- CTR announced 9M 2022 results with revenue of VND6.8tn (USD279mn; +25% YoY) and NPAT-MI of VND320bn (USD13mn; +31% YoY). This robust revenue growth was led by strong growth from the towerco (+62% YoY), construction (+40% YoY) and operation (+14% YoY) segments. CTR’s revenue and NPAT-MI in 9M 2022 fulfilled 76% and 75% of our respective full-year forecasts. Overall, we do not see any material risk to our current projections, pending a fuller review.

- In Q3 2022, CTR’s revenue was VND2.6tn (USD106mn; +17% QoQ) and its NPAT-MI was VND128bn (USD5mn; +25% QoQ).

- Towerco (estimated 25% of 9M 2022 EBITDA). Towerco revenue and EBITDA in Q3 & 9M 2022 experienced robust YoY growth that was driven by an increased number of telecom towers and an expansion of telecom infrastructure. CTR’s own tower count jumped from ~2,500 at YE2021 to 3,949 as of end-Q3 2022. On a QoQ basis, Towerco revenue and EBITDA continued their momentum as they grew 9% and 4%, respectively. However, the tenancy rate in 9M 2022 was 1.03 vs our expectation of 1.05