- H1 2023: Net revenue declined 20% YoY to VND56.6tn (USD2.4bn) and NPAT-MI plunged 98% YoY to VND39bn (USD2mn), completing 50% and 3% of our respective full-year forecasts. While revenue was in line with our expectation, the NPAT-MI result was behind our forecast mainly due to the weaker-than-expected profitability of MWG’s ICT business. As such, we foresee a downside risk to our 2023F earnings forecasts, pending a fuller review.

- Q2 2023: MWG’s net revenue increased 9% QoQ to VND29.5tn (USD1.2bn). Meanwhile NPAT-MI dropped 18% QoQ to VND17bn (USD1mn), which was mainly dragged by lower profit from TGDD (The Gioi Di Dong) and DMX (Dien May Xanh) and partly offset by upbeat net financial income.

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