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Total Mar steel sales volume posted 83,590 tonnes, increasing by 23.4% mom but -17.8% yoy. The 3M23 total sales volume came in at 194,698 tonnes, -24.3% yoy.

Total Mar steel sales volume posted 567,651 tonnes, decreasing by 39.1% yoy but increasing by 3.3% mom. The total Mar domestic sales volume rised by 0.9% mom to 487,134 tonnes.

Sao Ta Foods secured in the Top 3 Vietnamese shrimp exporters with USD217.7mn export value (in 2022). Although our outlook on the shrimp industry in 2023 would slow down, we believe Sao Ta Food could increase 5.8% yoy revenue and +16.4% yoy NPAT in 2023. In the other hand, the capacity increase and farming system expansion would be the long-term drivers. As such, we initiate FMC with a BUY rating on stable growth, sustainable strategy in long-term prospect .

We initiate our coverage on PV GAS (GAS VN) with a BUY rating and target price of VND117,700 implying a 18.8% upside by using a DCF (70%) and PE (30%) methodology. In DCF method, we calculate the fair value of VND122,500/share with implied long-term growth of 4.0%, and WACC of 11.5%. With PE method, our target price is based on an average 2023-25F P/E of 18x. GAS is our top pick in oil & gas sector thanks to strong growth potential based on the high demand for natural gas and LNG in Vietnam. The risks of GAS comprise a drop of oil prices and delaying projects.

We initiate our coverage on PVD with a BUY rating and target price of VND28,850 implying a 37.8% upside by using a DCF (70%) and PB (30%) methodology. In DCF method, we calculate the fair value of VND29,400/share with implied long-term growth of 3.0%, and WACC of 12.3%. Our target price is based on an average 2023-25F PB of 1.0x arose from PVD’s firm position to benefit from rising demand for drilling in Southeast markets. The most significant risk of PVD is a drop of oil prices weighting on day rates and outlook.

We initiate an Overweight rating on Oil & Gas industry as we see multiple tailwinds in the middle-term and long-term outlook due to expectations of reactive upstream and midstream projects. We also have BUY ratings on PV Drilling (PVD VN) and PV GAS (GAS VN). PVD is expected to turn around and could enjoy high growth of earnings in the next 3 years due to higher jack-up rates, meanwhile, GAS is the largest listed company in the sector with strong finance ratios and many planning midstream projects to supply natural gas pipelines and import LNG to fill high power demand of Vietnam economy.

Vietnam is one of the top 3 largest shrimp exporting countries in the world, making up about 10.1% market share of the global shrimp exporting industry value. In 2023, shrimp market was projected to slow down. Yet, we believe that the Vietnamese shrimp industry's growth rate will increase till 2030.

PVT targets a conservative 2023F plan with VND6.8tn revenue (-24.4% yoy), and a VND538bn PAT (-53.5% yoy), however, the management is confident to exceed the plan. Capex in 2023F is estimated to be VND4.1tn mainly including the new 6 ships buying cost, Capex was financed by 35% equity and 65% debt.

Mar export value of Vietnam’s T&G improved on a monthly basis largely based on the recovery in US market. Nonetheless, the Mar and Feb decent performance could not enlighten the 1Q23 tepid outcome with USD7.2bn, -17.4% yoy. Vietnam’s fiber and yarn (F&Y) export value remarkably slid 29.0% yoy but rose 11.0% mom to USD376mn in Mar. Following Feb’s solid industry growth, the Feb export revenue of most listed companies was favorable.

TNG posted a positive Mar performance with revenue of VND561bn (+35.8% yoy, +50% mom). Nonetheless, the rosy Mar could not save 1Q23. Specifically, 1Q23 revenue came in at VND1,333bn (+6% yoy but -12% qoq). Therefore, the company fulfilled 18% of its 2023F planned revenue in 1Q23. The 1Q23 revenue growth is largely attributable to the US market.