- GVR announced Q3 2023 results with revenue of VND6.2tn (USD258mn; +6% YoY and +49% QoQ) and NPAT-MI of VND313bn (USD13mn; -63% YoY and -44% QoQ). GPM was down to 19.9% in Q3 2023, from 23.1% in H1 2023 and 25.1% in 2022 as GPM of the rubber segment continues trending down. 

- In 9M 2023, GVR’s revenue declined 11% YoY to VND14.5tn (USD604mn), while its NPAT-MI fell 51% YoY to VND1.4tn (USD59mn), representing 61% and 44% of our respective full-year forecasts. Pending a more thorough review, we anticipate potential downside risk to our 2023F forecast. The GPM has been more severely affected during this period of global consumption slowdown than we initially expected.

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