MWG announced Q1 2022 results with revenue of VND36.5tn (USD1.6bn; +18.3% YoY) and NPAT-MI of VND1.4tn (USD63mn; +8.0% YoY), representing 24% and 21% of our respective full-year forecasts. We see no material change to our forecasts, pending a more extensive review. These results imply revenue of VND11.1tn (USD482mn; +21.7% YoY) and NPAT of VND368mn (USD16mn; +8.2% YoY) in March 2022.