• NPAT in Q3 2022 recorded a strong growth with VND 1,918 billion, up 55% YoY. For 9 months, NPAT reached VND 5,141 billion, up +31% YoY. VEA’s NPAT was contributed most by the income from joint ventures, which reached VND 4,615 billion, up +33% YoY, approximate to VND 4,972 billion in 2019.
• Motorbike sales recover back to the highest point in 2019, meanwhile auto sales indicate strong growth compared to pre-Covid level.
• Except Q1 2022, when most of the measures were maintained, starting in Q3, motorbike sales grew strongly to make up for the loss of sale in previous quarters. In 10 months, total motorbike sale reached to the point equivalent to 2019 level, with total of 1.93 million units sold, compared to approximate of 2 million vehicles in 2019, up + 26.4% YoY.
• In 10 months 2022, Toyota sold about 74 thousand vehicles, Honda sold about 26.8 thousand vehicles and Ford sold over 19.5 thousand vehicles.

We recommend Buy for VEA stock. Our target price is VND57,300/share.