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In 2Q23, VGC reccored revenue of VND3.9tn (+42.7% qoq, -8.6% yoy) and a NPAT of VND625.6bn (+312.9% qoq, -10.4% yoy). Despite a revenue decrease, we saw blended gross margin expansion to 31% in 2Q23 (+5%p yoy) from 24% margin in 1Q23. In 6M23, the company recorded a VND6.7tn revenue (-17% yoy), and a VND1,024bn EBT (-41% yoy), completed 42.6%/84.7% company annual guidance.

DBC reached the net revenue of VND3.5tn in 2Q23, which rose by 17% yoy, the 6M23 accumulated revenue met 24% of 2023 guidance thanks to (1) increased pork sales and (2) recorded revenue of Park View residence project.

Vietnam Rubber Group released the 2Q23 on Jul 26, featuring a VND4,272.6bn revenue (-23.2 yoy, +3.3% qoq) and a VND717.3bn NPAT (-39.1% yoy, -5.1% qoq). The blended gross margin (GM) contracted by -3.7%p yoy, -1.6%p qoq to 22.7% owing to a 3.7%p yoy GM narrow of the rubber cultivation segment which was hit by the price drop of rubber and -16.5%p yoy GM contraction of wood processing. We stay skeptical about the company’s capacity to beat its PBT guidance given no signal of demand revival in the rubber cultivation segment.

TCB released its results with 2Q23 PBT down 22.8%yoy and up +0.5%qoq due to (1) NIM LTM decline and (2) high provision expense growth. 2Q23 Net interest margin (NIM LTM) inched down to 4.3% (vs 5.6% in 2Q22 and 4.6% in 1Q23). Although 2Q23 CASA ratio was 35%, lower than 2Q22 (47%) but a significant improvement compared to 1Q23 (32%). 2Q23 NFI and 1H23 went down 3%yoy (to VND2,259bn) and up 5%yoy (to VND4,430bn) thanks to cards, trade, and FX services. 2Q23 NPL ascended to 1.07%, compared to 1Q23 of 0.85% and end-22 of 0.72%. 2Q23 LLR was sufficient at 116%.

On Jul 25, we attended SIP’s 2023 Investor Day, and the presentation the company’s 2Q23 results and its strategy plan. Per management, 2Q23 prelim results came in at VND1,660.7bn revenue (, 3.1% yoy 19.1% qoq) and VND276bn net profit (7.8% yoy ,111% qoq). SIP is among our fancy industrial park players in the South thanks to its unrivalled competitive advantages. - However, the free floating (major shareholders occupy 47.91%) raises the concern over liquidity.

DHA’s revenue increased by 5.4% yoy to VND100.79bn in 2Q23 while the NPAT posted VND35.30bn (1970% yoy). DHA's gross profit increased significantly by 39.5% yoy. NPAT growth is also come from VND 21.5bn reversal of provision for the investment in HPG stock.

Total June steel sales volume posted 634,762 tonnes, increasing by 2.5% mom but -1.0% yoy. Construction steel volume increased to 286,036 tonnes, -17.8% yoy, +0.6% mom. In which, domestic sales volume increased by 10.6% mom while its export was down by 55.5% yoy.

Total June steel sales volume posted 116,406 tonnes, dropped by 8.7% yoy and 3.3% mom. The FY9M23 (Oct 2023-Feb 2023) total sale decreased 31.6% yoy to 1,008,369 tonnes as steel pipes volume declined 18.1% yoy to 210,545 tonnes and steel coat fell 34.4% yoy to 797,824 tonnes.

Total May steel sales volume posted 80,917 tonnes, increasing 4.5% mom and decreasing 1.5% yoy. The 6M23 total sales volume came in at 430,331 tonnes, -16.9% yoy. In which, the steel coat volume declined 18.1% yoy to 357,437 tonnes and the steel pipes volume was down by 10.3% yoy to 72,894 tonnes

The PDR’s management held the AGM 2023 on Jun 30 to address multiple key concerns about the debt duty coverage, the business plan. Funding demand is aggressive and controversial and we feel hope the launching plan of projects. PDR market price rebounds steeply from the Nov outbreak but we think that this is not enough and PDR deserves more.