- We attended HPG’s annual general meeting (AGM) in Hanoi on March 30.

- Shareholders approved management’s guidance for 2023 NPAT of VND8.0tn (USD339.0mn; 

-5% YoY) vs our 2023 forecast of VND13.3tn (USD565.6mn; +57%YoY).

- Management shared that HPG incurred a preliminary net loss in 2M 2023 due to weak demand; however, business has improved in March 2023. HPG also has plans in H1 2023 to reopen three basic oxygen furnaces (BOFs) that halted operations in late 2022.

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