STB released its 2023 results with TOI of VND26.2tn (USD1.1bn; +0.1% YoY) and bottom-line net profit of VND7.7tn (USD319mn; +53.1% YoY), fulfilling 92% and 96% of our respective FY2023 forecasts. STB’s top-line growth was lower than our expectation due to