CNG [NOT RATED] - LNG business to drive long-term outlook

- We provide an update on CNG following our last report, dated August 8, 2022.

- In H1 2024, CNG’s revenue dropped 7% YoY but gross profit surged 22% YoY, which was mainly due to a lower depreciation expense. However, GPM fluctuated from 5% in Q1 to 11% in Q2 2024 as CNG has applied a new price mechanism since January 2024 (see p.6).

- CNG targets the respective 2024G revenue/NPAT of VND3tn (-1.6% YoY)/VND89bn (-19.5% YoY) and completed 48%/52% of these targets in H1 2024.