DHG released its Q2 2021 results with net revenue of VND948bn (USD41mn; +16% YoY) and NPAT-MI of VND201bn (USD8.7mn; +8% YoY). For H1 2021, net revenue reached VND2tn (USD85mn; +17% YoY) while NPAT-MI amounted to VND405bn (USD18mn; +12% YoY), which completed 47% and 52% of our respective full-year forecasts. These results were in line with our expectations. That said, given the potential negative impact from the current COVID-19 outbreak on pharmacy visits, we see potential downside risk to our