LPB – Better-than-expected 1Q20 but high growth is unlikely for FY20F – Update

1Q23 net profit (NP) declined by 12.5% yoy to VND1.2tr, fulfilling 26% of our full-year forecast. Given solid 1Q23 results, we maintain our FY23-24F earnings forecasts at VND4.9tr/5.6tr, respectively, which imply solid earnings growth of 8%/16% from high base in…

1Q23 net profit dropped by 84.4% yoy, fulfilling only 2.3% of our full-year forecast due to land clearance delay. We expect NP to grow at 30.3% FY23-24F CAGR thanks to better-than-expected perfomance of industrial property and larger and larger contribution…

1Q23 net profit (NP) was almost flat yoy to VND215bn, fulfilling 21.5% of our full-year forecast. PDP8 highlights the priority in developing domestic gas-fired power and offshore wind power, implying the huge potential backlog for the leading offshore facilities contractor…