H1 2024 recap

VHM and VRE reported H1 2024 earnings broadly in line with our expectations as VHM/VRE’s H1 2024 NPAT-MI complete 40%/50% of our full-year forecasts, respectively. Additionally, VIC’s H1 2024 EBIT loss and FX loss were higher than our previous expectations. Please see more details of H1 2024 results in our Earnings Flash notes for VIC, VHM, and VRE. 

VIC secured refinancing plans for most of its exchangeable bonds (EBs) with a put option for bond holders in 2024 (see Page 6). These include (1) having repurchased a total of USD906.5mn EBs year-to-date, and (2) having reached an agreement with bondholders for the remaining USD252.5mn of the VIC/VinFast USD625mn EBs due 2027 to extend the early redemption by 18 months to October 2025.

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