CTR - Towerco behind expectations; Construction beats our forecast - Earnings Flash

- CTR announced 9M 2023 results with revenue of VND8.1tn (USD330mn; +19% YoY) and NPAT-MI of VND373bn (USD15mn; +17% YoY), which achieved 76% and 73% of our respective full-year forecasts. As CTR’s 9M 2023 results were slightly lower than our expectations, we see a minor downside to our 2023 full year forecast, pending a more comprehensive review. 

- Towerco (estimated 30% of 9M 2023 EBITDA): Revenue and EBITDA in 9M 2023 completed 67% and 69% of our respective full-year forecasts, slightly trailing our expectations. CTR built 1,434 new towers in 9M 2023, fulfilling 62% of our 2023F forecast of 2,300 towers. As of September 2023, CTR owned 5,385 towers (+36% YoY) and had 177 shared towers (+79% YoY), which resulted in a tenancy rate of 1.03. 

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