- 110 shareholders representing 74% of voting rights attended PC1’s AGM on April 26. 

- The AGM approved 2023 guidance for revenue of VND9.45tn (+13% YoY) and NPAT before MI of VND511bn (-3% YoY). PC1’s chairman explained the low NPAT guidance is due to provision for financial expenses as well as bad debt from EVN and clients. In addition, the chairman expects weak NPAT in H1 2022 (~35%-40% of full year earnings).

- PC1’s NPAT before MI guidance is 44% lower than our full-year 2023 forecast as the company expects lower revenue from the power-related construction segment (~VND3.7tn vs our forecast of ~VND5tn) and a forex translation loss. We see downside risk to our 2023F earnings forecast, pending a fuller review.

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