- Cienco4 Group JSC (UPCoM: C4G) is a leading transport infrastructure contractor in Vietnam. Its largest business segment is construction (which contributed 66% of C4G’s 2022 revenue), followed by real estate (11%), building material sales (11%), toll collection (10%) and others (2%). 

- C4G’s revenue jumped 58% YoY in 2022 from a low base as economic activity picked up post COVID-19; however, higher construction material costs dragged down gross profit by 8% YoY. Thanks to effective expense management, C4G’s 2022 NPAT-MI was VND168bn (+167% YoY).

- We expect increased transport infrastructure disbursement to be a key earnings driver in 2023. 

- We forecast C4G’s ongoing projects of the North-South Expressway (NSE) Phase 1 (including the Phan Thiet – Dau Giay, Nghi Son – Dien Chau and My Thuan – Can Tho sections) to be recognized in 2023. 

Powered by Froala Editor