- HSG posted a large divergence between revenue and NPAT-MI QoQ growth in Q4 FY2023, with revenue falling 6% QoQ while NPAT-MI surged to VND438bn (USD18.3mn) from VND14bn (USD0.6mn) in Q3 FY2023. 

- The divergence between revenue and NPAT-MI growth in Q4 FY2023 was driven by 1) gross margin expanded to 13.2% from 10.3% in Q3 FY2023, 2) SG&A expenses on sales dropping to only 7.7% from 9.7% in Q3 FY2023, and 3) a net FX gain of VN89bn (USD3.7mn).

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