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CTR - Earnings in line with our forecast - Earnings Flash

- CTR announced its full-year 2022 results with revenue of VND9.4tn (USD384mn; +26% YoY) and NPAT-MI of VND444bn (USD18mn; +18% YoY). This robust revenue growth was led by strong growth from the towerco (+56% YoY), construction (+26% YoY) and operation (+20% YoY) segments. CTR’s revenue and NPAT-MI in FY2022 fulfilled 104% and 100% of our respective full-year forecasts. 

- In Q4 2022, CTR’s revenue was VND2.5tn (USD108mn; -3% QoQ; +28% YoY) and its NPAT-MI was VND124bn (USD5mn; -3% QoQ; -5% YoY).

- Towerco (estimated 24% of 2022 EBITDA). Towerco revenue and EBITDA in Q4 and FY2022 experienced robust YoY growth that was driven by an increased number of telecom towers and expansion of telecom infrastructure. CTR’s own tower count jumped from ~2,400 at YE2021 to 4,286 at YE2022. On QoQ basis, towerco revenue grew 9%, whereas its EBITDA was flat. Additionally, the tenancy rate was 1.03 in FY2022, which was in line with our expectation.

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