- We provide an update on LAS following our last report, dated March 30, 2021. 

- In 2022, LAS’s net revenue was VND3.2tn (+13% YoY), which was the company’s highest revenue over the last four years. This performance was mainly due to (1) elevated fertilizer selling prices and (2) LAS diversifying its product portfolio and expanding into new markets during a period of reduced domestic fertilizer demand (see page 3).

- LAS targets 2023 PBT of VND120bn (+7% YoY) despite market difficulties in Q1 2023. We believe this is achievable thanks to our optimistic market outlook and LAS’s 9M 2023 results.

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