02
8月
Khang Dien House Trading and Investment JSC’s (KDH) 2Q22 revenue reached VND732.5bn, -34.1% yoy and NPATMI posted VND331.8bn, 24.6% yoy. Gross margin (GM) in 2Q22 boomed by 25.5% p yoy and 13.7%p qoq to 67.9%. As we expect, the sales events could be kicked off from 2H22F. Contrast to the sluggish presales growth in 2021 which was impeded by social lockdown, KDH is exciting to come back the real estate market
01
8月
We attended VIC's analyst meeting on Jul 29 to be covered with their strategy on Vinfast vision. We are highly regarding their fast-than-expected global presence in North Carolina. Even the gross margin plunged sharply in 2Q22, we think the market share is much more important.
01
8月
HSG released 2Q22 results on 29 July, posting revenue of VND12,177bn (-3.8%qoq, -6.2% yoy) and net profit of VND265bn (+13.2% qoq, -84.4% yoy). 9MFY22 revenue was VND41,937bn (+26.8% yoy) and net profit was VND1,138.0bn (-66.2% yoy), fulfilling 90%/75.8% company guidance.
01
8月
NKG released 2Q22 results on 29 July, posting revenue of VND7,196bn (+0.6%qoq, +2.7% yoy) and net profit of VND201.4bn (-60.3% qoq, -76.2% yoy). 6M22 revenue was VND14,347bn (+20.9% yoy) and net profit was VND708.3bn (-39.2% yoy), fulfilling 51.3%/44.2% company guidance.
29
7月
TCM posted modest business results in 2Q22 with revenue of VND1,049bn (+7.2% yoy, -6.5% qoq) and NPAT of VND55bn (-6.2% yoy, -25.1% qoq). After a challenging 2021 with negative earnings growth, in 1H22, the company recorded VND2,171bn (+12.7% yoy) in revenue and VND129bn in NPAT (+6.6% yoy).
29
7月
Petro Vietnam Fertilizer (DPM) issued 2Q22’s business results on Jul 28, featuring a VND5,103bn (-14% qoq and +71% yoy) revenue and a VND1,291bn (-39% qoq and +86% yoy) net profit. We think DPM could leverage their sales volume in 2H22F due to 1) increasing domestic demand for the Winter-Spring crop, and 2) accelerating export to India in the Kharif season, the most important crop (Jun-Oct).
29
7月
TNH issued 2Q22 business results with a VND119bn (+33% qoq and +9% yoy) revenue and a VND38bn (+137% qoq and +11% yoy) NPAT. Sales growth in 2Q22 confirmed the return of patients to hospitals and we believe the upward trend could continue for the healthcare industry in general and TNH in specific in next quarters.
29
7月
VSH posted its 2Q22 business results with revenue of VND661bn (+33% yoy) and PAT of VND257bn (+90% yoy), mainly bolstered by the increase of ASP (+23.4% yoy) and output (+7.5% yoy). The probability of La Nina effect will wane in Jul but will rebound during Aug – Oct 2022 with moderate probability (68%), continuing into boreal fall and early winter with 63-70% likelihood. VSH will be the beneficiary when EVN increases the mobilization of hydropower in 2H22F.
29
7月
OPC posted 2Q22 business results with a revenue of VND214bn (+10% yoy but -44% qoq) and a NPAT of VND29bn (+72% yoy and -28% qoq). Gross margin achieved 41%, +3%p qoq and +2%p yoy. It seems that OPC has demonstrated their effort in controlling material costs regardless a fall in revenue. Despite short-term decline in revenue, we believe that OPC still has long-term growth potential, due to the tendency of consumers to gradually switch to herbal products.
29
7月
NT2 posted stellar results in 2Q22 when its revenue (+66% yoy) and net profit (+13.9x yoy) were pegged high due to 1) increasing output when it reached 1,181mn kWh (+23.7% yoy) and 2) soaring power price in the context of material prices (gas, coal) and tight coal supplies. Despite harsh competition from hydropower and renewable energy in 2H22, we believe NT2 would maintain its strength as a reliable power supplier amid recovering power demand.
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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