25
7月
On July 20, Tien Phong Securities (ORS) announced financial report for 2Q22. Revenue was VND661.6bn (-18% qoq, +132% yoy) and net loss was VND128.9bn. In 1H22, ORS recorded VND1,472.6bn revenue (+172% yoy) and VND92.5bn net profit (-38.6% yoy). The net loss in this quarter is mainly due to a surprising loss in FVTPL portfolio.
25
7月
NLG’s revenue boom 209.6% yoy to VND1,241bn in 2Q22 driven a VND1,146bn property sale (47.8x yoy). Contrary to spectacular revenue growth, net profit/NPATMI swelled by +299.4/135.4% yoy to VND192/111bn. In 2022 AGM on Apr, 23, the management expected 2Q22 net profit could book a VND444bn financial gains from revaluation in Paragon Dai Phuoc project when doing business cooperation with a Japanese partner. However, the land investigation from the governmental agencies is slowing the process and the company is waiting for approval to complete the transaction in 3Q22F
22
7月
Phat Dat Group released 2Q22 results on 21 Jul, posting revenue of VND853bn (+58.6% yoy, 36.5% qoq) and net profit/NPATMI of VND409bn/413bn (+62.9/63.9% yoy and 46.6/46.5% qoq), implying EPS of VND671.The key attributes to the flourishing revenue growth are the bulk sales of condo projects in Nhon Hoi Ecological tourism and townhouse project (satellite region Binh Dinh province) and in Bau Ca Residential project (Central Coast Quang Ngai province).
22
7月
STK posted 2Q22 business results with revenue of VND530bn (-17.3% qoq, +3.8% yoy) and NPAT of VND70bn (-8.9% qoq, -2.0% yoy). Overall, in 1H22, the company recorded revenue of VND1,170bn (+8.6% yoy) and NPAT of VND146bn (+3.4% yoy), fulfilling 45%/49% of annual guidance.
22
7月
VHC’s 2Q22 revenue surged 80% yoy to VND4,226bn and net profit jumped 2.0x yoy to VND788bn, above 1%/40% our 2Q22F estimation and fulfilling 56%/80% our forecast. In 3Q22, we expect that VHC still maintain solid business results compared to 3Q21 but is merely equivalent to new high record at 2Q22, mdue to the soft landing qoq of export fillet pangasius product in key market US.
21
7月
On July 20, SSI Securities (SSI) announced MI financial report for 2Q22. Revenue was pegged VND1,583bn(-17% qoq, -8.4% yoy) and NPAT was VND416bn (-39% qoq , -26.4% yoy). In 1H22, SSI recorded VND3,198bn revenue (+10.6% yoy) and VND998bn net profit (+10.9% yoy).
15
7月
Vinh Hoan announced Jun 2022 IR News on Jul 13 2022, which delivered preliminary two-digit yoy revenue growth. In aggregate 2Q22, Vinh Hoan revenue can hike 87% yoy to VND4,223bn driven by robusted export to US, beating 1% our estimates.
30
6月
BOM of PVT shows their conservative approach in 2022F amid political and economic uncertainties. However, we expect PVT can surpass this year’s business guidance based on the hints of BOM on (1) rising transported volume/nautical mile, reflecting higher transportation demand; (2) lower vessel supply due to higher shipbuilding costs. In 2022F, the firm aims to acquire 8-10 new vessels, reflecting the ambitious to remain its leading position. Strong financial health also help the firm be flexible in raising capital to cover new Capex.
29
6月
On Jun 27, we joined DPR’s AGM presentation briefing for the upcoming business plan. To Bac Dong Phu IP, they work their best to resolve the requirement of Ministry of Planning and Investment by raising the charter capital of IP segment by VND200bn in 2H22F. Based on our estimates, the operation could commence at the soonest of 1H24F.- DPR is among the scarce diamond in the rough for those investors who are seeking company’s qualified earnings and solid fundamentals.
29
6月
On Jun 28, we joined NTC’s AGM presentation briefing for the upcoming business plan. NTC is worth a favorable watching stock pick driven by their healthy balance sheet (30% cash of total assets as of end-2021) and spectacular growth prospect triggered by NTU 3 IP and Bac Dong Phu IP (300ha, NTC owns 40% stake, DPR :51% stake). We believe NTC could soon obtain the NTU 3 IP’s land handover decision from Binh Duong province in 2H22F and reaps the reward from Bac Dong Phu IP in 1H24F, at the earliest. NTC is trading at 15.2x TTM PE, trailing the 2-year median of 15.4x and the highest multiple vs the rivals (12.3x). We think the expensive valuation has factored in the stellar earnings growth in 2023F-24F.
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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