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Total Mar steel sales volume posted 83,590 tonnes, increasing by 23.4% mom but -17.8% yoy. The 3M23 total sales volume came in at 194,698 tonnes, -24.3% yoy.

Total Mar steel sales volume posted 567,651 tonnes, decreasing by 39.1% yoy but increasing by 3.3% mom. The total Mar domestic sales volume rised by 0.9% mom to 487,134 tonnes.

Sao Ta Foods secured in the Top 3 Vietnamese shrimp exporters with USD217.7mn export value (in 2022). Although our outlook on the shrimp industry in 2023 would slow down, we believe Sao Ta Food could increase 5.8% yoy revenue and +16.4% yoy NPAT in 2023. In the other hand, the capacity increase and farming system expansion would be the long-term drivers. As such, we initiate FMC with a BUY rating on stable growth, sustainable strategy in long-term prospect .

We initiate our coverage on PV GAS (GAS VN) with a BUY rating and target price of VND117,700 implying a 18.8% upside by using a DCF (70%) and PE (30%) methodology. In DCF method, we calculate the fair value of VND122,500/share with implied long-term growth of 4.0%, and WACC of 11.5%. With PE method, our target price is based on an average 2023-25F P/E of 18x. GAS is our top pick in oil & gas sector thanks to strong growth potential based on the high demand for natural gas and LNG in Vietnam. The risks of GAS comprise a drop of oil prices and delaying projects.

We initiate our coverage on PVD with a BUY rating and target price of VND28,850 implying a 37.8% upside by using a DCF (70%) and PB (30%) methodology. In DCF method, we calculate the fair value of VND29,400/share with implied long-term growth of 3.0%, and WACC of 12.3%. Our target price is based on an average 2023-25F PB of 1.0x arose from PVD’s firm position to benefit from rising demand for drilling in Southeast markets. The most significant risk of PVD is a drop of oil prices weighting on day rates and outlook.

PVT targets a conservative 2023F plan with VND6.8tn revenue (-24.4% yoy), and a VND538bn PAT (-53.5% yoy), however, the management is confident to exceed the plan. Capex in 2023F is estimated to be VND4.1tn mainly including the new 6 ships buying cost, Capex was financed by 35% equity and 65% debt.

TNG posted a positive Mar performance with revenue of VND561bn (+35.8% yoy, +50% mom). Nonetheless, the rosy Mar could not save 1Q23. Specifically, 1Q23 revenue came in at VND1,333bn (+6% yoy but -12% qoq). Therefore, the company fulfilled 18% of its 2023F planned revenue in 1Q23. The 1Q23 revenue growth is largely attributable to the US market.

On Mar 30, Hoa Phat Group (HPG) held the Annual General Meeting. The company targets a VND150,000bn revenue and a VND8,000bn NPAT amid weak demand. The company has been approved to not pay dividends for 2022.

Total Feb steel sales volume posted 67,738 tonnes, increasing by 56.2% mom and 9.7% yoy. The 2M23 total sales volume came in at 111,108 tonnes, -28.6% yoy. In which, the steel coat volume declined 33.7% yoy to 85,285 tonnes and the steel pipes volume was down by 4.2% yoy to 25,823 tonnes.

Total Feb steel sales volume posted 549,767 tonnes, decreasing by 30.6% yoy but increasing by 18.5% mom. The 2M23 total finished-product sale volume dropped significantly to 1,013,881 tonnes, -32.2% yoy. Of which, all products sale volumes declined due to high base in 2022.