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In 1QFY24, CTD's revenue rallied by 32.5% yoy and 14.09% qoq to VND4.1tn. Doubled their NPAT to VND66.6bn (+121% qoq), a clear improvement over the 3Q22 loss of VND3.5bn. The company’s gross margin stood at 2.4%,-0.4%p qoq, but + 1.4%p yoy. We maintain a BUY rating on CTD with a TP of 79,500, implying a +52.5% upside buy as the initial report (August 16, 2023).

In 3Q23, revenue recorded VND2,220bn, which is a significant drop of 62% yoy. Main reason was due to the decline in EPC business revenue. The mining business fared well after it started running in 3Q23. Even though it's still in the first phase and not quite at full capacity, the profit number is pretty good (gross margin: 33%). Also, we think PC1 will gain a lot from Power Master Plan 8 when it is the top company in wind power plans and transmission line building.

3Q23 PBT rallied +19.6%yoy to VND9,051bn mainly thanks lower provision expense (-46%yoy) and operating expenses (-18%yoy). 9M2023 PBT climbed +18.5%yoy to VND29,550bn, equalling 69% of 2023 PBT guidance and 71% of our forecasts.

NKG’s revenue inched down 3.7% yoy and slid 22.5% qoq to VND4,262bn in 3Q23 due to the weak demand. The 3Q23 NPAT posted a VND23.6bn (-81.1% qoq), an improvement over the 3Q22’s loss of VND418.7bn. 2Q23’s gross margin of 9% halved to 4.8% in 3Q23

HPG’ revenue decreased 16.5% yoy to VND28,484bn in 3Q23 while only edged down 3.4% on the qoq basis, NPAT posted VND2,000.4bn (+38.2% qoq) an improvement over 3Q22 loss of VND1,785.7bn. Thanks to the lower COGS (-24.8%yoy, -5.4% qoq), the gross margin was raised to 12.6% in 3Q23 (+1.8%p qoq, +9.7%p yoy) despite lower ASP.

HSG’ revenue increased slightly by 2.1% yoy to VND8,1tn in 4QFY23, NPAT posted VND438.4bn (+2,987% qoq), a significant improvement compares to previous year loss. Overall, in FY23, HSG earned a total VND31.6tn (-36%yoy) in Revenue and VND28.3bn (-90.8% yoy) in NPAT, fulfilling 87%/9.4% of the company annual guidance.

In 3Q23, VGC recorded revenue of VND3.5tn (-11.7% qoq, +22.4% yoy) and a NPAT of VND433.6.6bn (-47.3% qoq, +168.2% yoy) The company process a blended gross margin of 30.8%, a noticeable improvement compares to 3Q22 25.5%. As of 9M23, the company earned an accumulated VND10.2tn in revenue and VND1.2tn in NPAT, fulfilling 64%/100% of their annual guidance.

On October24, POW organized the analyst meeting. In 9M23, revenue and NPAT was VND21,119bn and VND861bn, respectively. The volume in 9MQ23 was 11,149mn kWh (+10% yoy), which fulfilled 71.5% of the 2023 plan. In 4Q23, we estimate revenue and NPAT to be VND7,390bn (+40% qoq, -4% yoy) and VND235bn (+684% qoq, -68% yoy), respectively.

We tuned in to VIC’s analyst meeting on Oct 31 which featured the strategic visibility on Vinfast and shed some colors on its 3Q23 operational updates. Vingroup’s 3Q23 NPAT was resilient at VND567.3bn (12% yoy, 169.3% qoq), thanks to a combination of the brisk revenue growth of 68% yoy, 1.7% qoq to VND47.9tn and other income of VND6,619bn. However, the NPATMI was in red territory at VND669bn.

On Oct 24, we attended VHM’s 3Q23, and the presentation covered how the “King” fared better. VHM announced the 3Q23 results with a VND32.5tn revenue (82.6% yoy) and a VND10.7tn NPATMI (-26.2% yoy) in light of the absence of bulk sale transaction in financial income of VND10.9tn in 3Q22. VHM rock the market with its 9M23 revenue of VND94.tn, and NPAT of VND32.4tn, completion of 94/106% of their full-year estimate.