TPB released strong 2022 results with TOI of VND15.6tn (USD666.0mn; +15.5% YoY) and bottom-line net profit of VND6.3tn (USD267.0mn; +29.7% YoY), achieving 102.3% and 108.8% of our FY 2022 forecasts, respectively. The increase in NPAT was mainly driven by