- 2023-05-10T00:00:00
- Company Research
- We downgrade our rating for DHC from BUY to OUTPERFORM and trim our target price by 4%. While DHC’s business experienced a recovery in Q1 2023, the demand outlook has worsened.
- We cut our 2023/24/25F NPAT by 12%/15%/9% due to lower assumptions for price spreads and carton box sales volume.
- After bouncing back 16% in 2M 2022, carton paper prices in southern Vietnam have slumped and are flat YTD. The trend is similar for export prices and input old corrugated paper (OCC) prices due to weaker-than-expected global consumption, including in China and Vietnam.
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