- GDT released Q1 2023 results with revenue slumping 42% YoY and NPAT nosediving 63% YoY, completing 12% and 8% of our forecasts, respectively. We see potential downside risks to our forecasts, pending a fuller review.

- Weak consumer demand and destocking across the value chain dampened customer orders. However, the situation eased as Q1 2023 revenue was flat QoQ despite Q1 being a low season.

- GDT’s order backlog fills the company’s production capacity to July 2023, which is behind its normal schedule but in line with other wooden product exporters in our coverage. The order backlogs of the furniture and small-product businesses of GDT are progressing similarly. 

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