- SIP announced Q2 2023 results with revenue of VND1.7tn (USD70mn; +3% YoY) and NPAT-MI of VND237bn (USD10mn; -8% YoY). The top-line YoY increase was mainly due to a 5% increase in revenue for the energy & water services segment. Meanwhile, the bottom-line YoY decline was primarily due to GPM declining by 1.5 ppts to 11.5% and higher financial expenses.

- In H1 2023, SIP’s revenue was flat YoY at VND3.1tn (USD130mn) while its NPAT-MI declined 17% YoY to VND403bn (USD17mn), representing 47% and 42% of our respective full-year forecasts. Pending a fuller review, we foresee slight downside risk to our 2023F forecasts as H1 2023 GPM and financial expenses were both behind our expectations.

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