VHM - Ocean Park 2 & 3 are key drivers for 2023 earnings growth

- We attended VHM’s annual general meeting (AGM) on April 27.

- Shareholders approved 2023 guidance for revenue of VND100.0tn (USD4.2bn; +60% YoY) — in line with our forecast — and NPAT of VND30.0tn (USD1.3bn; +3% YoY). This earnings guidance is 9% lower than our forecast for 2023F NPAT of VND33.1tn (USD1.4bn; +14% YoY). VHM’s 2020/2021/2022 NPAT achieved 91%/111%/97% of the guidance approved at each respective year’s AGM.

- Shareholders approved no dividend payment for FY2022.