We attended NKG’s AGM on April 26 which was also the day when NKG reported its Q1 2024 results with net sales of VND5.3tn (USD212mn; +19% QoQ, +21% YoY) and NPAT-MI of VND150bn (USD6mn; +569% QoQ, vs a loss of VND49bn/USD2mn in Q1 2023). Overall, we see t