LHG reported Q4 2022 results with revenue increasing 62% YoY to VND103bn (USD4.3mn) and NPAT-MI rising 21% YoY to VND30bn (USD3.4mn). The top-line growth in Q4 2022 was mainly driven by IP land sales recognition of VND32bn (USD1.3mn) vs no such revenue in Q4 2021, while the bottom line was partially dragged by a YoY surge in SG&A expenses.

- In Q4 2022, IP land sales GPM was 60% vs 38% in 9M 2022 as GPM in Q2 2022 was abnormally low at 18% due to cost revision. 

- We note that LHG has not released details in terms of IP land sales area as well as average selling price (ASP) in 2022. However, we estimate that LHG could recognize around 7 ha of IP land sales in 2022, which is behind our expectation of 10 ha. 

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