- ACG reported positive Q3 2022 results with revenue and NPAT increasing 11% QoQ and 4% QoQ, respectively. Additionally, H1 2022 revenue and NPAT achieved 77% and 74% of our respective full-year forecasts. We do not make YoY comparisons because ACG’s Q3 2021 business results were low bases due to COVID-related supply chain disruptions.

- Q3 2022 domestic sales increased 18% QoQ mainly because H2 is typically a high season for ACG. However, direct exports slumped 22% QoQ as a result of weakened demand from the US.

- Q3 2022 GPM remained high at 29.6% vs 29.1% in Q2 2022 and our 2022F of 28.9%. While domestic GPM was solid, export GPM expanded from 10% in Q2 2022 to 13.8% in Q3 2022 as early costs for customer acquisition gradually phased out. 

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