KDH reported H1 2022 net revenue of VND875bn (USD38.1mn; -55% YoY) and NPAT-MI of VND631bn (USD27.4mn; +34% YoY), which fulfilled 34% and 45% of our respective full-year forecasts. We attribute the 55% YoY decline in H1 2022 net revenue mainly to the YoY