- HDG released Q3 2022 results with revenue of VND837bn (+32% YoY) and NPAT-MI of VND251bn (+10% YoY). The robust revenue growth was driven by the energy (+161% YoY) and office leasing segments (+71% YoY), which outweighed lower revenue from the real estate segment. In Q3 2022, HDG handed over 14 units at the Charm Villas project compared to 55 units in H1 2022. HDG’s lower bottom-line growth compared to top-line growth is due to higher interest expenses from new power capacity that came online in late 2021 and higher minority interest. 

- 9M 2022 NPAT after MI was VND873bn (+53% YoY), completing 65% of our 2022F forecast. We attribute the resilient NPAT growth to the strong performance of the energy and office leasing segments as their gross profit completed 82% and 96% of our respective full-year forecasts. 

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