GEG - Debt restructuring to lower financing rates

- 29 shareholders representing 83% of voting rights attended GEG’s AGM on April 26.

- GEG provided 2023 guidance for revenue of VN2,785bn (+33% YoY) and NPAT before MI of VND155bn (-58% YoY), which is equivalent to 102% and 52% of our respective full-year forecasts. We believe the huge discrepancy between GEG’s NPAT before MI guidance and our forecast is due to GEG’s higher forecasts for COGS and financial expenses and lower forecast for hydropower revenue in 2023. GEG’s projected 2023 financial expenses (~VND1,098bn) are 6% higher than our forecast. We see downside risk to our 2023F earnings forecast, pending a fuller review.

- The AGM approved a 2022 stock dividend of 6% and a 2023 stock dividend at a maximum ratio of 6% charter capital.