that the Government is relaxing its regulations to promote local production.