- We maintain our OUPTERFORM rating for DHC but trim our target price by 1%. We change our 2023/24/25/26/27F NPAT-MI by -5%/-9%/-14%/-15%/39%, respectively.

- In this Update Report, we incorporate DHC’s Giao Long 3 (GL3) factory into our forecasts, which is poised to expand DHC’s capacity by 140% in 2027. However, for the medium term, we lower (1) our GPM assumptions given higher supply pressure in the mass segment as well as (2) our projected net financial income due to capex for GL3.

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