- We attended VTP’s AGM in Hanoi on April 19. 

- For 2023, VTP guides for revenue of VND18.5tn (USD786mn; +15.1% YoY) and NPAT of VND376bn (USD16mn; +46.7% YoY), representing 99% and 103% of our respective forecasts. We note that VTP has a track record of missing its profit guidance. We currently see no immediate material risk to our forecast. 

- The AGM approved a FY2022 cash dividend (to be paid in 2023) of VND1,150/share (yield of 3.7%) and stock dividend of 7.61% to be executed in 2023. The AGM also approved a FY2023 cash dividend of VND1,500/share.

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