- NKG reported Q3 2023 revenue of VND4.3tn (USD177.6mn; -23% QoQ & -4% YoY) and NPAT-MI of VND24bn (USD8.5mn, -81% QoQ, vs a VND419bn/USD6.6mn net loss in Q3 2022).

- Weak Q3 results were driven by 1) NKG’s Q3 2023 galvanized steel sheet sales volume posting strong YoY growth of 36% from last year’s low base but slid 12% QoQ, and 2) gross margin compressing 4.8% after a strong recovery to 9.0% in Q2 2023.

- 9M 2023 revenue was VND14.1tn (USD589.0mn; -25% YoY) and NPAT-MI was VND110bn (USD35.0mn; -62% YoY). As NKG’s 9M 2023 revenue and NPAT-MI results trailed our expectations, we anticipate downside to our forecast as stated in our last Update Report, dated February 22, 2023, pending a more extensive review.

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