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We tuned in to MSB’s analyst meeting on May 24 which featured the strategical visibility on the bank and shed some light on its 1Q23 operational updates. The ratio of loan type 2-5 to cross loan and NPL climbed to 5.2% (vs. 3.1% as of end-2022) and 2.0% (vs. 1.7% as of end-2022) respectively. We note that the 1Q23 loan type 2 grew +146%YTD to VND4,337bn, about added VND2,700bn. Restructuring loan on circular 02 is estimated at VND229bn. Of which, SME and retail estimate VNsD189bn and VND40bn respectively according to the management.

PVS posted a solid business result in 1Q23 with flat revenue of VND3.7tn (-2% yoy), in which, Mechanical & construction (M&C) revenue reach VND2,048b (+4.1% yoy). PVS recorded NPAT-MI of VND215bn (-1% yoy) due to having a one-off profit in 1Q23. In the long term, PVS will focus on offshore wind power.

4M23 preliminary revenue posted VND3,116bn (-36.1% yoy), backed by (1) high base in 4M22, and (2) the tumble revenue of most products yoy and qoq, especially pangasius. 4M23 revenue fulfill 26% our estimates. We maintain a HOLD rating

We tuned in to CTG’s analyst meeting on May 18 which featured the strategical visibility on the group and shed some light on its 1Q23 operational updates. Total credit risk provision cost could fall by 34.5-50% yoy (VND12,000-15,000bn) in 2023, per management. However, CTG has yet provide the PBT guidance since they must obtain approval from SVB based on 2023 AGM. The management eyes NPL to be below 1.8% as of end-2023.

Total Apr steel sales volume posted 129,992 tonnes, dropping by 25.8% yoy but increasing 21.5% mom. The FY7M23 (Oct 2023-Feb 2023) total sale decreased 38.0% yoy to 764,474 tonnes as steel pipes volume declined 24.5% yoy to 162,258 tonnes and steel coat fell 40.8% yoy to 602,216 tonnes.

Total Apr steel sales volume posted 77,269 tonnes, decreasing 7.6% mom and 17.0% yoy. The 4M23 total sales volume came in at 271,967 tonnes, -22.4% yoy. In which, the steel coat volume declined 24.6% yoy to 221,091 tonnes and the steel pipes volume was down by 11.0% yoy to 50,870 tonnes.

Total Apr steel sales volume posted 535,640 tonnes, decreasing by 14.7% yoy and 5.6% mom. The 4M23 total finished-product sale volume dropped significantly to 2,117,172 tonnes, -30.7% yoy. Of which, all products sale volume declined due to high base in 2022.

In April, MWG recorded a 20% increase m/m in revenue to VND9,700bn of which TGDD/DMX revenue was up 30% m/m due to a strong increase in air conditions sales and BHX revenue increased 3% m/m, reaching VND1.35bn per store per month. Per management, MWG gains market shares in cellphone & electric appliance fields due to a price-competitive strategy and they continue to pursue this price-competitive strategy for a long period, it is not a campaign.

This quarterly earnings report on the Vietnam cement industry is intended to track the earning growth trend in the cement market. We witnessed a slump in earnings in 1Q23. High-cost input was mainly attributed to the negative aggregated profit. We expect to continue to see the weak demand in 2Q23F as construction activities are expected to be impacted by recent economic issues. As for export, we see the q-o-q improvement in the main export market – China, however, not significant. Companies' margins are expected to improve in 2Q23F thanks to lower input cost.

We tuned in to HDB’s analyst meeting on May 9 which featured the strategical visibility on the group and shed some light on its 1Q23 operational updates. HDB’s 1Q23 consolidate net profit slightly increased to VND2,194 (+8.6%YoY). 1Q23 Consolidated NPL slightly edged up to 1.8% (1Q22: 1.6% and 4Q22: 1.7%). However, the NPL was still below the 2023 target of 2%. 1Q23 consolidated NIM was 5.1%, lower than 4Q22’s 5.2% but higher than 1Q22’s 4.8%.