DRC announced its Q4 2022 results with net revenue of VND1.1tn (USD47mn; -16% YoY) and NPAT-MI of VND82bn (USD3mn; -6% YoY).

We attribute the decrease in revenue in Q4 2022 to (1) the relatively high base in Q4 2021 due to the relaxation of mobility restrictions in Vietnam and booming demand after COVID lockdowns in Q3 2021, in addition to (2) weaker demand in international markets owing to the global economic slowdown.

For full-year 2022, DRC’s revenue was VND4.9tn (USD208mn; +12% YoY), completing 95% of our full-year forecast. Moreover, full-year 2022 NPAT-MI was VND308bn (USD13mn; +6% YoY), completing 96% of our full-year forecast.