GEX - Strong electrical equipment expansion outweighs VGC’s weaker-than-expected performance, slight upside evident - Earnings Flash

• 29 Oct 2024
• Company Research

For 9M 2024, GEX recorded revenue of VND23.6tn (+8% YoY), reported NPAT-MI of VND1.1tn (+2x YoY), and core NPAT-MI of VND484bn (+4% YoY), completing 75%/92%/103% of our respective full-year forecasts. The 9M blended GPM was 18.4%, 1.7 ppts ahead of our 20