CTR announced Q1 2023 results with revenue of VND2.3tn (USD99.6mn; +17% YoY) and NPAT-MI of VND108bn (USD4.6mn; +22% YoY), which both achieved 23% of our respective full-year forecasts. This robust revenue growth was led by strong growth from the towerco (+49% YoY), construction (+74% YoY) and operation (+6% YoY) segments, outweighing weakness in the system integration segment. Overall, CTR’s Q1 2023 results were in line with our expectation.

- Towerco revenue climbed 49% YoY thanks to the number of towers increasing 75% YoY to 4,321 in Q1 2023 from 2,475 in Q1 2022. On a QoQ basis, towerco revenue edged up 6% QoQ as CTR only completed 35 towers in Q1 2023. As of March 2023, the tenancy rate remained at 1.03.