- HDG released Q3 2023 results with revenue of VND460bn (-45% YoY) and NPAT-MI of VND84bn (-66% YoY). The YoY plunge in NPAT-MI can be attributed primarily to (1) HDG not recording revenue from the real estate segment in Q3 2023 vs VND224bn in Q3 2022, (2) a 38% YoY decrease in gross profit from the energy segment due to unfavorable weather conditions for hydropower, and (3) a 75% YoY drop in financial income. 

- HDG’s 9M 2023 revenue and NPAT-MI were VND2.0tn (-19% YoY) and VND423bn (-52% YoY), fulfilling 60% and 48% of our respective full-year projections. We foresee downside risk to our 2023F NPAT-MI forecast, pending a more extensive review, primarily because of weaker-than-expected performance from the real estate segment. 

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