- CII released Q2 2022 results with net revenue falling 5.3% YoY to VND948bn (USD41mn) while NPAT-MI surged 170% YoY to VND74bn (USD3.2mn) vs only VND27bn (USD1.2mn) in Q2 2021. We believe the bottom-line YoY surge in Q2 2022 was mainly driven by high-margin shophouse deliveries in a residential project in Thu Duc City, HCMC. - In H1 2022, revenue declined 16% YoY to VND1.7tn (USD72.2mn) while NPAT-MI jumped 22.7x YoY to VND721bn (USD31.3mn). The bottom line was mainly contributed by divestment gains from 577 Investment Corporation (HOSE: NBB) of VND776bn (USD34mn) in Q1 2022. - Although H1 2022 revenue completed 26% of our full-year forecast, NPAT-MI in the period completed 91% of our full-year forecast. We believe the former was due to timing recognition of wholesales in the residential project in Thu Duc City, HCMC, which we expect to be recorded in H2 2022. Meanwhile, the high completion rate in the bottom line was mainly driven by non-recurring financial gains in Q1 2022. We therefore anticipate no major risks to our forecasts for CII, pending a more extensive review. |