- SAB announced its full-year 2022 results with revenue of VND35tn (USD1.5bn; +33% YoY) and NPAT-MI of VND5.2tn (USD222mn; +42% YoY). SAB's 2022 revenue and NPAT-MI fulfilled 99% and 93% of our respective 2022 forecasts.

- In Q4 2022, SAB’s revenue was VND10tn (USD431mn; +11% YoY) and its NPAT-MI was VND1.0tn (USD44mn; -21% YoY). 

- In terms of beer revenue, Q4 2022 results were solid (+11% YoY) given a normal base in Q4 2021 when social distancing measures were relaxed in Vietnam. We believe SAB’s full-year results were slightly behind our forecast due to weaker-than-expected consumer spending during the Tet Holiday.

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