Aggregate H1 2022 NPAT-MI for our coverage universe grew 26% YoY and achieved 50% of our full-year 2022F aggregate forecast. Excluding stocks listed on HNX and UPCoM, aggregate H1 2022 NPAT-MI for our HSX-listed coverage grew 20% YoY and achieved 47% of our full-year 2022F aggregate forecast. Weaker external demand and input cost pressures from higher commodity prices and inflation pose potential earnings headwinds for some companies in H2 2022 and we anticipate modest interest rate increases totaling about 100 bp by the end of 2023. However, we continue to believe that the 20% decline in the VN-Index in Q2 2022 overly discounts likely downside risk to forward earnings. We view the Vietnamese market as cheap on a Bloomberg consensus 12-month forward P/E of just under 11x.

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