NT2 released its Q4 2022 results with revenue of VND1.9tn (USD81.4mn; +18% YoY), reported NPAT-MI of VND5bn (USD0.2mn; -96% YoY) and adjusted NPAT-MI of VND55bn (USD2.3mn; -54% YoY). In our view, the weak NPAT was due to 13% YoY increase in maintenance ex