- GDT released H1 2023 results with revenue slumping 36% YoY and NPAT nosediving 65% YoY, completing 29% and 19% of our forecasts, respectively. 

- In Q2 2023, revenue bounced back 41% from a low base in Q1 2023 as customers restocked after their heavy destocking. Furthermore, GPM edged down to 29% in Q2 2023 vs 27% in Q1 2023. 

- However, the above metrics were weak YoY. In addition, GDT’s Q2 2023 NPAT did not improve QoQ due to seasonality in SG&A expenses.

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