- GDT released Q2 2022 results that are in line with our expectation as revenue and NPAT increased 14% YoY and 13% YoY, respectively. In addition, H1 2022 revenue and NPAT completed 39% and 41% of our respective full-year forecasts. 

- We note that H2 is typically GDT’s high business season. Additionally, GDT will begin operating its recently purchased furniture factory in Q3 2022.  Overall, we foresee no material change to our earnings forecasts, pending a fuller review.

- Revenue growth mainly came from primary markets such as Asia and the EU that posted mid-teen growth in Q2 2022. Meanwhile, demand from the US weakened and GDT’s exports to the US halved YoY in Q2 2022. However, the US only accounted for ~3% of Q2 2022 revenue.

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