- PVS announced H1 2022 results with revenue of VND7.6tn (USD330mn; +33.5% YoY) and recurring NPAT-MI of VND180bn (USD10mn; -39.3% YoY) — the latter of which completed only 21.4% of our full-year forecast and trailed our expectation. 

- We attribute the revenue growth in H1 2022 to new mechanics & construction (M&C) jobs from international contracts, including the Gallaf Phase 2 & 3 gas project as well as Shwe and Hai Long wind power projects. Meanwhile, the drop in NPAT-MI was due to surging transportation, labor and material costs that squeezed M&C gross margin in the period.

- H1 2022 M&C gross profit declined 63.9% YoY and completed 10.8% of our full-year forecast. 

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