TPB released robust 2021 results with PPOP of VND8.9tn (USD389mn; +45.0% YoY) and bottom-line net profit of VND4.8tn (USD210mn; +37.6% YoY), completing 105% and 121% of our forecasts, respectively. The increase in NPAT-MI was mainly driven by (1) a 30.5%