SAB announced H1 2023 results with revenue of VND14.5tn (USD618mn; -11% YoY) and NPAT-MI of VND2.1tn (USD90.5mn; -25% YoY). We attribute the decline in earnings to (1) weak consumer spending on discretionary products resulting from economic headwinds and (2) high input costs and SG&A expenses.

H1 2023 revenue and NPAT-MI fulfilled 44% and 43% of our respective full-year forecasts. As such, we see potential downside risk to our current projections, pending a fuller review.

In Q2 2023, SAB’s revenue was VND8.3tn (USD354mn; +33.8% QoQ & -8% YoY) and its NPAT-MI was VND1.2tn (USD49.3mn; +19.8% QoQ & -30% YoY). 

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