- We provide an update on LTG following our last report, dated February 9, 2021. 

- In 2022, the rice segment overtook crop protection chemicals (CPCs) as LTG’s largest revenue contributor (55% of total revenue), followed by CPCs (36%), packaging (1%) and others (2%).   

- 2022 NPAT-MI was VND412bn (-1% YoY), which was primarily due to (1) the lower revenue contribution from the high-margin CPC business and (2) higher interest and tax expenses.

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