CTG released Q1 2022 results with TOI of VND14.0tn (USD612mn; +8.9% YoY) and NPAT-MI of VND4.7tn (USD203mn; -27.8% YoY), achieving 22.4% and 21.4% of our respective FY2022 forecasts. Excluding the assumption for an upfront banca fee, Q1 2022 TOI and NPAT-