![PAN – Brief – [Non-rated] – 3Q22F revenue up 43% yoy](https://kisvn.vn/cn/wp-content/uploads/sites/3/2022/01/shutterstock_1187812387-scaled.jpg)
12
9月
PAN estimates 3Q22F business results with a VND3,643bn revenue (+13% qoq and +43% yoy) and a VND140bn NPAT (-39% qoq and +92% yoy). The gross margin could fall from 21% in 2Q22 to 18% in 3Q22F due to expensive input material prices. Overall, PAN could record a VND9,815bn revenue (53.3% yoy) and a VND537bn NPAT (131.7% yoy), fulfilling 69/65% of their annual guidance in 9M22F.
06
9月
PVD posted 1H22 results with VND2.7tn revenue (+60.9% yoy), and VND116bn loss (vs a loss of VND98bn in 1H21) since old drilling contracts were already signed in 2021 with low Jack-up (JU) day rates. The South East Asia drilling market started to warm and jack-up day rate improved significantly in late 2Q22 due to high oil prices. PVD expects the better JU day rate to improve its earnings from 3Q22F onward.
31
8月
Started from July 2020, DMX Supermini currently operates 1,000 stores in Vietnam by Aug 2022. DMX Supermini expects to earn revenue of VND12.5tn in 2022F and VND20tn in 2023F.
31
8月
The Covid-19 containment and back-to-school season bolstered TLG’s net revenue to VND2.2tn (35% yoy) in 7M22. Compared to the pre-pandemic operation in 1H19, 1H22 net revenue also upped by 22%. TLG targets the revenue of VND10tn in 2027F, by developing domestic market, growing export market, engaging in new business and focusing on more refreshed & creative products.
29
8月
In 1H22, BSR's net revenue and NPAT-post MI increased +78% yoy and +252% yoy to VND87.2tn and VND12.5tn, respectively thanks to rising global oil prices and crack spread. The company sets ambitious 2H22’s targets with output, revenue and EBT of 3.2mn tonnes, VND46tn and VND738bn, respectively. BSR expects to be officially listed on HSX after the AGM in 2023.
24
8月
PNJ’s net revenue in July 2022 increased to VND2.5tn, up 413.6% yoy (-4% mom). Net profit in July 2022 positively rose to VND79bn (-4% mom, vs loss of VND32 in July 2022). For 7M22, revenue surged by 70.9% yoy to VND20.7tn, and NPAT climbed by +66.1% yoy to VND1,167bn, which fulfilled 80.2% and 88.4% of guidance.
23
8月
MWG’s net revenue and net profit of 1H22 were VND70.8tn and VND2.6tn, increased by +16% yoy and +1% yoy respectively. The slower growth of net profit was mainly driven by higher expenses for renovations of BHX stores. In July, MWG’s revenue was VND11tn (+16% yoy), in which: revenue of TGDD&DMX: VND8.4 tn (+63% yoy); BHX: VND2.35tn (-14% yoy). MWG is expected to meet the revenue target, however, it seems to be highly challenging to reach the net profit growth target of 34% as guided.
22
8月
TCM posted impressive business results in July with revenue of USD17.1mn (+118% yoy) and NPAT of USD1.5mn (+224% yoy) thanks to a low base of the same period last year as the Southern region was in lockdown due to Covid tension. Overall, in 7M22, the company achieved USD108.3mn (+13% yoy) in revenue and USD6.7mn in NPAT (+17% yoy), fulfilling 61% and 62% of its 2022F guidance, respectively.
22
8月
The July performance witnessed a slight increase in total sales volume thanks to the great performance of steel pipes and construction steel export. HPG is expected to continue seeing weak domestic market demand amid high inflation concerns and the rainy season.
22
8月
We witnessed the slump in performance of FY10M2022 on year-on-year basis caused by weak sales volume in first 7 months of 2022, which showed a significant drop in demand from both domestic and export channels.
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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