TPB released Q1 2022 results with TOI of VND3.6tn (USD157mn; +29.2% YoY) and bottom-line net profit of VND1.3tn (USD56mn; +14.2% YoY), achieving 22.1% and 18.8% of our FY 2022 forecasts, respectively. The increase in NPAT was mainly due to (1) a 25.1% YoY