HSG - Cautious FY2023 guidance on uncertain demand outlook - AGM Note

- We attended HSG’s annual general meeting (AGM) in HCMC on March 10, 2023.

- HSG’s management set FY2023 guidance (HSG’s financial year-end is September 30) with two scenarios for FY2023 NPAT-MI of VND100bn (USD4.2mn) and VND300bn (USD12.7mn) vs FY2022’s actual NPAT of VND251bn (USD10.6bn). These NPAT scenarios are substantially lower than our forecast of VND1.3tn (USD54.0mn). 

- Management disclosed preliminary Q2 FY2023 results with net profit of around VND50bn (USD2.1mn), implying a H1 FY2023 net loss of around VND630bn (USD26.7mn).

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