- CTR announced H1 2023 results with revenue of VND5.0tn (USD214mn; +19% YoY) and NPAT-MI of VND232bn (USD10mn; +21% YoY), which achieved 50% and 48% of our respective full-year forecasts. CTR’s H1 2023 results beat our expectations. We see potential upside to our forecast, pending a fuller review. 

- Towerco (estimated 34% of H1 2023 EBITDA): Revenue and EBITDA in H1 2023 were in line with our expectations. CTR built 643 new towers in H1 2023, completing 26% of our 2023F forecast of 2,500 towers. We expect CTR will be more aggressive in building towers in H2 2023. We attribute the strong EBITDA margin growth YoY in Q2 2023 to accelerated growth in the number of shared towers vs the total number of towers. As of June 2023, CTR owned 4,929 towers (+48% YoY) and had 155 shared towers (+87% YoY). 

- Telecom operation (estimated 29% of H1 2023 EBITDA). Revenue increased by 20% YoY in H1 2023, which was mainly driven by contracts with parent company Viettel Group and telecom companies in Myanmar. 

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