- VTP announced its Q3 2023 results with revenue of VND4.8tn (USD195mn; -3% QoQ & -7% YoY) and NPAT-MI of VND103bn (USD4.2mn; +5% QoQ & +82% YoY). We attribute the decrease in revenue to the drop of the trading segment which was partly offset by resilient growth in the service segment. On the other hand, we believe that the improvement in profitability was driven by a higher gross profit margin, which outweighed the increase in SG&A expenses.

- 9M 2023 results show a revenue of VND14.5tn (USD589mn; -12% YoY) and NPAT-MI of VND276bn (USD11mn; +7% YoY), achieving 78% and 75% of our respective full-year forecasts. We see no material risk to our current projection, pending a more extensive review. 

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