- We attended DGW’s online AGM on April 26.

- DGW reported preliminary Q1 2023 net revenue of VND4.0tn (USD169mn; -44% YoY) and NPAT of VND79bn (USD3mn; -63% YoY), completing 17% and 11% of our respective full-year forecasts. We see downside risk to our forecast for DGW, pending a more extensive review.

- Management expects consumption in H2 2023 to improve vs H1, but this will mainly be due to seasonality and not be significant. Management believes a meaningful recovery in consumption will start in H2 2024, on which DGW’s 2023 earnings target is founded. Below are our detailed takeaways.

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