VNM released its Q1 2023 results, including revenue of VND13.9tn (USD592mn; flat YoY) and NPAT-MI of VND1.9tn (USD79mn; -18% YoY), completing 23% and 19% of our respective full-year forecasts.
- While revenue was in line with our expectations, NPAT-MI tracked behind our expectations. As such, we see potential downside risk to our 2023 earnings forecast for VNM, pending a fuller review.