CNG – Brief – [NONRATED] – 3Q24: Disappointing bottom-line earnings

CNG’s 3Q24 top line saw decent growth, with selling volume increased by 24% and revenue upped by 26% yoy. However, the bottom-line NPAT declined by 7.6% owing to a poor-performing gross margin and higher SG&A. We also note that there is rising risks that gross margin can continue to remain low in upcoming periods.