DHC released 9M 2020 results with revenue and NPAT-MI rocketing 164% YoY and 208% YoY to VND2tn (USD87mn) and VND237bn (USD10mn), respectively. We attribute these stellar results to a full contribution from DHC’s new Giao Long 2 paper factory that started commercial operation in September 2019 and expanded DHC’s paper capacity 4.5x.