REE announced Q3 2022 results with revenue surging 104% YoY to VND2.2tn (USD91mn) and NPAT-MI nearly tripling YoY to VND681bn (USD28mn). We attribute these stellar results to REE’s hydropower portfolio as well as its office leasing segment.

In Q3 2022, the power segment’s revenue doubled YoY and its NPAT-MI quadrupled YoY, which was mainly driven by the solid performance of Vinh Son – Song Hinh JSc (VSH)and REE’s hydropower generation associates.

The office leasing segment’s revenue increased 35% YoY while its NPAT-MI doubled YoY in Q3 2022. We note that REE cut its office rents and service fees by 20% in Q3 2021 to support its tenants during COVID-19 social distancing restrictions.