- HDG released Q2 2022 results with NPAT after MI of VND362bn, which was ~20x higher vs Q2 2021 mainly due to the handover of the Charm Villas project as well as profit contributions from two new hydropower plants and one wind farm that entered operation in late 2021. 

- H1 2022 NPAT after MI was VND606bn (+78% YoY), completing 45% of our 2022F forecast. We anticipate a higher amount of real estate revenue to be booked in H2 2022. In addition, H2 is typically the peak season for hydropower and wind power. Therefore, we foresee insignificant change to our full-year earnings projection, pending a fuller review. 

- HDG plans to launch sales of Phase 3 of the Charm Villas project in Q4 2022, which helps to support our 2023 earnings forecast. HDG handed over 45 units in Q2 2022 and targets to hand over ~100 units in Q3-Q4 2022 — in line with our full-year expectation of ~150 units.