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The industry posted a VND10,899bn turnover (+12.7% yoy, +2.3% qoq) and VND827bn NPAT (+29.8% qoq, +13.1% qoq). Overall, the top five companies (VMD, DVN, DHG, CDP, and TRA) accounted for around 52% of the industry turnovers. Surrounded the giant rivals, DHG still maintained its leading position with the highest NPAT of VND262bn (+30.1% yoy, +12% qoq). DBD and OPC emerged as brisk players with GM expansion of 16.3%p/8.3%p yoy in 3Q22.

Based on our estimate, the fertilizer sector announced a VND28,491bn revenue (+47.1% yoy), and a VND4,188bn NPAT (+123.4% yoy) in 3Q22, mainly driven by the strong increase in selling prices. Nonetheless, with the fall in domestic selling and petite contribution from the export turnover, 3Q22 revenue/NPAT of the whole sector still lagged behind vs 2Q22 by 11.2%/24.7% qoq in 3Q22.

Overall, SAB recorded a solid 3Q22 business result with a VND8.6tn revenue (+101% yoy), and VND1.3tn NPAT-MI (+202% yoy) due to a significant low base in 3Q21 when applying lock down measures. For 9M22, SAB revenue and NPAT-MI went up by 44% yoy and 77% yoy to VND25tn and VND4.2tn, respectively, fulfilling 72%/91% of guidance.

PVT posted decent results in 3Q22 with revenue of VND2,330bn (+39% yoy) and NPAT of VND386bn (+152% yoy). Revenue grew strongly thanks to the growth of its core business – transportation (+45% yoy to VND1,807bn in 3Q22), which was driven by higher tanker rates and the contribution from newly-acquired tankers. Overall, in 9M22, the company achieved a VND6,609bn revenue (+25% yoy) and VND832bn NPAT (+38% yoy), fulfilling 102/173% of its 2022F guidance.

Loc Troi Group released 3Q22 results with mixed performance. Although revenue sharply fell 22.9% qoq, net profit significantly improved to VDN64bn vs a loss of VND44bn in 2Q22.

Vingroup reported its brisk 3Q22 NPATMI of VND946.8bn vs a loss of VND351.3bn despite a flattish revenue VND28.7tn, -4.4%% yoy and a shrinking blended gross margin (GM) of 20% (-18.8%). The encouraging NPATMI was driven by a VND9.9tn financial gain (6.5x yoy) from bulk sale transaction in Empire and Crown townhouse projects.

Vietnam Rubber Group released the 3Q22 on Oct 28, featuring a VND5,847.2bn revenue (-4.9% yoy, +5.1% qoq) and a VND835.1bn NPATMI (-32.7% yoy, -17.9% qoq). - 9M22 revenue slightly fell to VND16.3tn, -4.9% yoy while the NPATMI sustained to VND2.9tn, +3.2% yoy, fulfilling 62.2/69.2% of full-year guidance.

MSN posted VND19,523bn revenue (-17.3% yoy) and VND543bn NPAT-MI (-52.7% yoy) in 3Q22, and EBITDA margin was subdued by 2.1%p to 17.9%. Excluding the feed segment for a like-for-like (LFL) comparison, MSN recorded VND55.5tn revenue (+4.8% yoy) and VND3.1tn NPAT-MI (+47% yoy) in 9M22, fulfilling 58%/53% of 2022 guidance, 9M22 EBITDA margin reached 19.5% (vs 19.2% in 9M21).

In Sep 2022, MWG’s net revenue sharply surged by 27% yoy to VND10.5tn and net profit fell by 8% yoy to VND307bn. Revenue in 3Q22 surged 32% yoy to VND32tn while PAT rose 15% yoy to VND907bn thanks to the strong recover of ICT sales. Accumulating 9M22, MWG’s net revenue went up by 18% yoy to VND102.8tn and net profit edged up by 4% you to VND3.5tn. By 9M22, MWG has met 73%/55% of the revenue/NPAT guidance.

According to the GSO estimate, in Oct, the total agriculture export value is USD1,789mn (+17% mom, +19% yoy). In detail, rubber and vegetables have the highest export value of USD477mn (+56% mom, +45% yoy) and USD350mn (+40% mom, +59% yoy).