- PC1 published Q1 2022 results with NPAT-MI of VND15bn (-89% YoY) as (1) weak earnings from the power generation and electric steel pole manufacturing segments outweighed increased earnings from the power construction segment, (2) financial expenses surged 75% YoY due to higher interest rates, and (3) minority interest jumped 39% YoY.

- Gross profit from the power generation segment declined 22% YoY to VND223bn mainly due to significantly lower hydropower sales volume in Q1 2023, which was a result of lower rainfall compared to Q1 2022. Nevertheless, Q1 2023 gross profit from the power generation segment was in line with our expectation, completing 23% of our full-year forecast.