- DHC announced weak Q3 2023 results with revenue and NPAT slumping 18% and 13% YoY, respectively. 9M 2023 revenue and NPAT decreased 18% YoY and 21% YoY, fulfilling 75% and 63% of our full-year forecasts, respectively.

- Due to low demand from the domestic and Chinese markets, paper prices and input of old corrugated container prices continued to fall during Q3 2023. 

- DHC’s total sales volume — the paper content of both paper and carton boxes — dropped 19% YoY in Q3 2023, while sales volume was flat YoY. On a QoQ basis, Q3 2023 sales volume edged up by 3% but its ASP retreated 4%.

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