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GTJASVN_INN EquityReport_AM 2022 update_April2022

18/04/2022

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Agriculture packaging and printing (INN VN)_Annual meeting 2022 update

  • INN’s revenue and NPBT guidance for 2022 are VND 1,500 billion and VND 95 billion. BOD continue to complete the management team and administration in Hung Yen new factory. Hung Yen project phase 3 has total area of 2 ha, including 2 floor of manufacturing area, 12,500 sqm each floor, 2,000 sqm for building and warehouse, parking lot… Now, Hung Yen factory focus on expanding paper packaging with 3 lines of offset printing already set up and running at full capacity. Other 5 lines will be in operation in next 3-4 years depending on customer demand.
  • Paper price reduced slightly in Q4 2021 but rocket after Ukraine-Russia war in March. While negotiation power is fading due to intensive competition and end user products consumption are reducing, it is difficult to pass on higher cost.
  • In Q1/2022 INN’s revenue estimated about VND 379 billion (+23.8% YoY). NPBT is estimated about VND 22 billion.
  • BOD set the plan to reduce cost per unit, which is important to remain competitive.
  • The biggest client of INN, which is Thang Long cigarette, ask for no selling price increase until the end of Q2/2022.
  • Media Mart, which is currently renting property in Truong Chinh building, is negotiating for 50% reduction in rent due to business difficulty.

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