HPG-Earnings Review-HOLD-2Q22 Net margin squeezed
HPG’ revenue increased 6.6% yoy to VND37,422bn in 2Q22 driven mainly by steel segment while agriculture and real estate segment revenue dropped 28% and 65% yoy, respectively. The 2Q22 NPAT-MI posted VND4,032bn, -58.5% yoy. The 6M22 results fulfil 45%/37% our Revenue/NPAT-MI forecasts. Although the result is below our forecast, we believe the mismatch is caused by the value of inventory provisions and forex losses.