Vietnam Earnings Update - Moderate downside risk to earnings forecasts

Aggregate Q1 2023 NPAT-MI for our coverage universe declined 12% YoY and achieved 22% of our full-year 2023F aggregate forecast. Excluding stocks listed on HNX and UPCoM, aggregate Q1 2023 NPAT-MI for our HSX-listed coverage also declined 12% YoY and achieved 23% of our full-year 2023F aggregate forecast. Our analysts will update their numbers over the next few weeks, and we believe the balance of risk to 2023F forecasts is skewed to the downside. However, we maintain our VN-Index target for 2023 at 1,300 and our provisional target for 2024 at 1,500

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