TPB released its results for Q1 2024 with TOI of VND4.7tn (USD187mn; +28% YoY) and NPAT of VND1.5n (USD58mn; +3.5% YoY), achieving 28.9% and 25.2% of our full-year forecasts, respectively. On a QoQ basis, Q1 2024 NPAT increased 196% QoQ, which shows a str