- ACV announced Q3 2023 results with revenue and PBT adjusted for FX gains/losses edging up 8% and 5% QoQ, respectively. In 9M 2023, these two metrics achieved 76% and 67% of our respective-full-year forecasts.

- EBIT margin trailed our expectation as 9M 2023 SG&A hit 93% of our full-year forecast due to large bad debt provision. ACV recognized VND1.3tn of provisions expenses in 9M 2023 for these receivables. 

- We see potential downside risks to our earnings forecast due to bad debt provision.

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