• DHC announced its Q4 2022 results with revenue and NPAT decreasing 15% YoY and 11% YoY, respectively. However, Q4 2022 NPAT rebounded 28% QoQ mainly thanks to FX gains.
• We attribute these results to weak global demand for paper — including demand from Vietnamese export businesses — which weighed on sales volume and the price spread (selling paper prices – input old corrugated container prices).
• 2022 revenue and NPAT-MI declined 5% and 21%, fulfilling 104% and 102% of our forecasts, respectively. We see no major changes to our forecasts, pending a fuller review. 

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