22
8月
The July performance witnessed the significant decline in export volume, however, export still remains as the key growth driver in 7M22. Weak demand dragged overall performance. In which, domestic sales volume dropped significantly by 13.8% yoy.
15
8月
Under market condition without much excitement, the picture of a diminishing result of revenue and profit was expected. However, VNDirect pounded the table by a revenue staying flat at VND1,757bn (-0.8% qoq, +55.6% yoy), thanks to excellent performance from bond trading. In the aspect of profit, the company booked a net profit VND456bn (-40.1% qoq, +1.3% yoy) due to increased SG&A and financial expenses, as well as reduced effectiveness of professions.
12
8月
Contrary to our expectation of a rice export booming due to concern about global food shortage, TAR’s business results in 2Q22 were depressed. In 2Q22, TAR recorded revenue of VND765bn (-3.3% yoy and -20% qoq) and NPAT of VND24bn (+48% yoy and -13% qoq). Overall, TAR posted revenue of VND VND1,723bn (+40% yoy) in 1H22 and fulfilled 49% of 2022’s revenue guidance.
11
8月
Vinh Hoan can post VND1,198bn revenue (+48% yoy) in July, assisted by +44% yoy of pangasius export. The increase of pangasius export thanks to the export price uptrend (+18% mom and +45% yoy). Yet, the volume export slightly decelerated after peak April, recording -7% mom and -8% yoy.
10
8月
DCM posted 2Q22 business results with a VND4,084bn (+118% yoy and +0.2% qoq) revenue and a VND1,039bn (+250% yoy and -32% qoq) NPAT. It was a very surprising result when the market expected lower sales along with the downtrend of the fertilizer sector. DCM’s revenue in 2Q22 went sideways compared to the previous quarter thanks to a significant contribution from trading revenue. Sales from trading products increased from VND134bn in 1Q22 to VND796bn in 2Q22.
10
8月
Overall, SAB recorded an impressive 2Q22 business result with a VND9.0tn revenue (+24.7% yoy), and a VND1,793bn PAT (+67.4% yoy). It prompts 1H22 SAB revenue and PAT to go up 25% and 48% to VND16.3tn and VND3.0tn, respectively. Higher revenue was contributed from both higher volume and selling prices. Beer consumption had been recovering continuously due to the normalization of social activities. SAB also increased selling prices easily amidst higher demand.
05
8月
VNM recorded domestic market revenue of VND12,471bn (-5.9% yoy) contributed by the parent’s domestic revenue of VND10,994bn (-7.2% yoy) and VND839bn (+6.2% yoy) revenue of MCM in 2Q22. The decrease in domestic revenue was caused by weak demand amid high inflation and distribution restructuring in 2Q22. However, VNM has recorded positive signals after restructuring, with revenue growth of 3% and 10% yoy in June and July, respectively.
04
8月
Occurrences of the stock market in 2Q22 were unexpectedly unforable for securities companies and SSI is no exception. Revenue was VND1,629bn (-18.9% qoq, -7.8% yoy) and net profit was VND421bn (-40.4% qoq, -28.7% yoy). All the professions of SSI had negative growths, except IB revenue with solid income. As of Aug 3rd, SSI is trading at price of VND23.550 dong, PE 7.75x which is below 2-year average of company at 16x and also below sector's avrage at 13.2x.
03
8月
On 02 August, we joined Masan Group’s analyst meeting to update more details on 2Q22 business result. MSN posted VND17,834bn revenue (-16.0% yoy) and VND918bn NPAT-MI (+24.0% yoy) in 2Q22, EBITDA margin was improved by 3.1%p to 20.7%. Thus, MSN recorded VND36,023bn revenue (-12.6% yoy) and VND2,577bn NPAT-MI (+163.3% yoy) in 1H22, fulfilling of 38%/47% of 2022 guidance. Excluding the feed segment, the revenue of MSN would record an increase of 9.1% yoy and 6.3% yoy in 1H22 and 2Q22, respectively.
02
8月
On Aug 1, Novaland released its 2Q22 business results, featuring mixed performance. Novaland recorded its 2Q22 flattish 4.5% yoy growth of topline (VND2,658.2bn) driven by a VND2.2bn handover value of low-rise houses in Aqua City, NovaWorld Ho Tram, NovaWorld Phan Thiet, NovaHill Mui Ne, Soho Residence and Victoria Village. However, NPATMI plunged sharply by 44% yoy to VND749bn, due to the absence of one-off other income of VND1,691.5bn recorded in 2Q21
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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