- VIC announced H1 2023 results with revenue of VND86.1tn (USD3.6bn; +172% YoY) and NPAT-MI of VND2.9tn (USD124mn; -50% YoY), completing 52% and 68% of our respective full-year forecasts. While the H1 2023 revenue and EBIT of most businesses were broadly in line with our expectations, we foresee slight downside risk to our earnings forecast for the hospitality segment. 

- H1 2023 EBIT was VND2.8tn (USD120mn) vs H1 2022’s EBIT loss of VND15.6tn (USD660mn) and was mainly supported by (1) strong YoY earnings growth in the property sales and leasing segments and (2) a lower YoY EBIT loss from the industrial segment thanks to increased YoY EV deliveries and not having the one-off cost from ending internal combustion engine (ICE) vehicle production as in H1 2022.

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