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DQC - A surprise downturn in domestic revenue - Earnings Flash

An early Tet and outside distractions dragged Q1 2017 revenue down 20%; downward revision probable. DQC’s high seasons fall in Q1 and Q4, when Vietnamese purchase light bulbs to renovate their houses before Tet. As Tet occurred in January this year vs February last year, a large chunk of pre-Tet demand was pushed back to December 2016. More importantly, management cited distractions from a non-operating event,