- We provide an update on VPG following our last report, dated June 1, 2021.

- NPAT-MI declined further in 2023 by 69% YoY (vs -85% YoY in 2022). We attribute the reduction mostly to weak coking coal and iron ore & pellet demand and rising financial costs. 

- We anticipate a rebound in VPG’s profitability in 2024, driven by (1) higher revenue from coal and iron ore & pellets due to increasing demand, (2) sales from the Royal River City townhouse project, and (3) easing financial expenses amid a lower interest rate environment (see p.9-10).

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