- MWG released its Q1 2023 results with net revenue of VND27tn (USD1.1bn; -26% YoY) and NPAT-MI of VND21bn (USD1mn; -99% YoY), completing 23% and 1% of our respective full-year forecasts. While revenue was in line with our expectations, NPAT-MI fell behind our forecast. As such, we see downside risk to our NPAT-MI forecast, pending a fuller review. 

- In Q1 2023, MWG’s ICT chains significantly dragged its earnings with declines in revenue and net profit. Meanwhile, MWG’s grocery chain softened in sales/store but showed a marked improvement in profitability.

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