We attended CTR’s AGM in Hanoi on April 18.

For 2023, CTR guides for revenue of VND10tn (USD440mn; +10% YoY) and NPAT of VND487bn (USD21mn; +10% YoY), representing 100% and 102% of our respective forecasts. We note that CTR has a track record of exceeding its profit guidance. We currently see no immediate material risk to our forecast.

The AGM approved a FY2022 cash dividend (to be paid in 2023) of VND1,000/share (yield of 1.5%) and stock dividend of 21.51% to be executed in 2023.