VNM announced its Q1 2022 results, including revenue of VND13.9tn (USD603mn; +5% YoY) and NPAT-MI of VND2.3tn (USD99mn; -12% YoY), representing 21% and 21% of our respective full-year forecasts. We see potential downside risk to our current forecasts as we believe there has been more intense material cost inflation for VNM in 2022 than in 2021, pending a more extensive review.

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