DIG announced weak Q1 2023 revenue of VND197bn (USD8.3mn; -62% YoY) that was contributed by deliveries at the Gateway, Cap Saint Jacques, Nam Vinh Yen and Hiep Phuoc projects. However, DIG’s NPAT-MI increased 24% YoY to VND79bn (USD3.3mn), which we mainly attribute to financial income surging to VND170bn (USD7.2mn; +610% YoY) as DIG recorded investment income of VND162.4bn (USD6.9mn). DIG’s Q1 2023 earnings fulfilled 40% of our 2023F full-year NPAT-MI of VND199bn (USD8.4mn; +38% YoY).