- DRC announced its Q2 2023 results with net revenue of VND1.2tn (USD49.4mn; +1% YoY & +4% QoQ) and NPAT-MI of VND51bn (USD2.2mn; -39% YoY & +100% QoQ).

- For H1 2023, net revenue was VND2.3tn (USD96.8.4mn; -6% YoY) and NPAT-MI was VND76bn (USD3.2mn; -49% YoY).

- H1 2023 revenue and NPAT-MI completed 45% and 21% of our respective full-year forecasts. The H1 2023 top line was relatively in line with our expectation as H2 is typically DRC’s high season. However, H1 2023 earnings trailed our forecast; therefore, we see a downside risk to our current projections, pending a fuller review.

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