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HAG reached the net revenue of VND1.5tn in 2Q23, which rose by 18% yoy and downed 15% qoq, the 6M23 accumulated revenue was VND3.1tn, upped 55% and met 62% of 2023 guidance. Net profit dropped by 62% yoy to VND102bn, mainly due to the increase by VND987bn of general and administration expenses compared to 2Q22. In which, HAG reversed the provision for trade receivables in 2Q22.

LTG reached the net revenue of VND3.7tn in 2Q23, which rose by 4% yoy and 50% qoq, the 6M23 accumulated revenue was VND6.1tn, +4% yoy. Revenue from rice in 6M23 contributed to 68% of total revenue, that increased 24% yoy, meanwhile plant production products (25% revenue) collapsed by 23% and seeds (5% sales) fell by 10%.

A glimpse of relief is spreading on the air of the meeting given the U.S Securities and Exchange declared Vinfast’s F-4 in connection with the proposed business combination with Black Spade effective. Despite the GM loss of Vinfast segment (narrowed to 42.4% in 2Q23 vs -234.2% in 1Q23 and -225.3% in 2Q22, and the concern over the harsh competition from China and Tesla-brand EVs, the company insists on its capability to raise fund of USD300-400mn cash in the IPO and post listing out of USD2bn capex to build the Carolina factory.

On Jul 28, we tuned in to VRE’s 2Q23, and the presentation covered how the weather the storm of tightening retail consumption amid the inflation fear. VRE released the 2Q23 on Jul 28, featuring a VND2,172.8bn revenue (+17.5% yoy, +11.8% qoq) and a VND1,000.6bn NPAT (+29.4% yoy, -2.3% qoq). We selectively fancy VRE thanks to its earnings turnaround in 2023 which also is factored in the market expectation but we skeptically expect VRE could weather the storm. The decreasing demand for consumption is saw widely across the economic indicators.

HSG’ revenue decreased significantly 29.0% yoy to VND8,645bn in 3QFY23 driven mainly by the weak global and domestic demand. In which, the total export volume in 3QFY23 dropped to 183,665 tonnes, -20.2% yoy, but +43.9% qoq. The 3QFY23 NPAT posted VND14.2bn (-94.6% yoy).

HPG’ revenue decreased 21.2% yoy to VND29,496bn in 2Q23 while the NPAT posted VND1447.8bn (64%yoy). Thanks to the lower input costs, the gross margin improved from 6.3% in 1Q23 to 10.8% in 2Q23 amid lower ASP (construction steel ASP decreased by 4.5% compared to 1Q23).

MML reached the net revenue of VND1.7tn in 2Q23, which rose by 70% yoy, the 6M23 accumulated revenue was VND3.3tn, met 39% of 2023 guidance thanks to consolidated revenue of Masan Jinju since late 2022. MML made the loss of VND179bn after tax in 2Q23, less than the loss of VND211bn in 2Q22. In 2Q23, MML recorded the interest expenses of VND138bn, which increased 43% yoy and accounted to 71% of gross profit.

KSB’s revenue decreased to VND183.7bn (-35.4% yoy, 61.5% qoq) in 2Q23. The company NPAT posted VND46.5bn which only downed 18.7%yoy but surged 244%qoq. The unexpectedly high NPAT was because of an Other Profit of VND20bn.

NKG’ revenue decreased 23.6 % yoy to VND5,499.9bn in 2Q23 driven mainly by the weak global and domestic demand. In which, the total export volume in 2Q23 dropped to 155,858 tonnes, -10.0% yoy, +49.2% qoq. The 2Q23 NPAT posted at VND125.4bn (-37.8% yoy).

On Jul 28, we attended VHM’s 2Q23, and the presentation covered how the “King” surprised the market expectation. Despite the off-peak season, VHM still triggered the market surprise with its 1H23 revenue of VND62.1tn, and NPAT of VND21.6tn, completion of 62/72.1% of their full-year estimate. The company is vocal on its stance about the adjusting the full year guidance thanks to the accelerating handover .