VEA - HOSE/HNX listing progress remains slow

- We attended VEA’s AGM on June 24. The meeting focused on the company’s restructuring plans and progress of moving its listing to HOSE or HNX.

- FY2021 cash dividend: VND4,038/share (yield of 10.3%), which is slated to be paid in H2 2022. VEA's FY2021 cash dividend trails our forecast of VND4,494/share mainly due to a potential provision of VND606bn (USD26mn — 10% of FY2021 standalone earnings) related to the parent entity's non-performing loans to its subsidiaries and associates.

- VEA guides for parent (separate) NPAT of VND4.5tn (USD196mn; -25% YoY) in FY2022, which is behind our projection by 23% mainly due to potential provisions related to non-performing associates and subsidiaries. VEA did not provide guidance for 2022 consolidated earnings.