- ACG reported robust Q4 2022 results with revenue and NPAT increasing 27% and 10% YoY, respectively. Full-year 2022 revenue and NPAT both jumped 36% YoY and achieved 112% of our full-year forecasts. 

- Surpassing our expectation, ACG capitalized on continued strong demand from existing homes by aggressively expanding its distribution network. 

- ACG’s combined number of showrooms, distribution centers and agency showrooms hit 81 as of YE2022 vs 51 as of end Q3 2022. Management aims to have these contact points to cover all 63 provinces/cities in Vietnam by mid-2023 from 50 provinces/cities currently.

- However, ACG’s sales dwindled in the export and property project channels due to the weakened property markets in Vietnam and the US, per management.