- HDG released Q4 2022 results with revenue of VND1,149bn (-17% YoY) and NPAT-MI of VND248bn (-52% YoY). The plunge in NPAT was mainly due to the modest performance of the real estate segment. In Q4 2022, real estate revenue declined 53% YoY while gross profit was a loss of VND6bn compared to VND539bn profit in Q4 2021. According to HDG, the company booked and allocated additional land costs related to the Charm Villas and Hado Thoi An projects in Q4 2022 — we will investigate this matter further. In Q4 2022, HDG handed over 25 units of Charm villas.

- 2022 NPAT after MI was VND1,121bn (+3% YoY), completing 105% of our 2022F forecast. We attribute the resilient NPAT growth to the strong performance of the energy and office leasing segments as their gross profit completed 122% and 154% of our respective full-year forecasts and offset the weak performance of the real estate segment.  

- We see insignificant change to our 2023F NPAT forecast, pending a fuller review.

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