DBC – Signs of hog price recovery – Update

• Rising hog prices boosted the gross margin of DBC’s husbandry segment in 1Q18.
• DBC may benefit from the hog price recovery in Vietnam more than its listed local peers because of the higher contribution of hog-related segments to its net revenue.
• Possible impact of China’s low hog price environment on Vietnam’s hog market is unclear.
• 2018F management guidance does not factor in potential profits from its real estate and construction segment.

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