DHC announced its 9M 2021 results with revenue soaring 51% YoY (Q3 2021: +35% YoY) and NPAT-MI jumping 64% YoY (Q3 2021: +27% YoY). Per DHC, the robust YoY growth rates were mainly thanks to strong packaging paper demand that outweighed higher input old-corrugated container costs (OCC). 9M 2021 revenue and NPAT-MI are equivalent to 83% and 67% of our respective full-year forecasts and are in line with our expectations.