- We provide an update on TNH following our last report, dated July 5, 2023.

- 2023 NPAT-MI declined by 0.9% YoY, which was mainly due to increased costs for medicine and medical supplies, salary increases, and a higher effective tax rate (see p.4). 

- Q1 2024 NPAT-MI fell 39% YoY due to a reduction in patient visits and higher operating expenses focused on the upcoming TNH Viet Yen General Hospital (TNH Viet Yen).

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