- HPG released official Q1 2023 results that are consistent with the preliminary results announced on April 25, including revenue of VND26.6tn (USD1.1bn; -40% YoY & +3% QoQ) and NPAT-MI of VND397bn (USD16.8mn; -95% YoY) vs VND2.0bn of net losses in Q4 2022. 

- Ongoing headwinds in the domestic real estate market and slow infrastructure disbursement continued to weigh on HPG’s sales volume in Q1 2023, which decreased by 27%-35% across product categories and was in line with our expectation.

- Domestic construction steel prices inched up 7% in Q1 2023 vs end-2022 as there were six price increase events that reflected higher input material costs. However, domestic construction steel prices have already recorded three price decrease events in April 2023, falling 5% compared to end-Q1 2022 amid weak demand.