- REE announced Q2 2022 results with revenue and NPAT-MI surging 25% YoY and 56% YoY to VND2tn (USD87mn) and VND597bn (USD26mn), respectively, thanks to a surge in earnings from hydropower plants — especially Vinh Son Song Hinh Hydropower (HOSE: VSH) as REE consolidated VSH in April 2021.

- REE’s H1 2022 reported NPAT-MI was VND1.3tn (USD56mn; 61% YoY), completing 53% of our full-year forecast. We foresee upside risk to our full-year forecast due to higher-than-expected earnings from hydropower plants, pending a fuller review.

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