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
Vinhomes recorded its 2Q22 sharp plunge of both the revenue and NPATMI, by 83.8/95.2% yoy, prompting 1H22 revenue to drop to VND13.4tn (-67.2% yoy) and NPATMI to tumble to VND5,048bn, (-68.3% yoy). Overall, 17,300 units has been sold with a VND92.5tn contracted sales, bringing unbilled booking value of VN129.3tn (VND28tn bulk sale) as of end-2Q22.
29
7月
The June performance witnessed the decline in export volume, however, export still remains as the key growth driver in 6M22. Weak demand in 2Q22 dragged overall performance. The total 2Q22 sales volume was 260,265 tonnes (+1.1% qoq but -6.4% yoy). In which, domestic demand dropped significantly by 30.6% yoy, 14.8% qoq.
29
7月
We witnessed the slump in performance of FY9M2022 on year-on-year basis caused by weak sales volume in first 6 months of 2022. 2Q22 total sales volume was at 416,838 tonnes (-9.6% qoq, -34.3% yoy), which showed a significant drop in demand from both domestic and export channels.
29
7月
The June performance witnessed a temporary revival as agents re-stocked the inventories. HPG is expected to continue seeing weak domestic market demand amid high inflation concerns and the rainy season.
29
7月
In 2Q22, QNS recorded revenue of VND2,201bn (+9.1% yoy) and NPAT of VND365bn (+1.2% yoy), prompting 1H22 revenue to go up 9% yoy to VND4,014bn and 1H22 NPAT climb 4% yoy to VND541bn, fulfilling 50%/54% of guidance. Revenue and earnings growth were driven by the soy milk segment. In contrast, the sugar segment was hit by Thailand’s sugar imported from other Asian countries.
26
7月
EVNGENCO 3 (PGV) announced its 2Q22 business results with revenue of VND11,891bn (+13% yoy) and NPAT-post MI of VND407bn (-52% yoy). In 1H22, PGV recorded VND22,796bn revenue (+16% yoy) and VND1,255bn profit (-23.5% yoy). The loss was mainly bolstered by the sharp increase of exchange loss. We estimate that thermal power price and output, PGV’s main revenue generators would drop owing to abundant volume from other hydropower makers in 3Q22.
25
7月
PNJ posted its preliminary 2Q22 business results with revenue of VND8,058bn (+81% yoy) and NPAT of VND367bn (+65% yoy). For 1H22, revenue was VND18,210bn (+56% yoy) and NPAT was VND1,088bn (+48% yoy), which fulfilled 70.5% and 82.5% of guidance. This implies that June-22 revenue and NPAT were VND2,627bn (-1.6% mom, +160% yoy) and VND82bn (-41.4% mom, +64% yoy), respectively.
25
7月
In 2Q22, DGC released the highest result through their operation with a revenue of VND4,002bn (+96% yoy and +10% qoq) and a NPAT of VND1,894bn (+469% yoy and +26% qoq) mainly thanks to high selling prices of yellow phosphorus (P4). Although the reducing in trading volume, P4 export price was shine in 2Q22. Unsurprisingly, P4 export revenue accounted for 69% of DGC’s total revenue in 2Q22.
25
7月
In 2Q22, Nam Viet posted VND1,294.5bn (+20% yoy) mainly assisted by the 1.05x yoy increase of pangasius export revenue due to the high demand of Asian, EU, and American markets, and VND240.7bn (+9.1x yoy), bolstered by yoy soar of GPM. In 3Q22, we expect that could record a topline jump driven by prosperous demand of pangasius, export volume to China market could increase from 10% in 5M22 to 20-30% in 3Q22 of ANV export value while ASEAN keeps bull demand in 3Q22.
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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