DHG - Weak in-house product sales - Earnings Flash

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DHG published its unaudited Q1 2018 financials that included net revenue of VND908bn (USD40mn, +3% YoY) and NPAT of VND172bn (USD8mn, -1% YoY). Trading revenue drove top-line growth, while high-margin in-house product sales slid by 4% YoY. These results trailed our expectation as we projected a 5% rise in in-house product sales in 2018 vs 2017.
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