* REE announced stellar Q4 2022 results with revenue surging 62% YoY to VND3.0tn (USD125mn) and reported NPAT-MI of VND719bn (USD30mn; -9% YoY). We attribute the discrepancy between top-line and bottom-line growth to the weak YoY results of the real estate segment. 

* In Q4 2022, the power segment’s NPAT-MI rose 19% YoY, which were mainly driven by (1) preferable rainfall conditions and (2) solid contributions from three wind power projects. The M&E segment and water segment’s NPAT-MI increased 47% YoY and 44% YoY, respectively. Meanwhile, the office leasing & real estate segment’s NPAT-MI slumped 61% YoY to VND116bn due to a 93.3% YoY plunge in real estate earnings.

* 2022 NPAT rose 45% YoY due to robust earnings from all segments except real estate. 

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