VTP – Weak Q1 earnings due to lower-than-expected GPM despite improvement in revenue of core businesses – AGM Note & Earnings Flash

• 02 May 2024
• Company Research

Earnings Flash: * VTP announced its Q1 2024 results with net revenue of VND4.7tn (-2% YoY) and NPAT-MI of VND58bn (-23% YoY), fulfilling 34% and 15% of our respective full-year forecasts. Q1 revenue beat our expectation due to higher-than-expected trading