![BCM-Brief-[NONRATED]-The giant has not awakened](https://kisvn.vn/cn/wp-content/uploads/sites/3/2022/01/shutterstock_1187812387-scaled.jpg)
30
6月
On Jun 29, we attended BCM’s AGM presentation briefing for the upcoming business expansion plan. BCM guides NPAT to be VND2,263bn, +32% yoy on the back of a revenue of VND9,460bn, +19% yoy in 2023. The land transfer deal to Capital Land worth of USD240mn (18.9ha) could attribute to the earnings turnaround in 2023F. The company maintains a cash dividend of 8% at par in 2022F.
30
6月
Despite of the increased revenue, TAR met only 62% of NPAT guidance due to (1) high material costs, (2) increased logistic costs and (3) surged interest expenses, according to TAR management.
29
6月
On Jun 27, Hoa Binh Construction (HBC) held the Annual General Meeting. The company presented to the investor the 2022 results as well as the 2023F business plan. In 2022, Hoa Binh announced revenue of VND14.15tn (+24%yoy) and a net loss of VND2.5tn. The Board of Director contributed this to a weak real-estate market, developers cash flow troubles and rising costs of material. HBC aims to resolve the operational issues with a financial and management overhaul.
28
6月
PLX approved its conservative 2023F guidance of petroleum volume of 13mn ton (-7% yoy), VND190tn revenue (-38% yoy) and VND3.2tn PBT (+42% yoy). Shareholders approved a cash dividend of VND700/share for 2022, and targeted a cash dividend of VND1,000/share for 2023F.
27
6月
Weak demand weighted continuously on MWG’s May business results, MWG recorded a 10% decrease yoy in revenue to VND10,297bn but was up +6% mom, prompting total revenue of MWG to reach VND59.3tn (-21% yoy) in 5M23.
21
6月
FPT posted estimated 5M23 business results with revenue of VND19.9tn (+23% yoy) and PBT of VND3.6tn (+19% yoy), completing 38% and 40% of its 2023 guidance, respectively. In May-23, FPT Group achieved revenue of VND4.2tn (+29% yoy), and VND0.7tn PBT (+17% yoy).
15
6月
Total May steel sales volume posted 619,165 tonnes, increasing by 5.6% yoy and 15.6% mom thanks to the strong export. The total May domestic sales volume diminished by 19.1% yoy but upped 3.1% mom to 390,548 tonnes.
15
6月
Total May steel sales volume posted 77,447 tonnes, increasing 0.2% mom and decreasing 8.9% yoy. The 5M23 total sales volume came in at 349,414 tonnes, -19.8% yoy. In which, the steel coat volume declined 22.1% yoy to 286,699 tonnes and the steel pipes volume was down by 7.0% yoy to 62,715 tonnes.
15
6月
Total May steel sales volume posted 127,489 tonnes, rising by 5.1% yoy but dropping 1.9% mom. The FY8M23 (Oct 2023-Feb 2023) total sale decreased 34.1% yoy to 891,963 tonnes as steel pipes volume declined 21.0% yoy to 185,976 tonnes and steel coat fell 36.9% yoy to 705,987 tonnes.
14
6月
Total May steel sales volume posted 619,165 tonnes, increasing by 5.6% yoy and 15.6% mom thanks to the strong export. The total May domestic sales volume diminished by 19.1% yoy but upped 3.1% mom to 390,548 tonnes.
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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