VIC - Hospitality improvement, divestment gains in Q1 2022

VIC announced Q1 2022 revenue of VND18.2tn (USD1.5bn; -22% YoY) and NPAT-MI of VND2.5tn (USD107mn; +17% YoY) that was supported by (1) the improved operational performance of the leasing and hospitality segments and (2) divestment of non-core businesses, including the partial sale of One Mount Group (OMG). We foresee upside risk to our 2022 earnings forecast as we have not factored in the stake sale of OMG; meanwhile, the Q1 2022 EBIT performances of all segments were mostly in line with our expectations. Details on our forecasts can be found in our latest VIC Update Report, dated March 9, 2022.