22
3月
On Mar 21, Hoa Sen Group (HSG) held the Annual General Meeting. The company presented to us full-year FY2021 results as well as the FY2022F business plan. Hoa Sen Home is expected to be the first successful one-stop shop for construction materials and products in Vietnam.
22
3月
MWG officially enters into a joint venture partnership with PT Erafone Artha Retailindo (“Erafone”), a subsidiary of Erajaya Group (ERAA) in Indonesia, through the signing of a Joint Venture Agreement to form a joint venture company PT Era Blue Elektronic (“Era Blue”). We believe that this collaboration is highly expected which envisages a new strategy of growth to MWG amid a saturation of the electronics and ICT retail segment in Vietnam. Given the higher MWG margins, we believe the addition of this business line will be positive for ERAA’s long-term growth.
18
3月
The February performance witnessed the surprising comeback of domestic demand despite the long Tet holiday. Domestic volume of steel coat recorded 60,140 tonnes (+41.1% mom, +150.7% yoy) and steel pipes volume posted 43,588 tonnes (+97.7% mom and +88.7% yoy).
17
3月
The February performance witnessed the surprising comeback of domestic demand despite the long Tet holiday. Domestic volume of steel coat recorded 20,524 tonnes (+40.4% mom, +110.4% yoy) and steel pipes volume posted 15,380 tonnes (+32.9% mom and +31.9% yoy).
11
3月
On Mar 11, Tien Phong Securities (ORS) held the Annual general meeting. The company presented to us full-year 2021 results as well as the 2022F business plan. The company shared that 1Q22 PBT is estimated around VND300bn (+158% YoY), equivalent to 60% of 2022 full-year guidance and exceeding full-year 2021 number. Total bond value consulted by TPS in 2021 reached VND42,910bn (+237% YoY). Per management, investment banking or bond issuing consultants in specific continue to be the main pillar in the company’s strategy in 2022.
09
3月
In February 2022, seafood export value recorded USD635mn (+62% yoy and -27% mom), contributed by shrimp product with USD237mn (+51% yoy), pangasius product with USD171mn (+128% yoy). US market increased Vietnam seafood export value with USD146mn (+84% yoy). Export value revived in China market to USD91mn (+135% yoy).
01
3月
4Q21 business result of the company recorded the highest numbers in many aspects. Total revenue was VND2,423bn (+38.6% qoq) and PAT was VND 998bn (+46.2% qoq). In 2021, there were 3 consecutive quarters started from 2Q21 that the company broke its high record in terms of revenue and profit. Brokerage revenue was pegged high due to 1) superior liquidity in the last quarter of 2021 and 2) the company’s effort in grasping brokerage market share. The margin loan balance at the end-Dec 2021 of SSI was VND22.7tn (+25.6% qoq), a significant increase in percentage and absolute number. The margin ratio was up by 10% to 160%. Currently, SSI is trading at price VND46,000, PE 16.4x and PB 3.1x.
24
2月
VNM posted 4Q21 results with a VND15.8tn revenue (+9.7% yoy) and a VND2.2tn NPATMI (+0.5% yoy), prompting revenue of VND60.9tn (+2.2% yoy) and NPATMI of VND10.5tn (-5.1% yoy) in 2021. The 4Q21 revenue growth was the best quarterly performance in the 5 past years thanks to a 7.4% yoy domestic revenue partially driven by the low base seen in 4Q20 (flooding in the Central). We are reviewing our forecast of earnings growth in 2022F-24F, target price, and ratings. Currently, we rate VNM as HOLD given the fact that Vinamilk’s prospect is fairly priced at a cash dividend yield of 5% and a forward PE of 16x
21
2月
On Feb 18, PDR set up an analyst meeting to brief their 4Q21 results, land bank acquisition and development plan in 2022F-24F. The company claims to acquire at least 5,531ha as of end-2021 (459ha as of end-2020) in 8 provinces of which 18-20% is secured for development while the remainders are sought for a legal license. Breaking down by type of purpose, 28% of the total land bank is monetised for industrial estates. In detail, PDR plans to monetize a 24ha logistic area in Cai Mep-Vung Tau province and 394ha Cao Lanh industrial park in Dong Thap province in 2022F
21
2月
On Feb 18 analyst meeting, Bamboo Capital Group (BCG) introduced us to the 4Q21 results and their 2022F business plans regarding real estate development and renewable energy strategy. - The net debt to equity is geared to 1.55-1.56x in 2020-21, raising concerns about their leverage. The company has yet provided its fund plan but could issue 60mn shares in 2022F to reduce this ratio.
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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