DHC - Third paper factory announced, conservative guidance - AGM Note

• 20 Jun 2022
• Company Research

- Management's estimated H1 2022 NPAT-MI of VND250bn (USD11mn; -17% YoY; 46% of our 2022F) is in line with our expectation. We attribute the YoY decline to 1) tax incentives at DHC’s second paper factory phasing out in 2022, and 2) Q1 2021's low input mat