DXG announced Q1 2023 results with net revenue of VND378bn (USD16mn; -79% YoY — 4% of our 2023F) and a loss of VND95bn (USD4mn) vs Q1 2022 NPAT-MI of VND270bn (USD11mn) and our 2023F of VND656bn. DXG’s YoY decline in development revenue was due to minimal