- MWG released its Q4 2022 results, including revenue of VND30.6tn (USD1.3bn; -15% YoY) and NPAT of VND619bn (USD26mn; -60% YoY). For 2022, MWG’s net revenue was VND133tn (USD5.7bn; +9% YoY) while its NPAT was VND4.1tn (USD174mn; -16% YoY), completing 98% and 96% of our respective full-year forecasts and behind our expectations mainly due to (1) weaker-than-expected demand for smartphones and accessories as well as (2) a larger-than-expected loss at Bach Hoa Xanh’s (BHX) leading to higher-than-expected taxable profit for MWG.

- The above results imply net revenue of VND9.7tn (USD412mn; -22% YoY) and NPAT of VND104bn (USD4mn; -79% YoY) in December 2022.

- The Gioi Di Dong (TGDD) and Dien May Xanh’s (DMX) aggregate revenue dropped 26% YoY in Q4 2022 mainly due to (1) the high base in Q4 2021 after the relaxation of social distancing measures in October 2021, in addition to (2) weak consumer spending in Q4 2022 in the aftermath of the deterioration of export activities since late-Q3 2022.

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