DHC released Q1 2020 results with revenue of VND671bn (USD29mn; +227% YoY) and NPAT-MI of VND89bn (USD3.8mn; +321% YoY). We attribute these stellar results to a full contribution from DHC’s new Giao Long 2 paper factory that began commercial operation in September 2019, expanding DHC’s paper capacity 4.5x. Per our estimate, the Giao Long 2 factory was fully utilized in Q1 2020.