31
10月
Despite the decent growth of revenue to VND2,168bn (+73% yoy) in 3Q22, NT2’s net profit dropped 27% yoy to VND199bn mostly due to the incurring of VND187bn from bad debt provision related to receivables from EPTC. Overall, the revenue and PAT in 9M22 were VND6,863bn (+52% yoy) and VND724bn (+75% yoy) and fulfilled 84%/155% its full year guidance.
31
10月
BSR released its 3Q22 financial statement with revenue of VND39.6tn (+123.8% yoy, -24.5% qoq) driven by solid volume and selling prices hike. However, 3Q22 NPAT dropped sharply to VND479bn (- 95% qoq, -0.5% yoy) compared to the high base of all time in 2Q22 due to lower gasoline & diesel crack spreads and a surge in inventory provision (VND656bn in 3Q22 vs VND173bn in 3Q21).
31
10月
In 3Q22, Petro Vietnam Fertilizer (DPM) recorded a decent business result vs 3Q21 but still lags behind when compared with 2Q22. DPM reported a revenue of VND3,885bn (+37.6% yoy, -22.5% qoq) and VND1,001bn NPAT (58.9% yoy, -25.2% qoq). 9M22 revenue and PBT were VND14,727bn (+91% yoy) and VND5,369bn (+200% yoy), fulfilling 85%/130% of the full-year guidance.
31
10月
HPG’ revenue decreased 11.8% yoy to VND34,103bn in 3Q22 driven mainly by steel segment. The 3Q22 NPAT-MI posted a loss of VND1,784bn. In 3Q22, the revenue growth was negatively affected by lower average selling price (construction ASP: -10.8% qoq) and weak final-product sales volume given the low base in 3Q21 (+6.1% qoq, +8.5% yoy).
31
10月
NKG’ revenue decreased significantly 41.3% yoy to VND4,424bn in 3Q22 driven mainly by the weak global demand. In which, the total export volume in 3Q22 dropped to 82,532 tonnes, -63.3% yoy, -52.4% qoq. The 3Q22 NPAT-MI posted a loss of VND418.6bn whilst the gross profit was negative.
28
10月
Strongly recovered from lockdown period, VRE’s net revenue in 3Q22 rose sharply by 154.7% yoy to VND2tn. Net profit in 3Q22 increased by 3,156% yoy to VND794bn. GPM improved significantly from 17% in 3Q21 to 52% in 3Q22 due to deduction of rental fee to support lessees during Covid-19 in 3Q21. Up to 3Q22, VRE has respectively fulfilled 65% and 81% of revenue and NPAT guidance.
28
10月
HAG posted 3Q22 business results with a VND1,441bn revenue (+160% yoy, +17% qoq), and a VND370bn NPAT (+16x yoy, +40% qoq). In detail, revenue from fruits were VND577bn (-10% qoq, +162% yoy), followed by pigs with VND540bn (+108% qoq, +195% yoy), and others with VND324bn (-2% qoq, +115% yoy) in 3Q22.
28
10月
In 3Q22 Vinhomes recorded the VND14.4tn NPATMI, +29.8% yoy, +28.4x qoq thanks to a VND10,923bn financial income from the bulk sale transactions in Empire and Crown projects. In addition, Empire project contributed a VND13.2tn out of VND14.4tn property revenue, prompting a VND17.8tn total revenue in 3Q22.
26
10月
On Oct 25, TRA announced 3Q22 business results with a VND604bn revenue (+6.4% yoy, +2.4% qoq) and a VND77bn NPAT (+8.3% yoy, -10% qoq). Gross margin fell from the peak of 62.2% in 2Q22 to 56.5% (+4.4%p yoy) in 3Q22. In 9M22, TRA posted revenue/NPAT of VND1,818bn (+14.4% yoy) and VND251bn (+28% yoy), respectively, fulfilling 78%/88% of full-year guidance.
25
10月
Ca Mau Fertilizer (DCM) issued 3Q22’s business results on Oct 24, posting a VND3,307bn revenue (+83% yoy, -19% qoq) and a VND731bn NPAT (+95% yoy, -30% qoq). After hitting the peak of 48.5% in 1Q22, the gross margin fell steadily and reached 30.5% in 3Q22 (-2.68%p qoq and -1.73%p yoy).
24
8月
U.S July Retail sales and Vietnam T&G exports According to the latest data from the U.S. Census Bureau, retail sales in the U.S. increased by 0.7% MoM in July of 2023, marking a fourth consecutive rise, and beating market forecasts of a 0.4% increase. In more detail, US clothing store sales grew 1.34% YoY in July, slightly decelerated from 2.69% in June, but remain higher than the one-year slowest growth of 0.32% in April. The potential upturn in US clothing sales, given a relatively strong correlation with Vietnam T&G exports, subsequently benefiting this export sector in the latter half of 2023.
02
8月
July’s data revealed a substantial improvement in economic activities with a softer decline in export turnover, an improving industrial production, and a renewed acceleration in retail sales. On one hand, U.S. consumers tend to regain their confidence during the late phase of the global interest rate hike, fastening the resolution of the overstocking and consequently promoting Vietnam’s export activities. On the other hand, retail sales recorded a higher growth rate than in June coupled with moderate inflation after a series of easing fiscal policies, likely reflecting an expanding demand. We predict economic performance to improve further next month due to softening external headwinds and expanding domestic demand.
28
7月
Although the economic performance picked up in 2Q23 in the late stage of the global interest rate hike, we believe that the acceleration of economic activities will need more time to be material due to the insignificant improvement of external factors and the weakening recovery in domestic consumption. On the upside, public investment will continue to be a spotlight in 3Q23 thanks to the government's effort in realizing the significantly higher workload than last year. In addition, the well-controlled inflation and stable exchange rate provide more space for the monetary authority to follow the easing tendency in the next quarter.
13
7月
Although the economic performance picked up in 2Q23 in the late stage of the global interest rate hike, we believe that the acceleration of economic activities will need more time to be material due to the insignificant improvement of external factors and the weakening recovery in domestic consumption. On the upside, public investment will continue to be a spotlight in 3Q23 thanks to the government's effort in realizing the significantly higher workload than last year. Investment opportunities exist in Power and Agriculture, Seafood industries that backed by El-Nino and China consumption themes. Besides, crushed stone industry also offers a lucrative choice from 3Q23 for those investors seeking for rising public spending theme. We expect the target range for VNIndex in 2H23 to be 1,260-1,340 points.
30
6月
GSO’s June report shows a slight acceleration in economic performance for the second quarter of 2023. Although the economic growth surpassed the downgraded market assessment, it is far from the expected value in the eco-socio tasks. For the latest update in June, export activities deteriorated under the persistent slowdown in the consumption of Vietnam’s major trading partners, showing challenges for the economy to speed up. Regarding domestic factors, the recovery momentum in post-pandemic exhausted with retail sales much lower than the potential level. In the short term, we predict public investment will mainly support economic growth before material improvement in external factors occurs.
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