• HVN reported Q1 2024 net revenue of VND28tn (USD1.1bn; +19% YoY). The company's Q1 2024 NPAT-MI was VND4.4tn (USD175mn), compared to the loss of VND104bn in Q1 2023. The revenue for Q1 2024 accounted for 24.4% of our full-year 2024 projection of VND115.