- VTP announced its 2022 results with revenue of VND22tn (USD921mn; +1% YoY) and NPAT-MI of VND258bn (USD11mn; -13% YoY). We attribute the gloomy top-line result to a YoY decrease in trading activity (which is mainly comprised of phone cards) that dragged the strong 25% YoY growth of the services business. Meanwhile, we believe the decrease in the bottom line was due to the impact of higher fuel costs and restructuring expenses. VTP’s FY2022 revenue and NPAT-MI completed 97% and 72% of our respective forecasts.

- Q4 2022 revenue was VND5.2tn (USD224mn; -12% YoY) and its NPAT-MI was VND1bn (USD44,954; -98% YoY). 

- We believe the YoY decrease in Q4 2022 revenue was due to the (1) high base in Q4 2021 when social distancing measures were relaxed in Vietnam and (2) a supply shortage due to the disruption of production in China as a result of that country’s zero-COVID restrictions. However, on QoQ basis, revenue growth from the services business was 14% thanks to increased shopping demand ahead of the Tet Holiday. 

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