- 74 shareholders representing 59% of voting rights attended HDG’s AGM on April 22. 

- HDG announced 2023 guidance for revenue of VND3,225bn (-10% YoY) and NPAT before MI of VND971bn (-29% YoY), representing 101% and 94% of our respective full-year forecasts. According to management, ~70% of the NPAT before MI guidance comes from the power segment while the remainder is from real estate and others. The lower NPAT YoY is due to lower profit from the real estate and power segments.

- HDG announced preliminary Q1 2023 revenue and NPAT before MI of VND977bn (+43% YoY) and VND249bn (-16% YoY), completing 31% and 24% and of our respective full-year forecasts. We see insignificant change to our 2023F NPAT forecast, pending a fuller review. 

- The AGM approved a 25% stock dividend for FY2022. We currently forecast a 5% cash dividend (equivalent to VND500/share) and a 20% stock dividend for FY2022. The AGM also approved an FY2023 dividend of 20% of charter capital (HDG did not indicate whether this will be a cash or a stock dividend or both).

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