- FRT released its 9M 2022 results, including revenue of VND21.7tn (USD886mn; +55% YoY) and NPAT-MI of VND296bn (USD12mn; 2.7x YoY), completing 72% and 58% of our respective full-year forecasts. While 9M 2022 revenue was in line with our expectations, NPAT-MI fell short of our expectations. As such, we see potential downside risk to our NPAT-MI projections for FRT, pending a more extensive review. 

- In Q3 2022, FRT’s revenue was VND7.7tn (USD315mn; +54% YoY) with NPAT-MI of VND85bn (USD3mn; +78% YoY).