![HAG – [Non-rated] – Brief – Clearer business path](https://kisvn.vn/cn/wp-content/uploads/sites/3/2022/01/shutterstock_1187812387-scaled.jpg)
28
10月
HAG posted 3Q22 business results with a VND1,441bn revenue (+160% yoy, +17% qoq), and a VND370bn NPAT (+16x yoy, +40% qoq). In detail, revenue from fruits were VND577bn (-10% qoq, +162% yoy), followed by pigs with VND540bn (+108% qoq, +195% yoy), and others with VND324bn (-2% qoq, +115% yoy) in 3Q22.
28
10月
In 3Q22 Vinhomes recorded the VND14.4tn NPATMI, +29.8% yoy, +28.4x qoq thanks to a VND10,923bn financial income from the bulk sale transactions in Empire and Crown projects. In addition, Empire project contributed a VND13.2tn out of VND14.4tn property revenue, prompting a VND17.8tn total revenue in 3Q22.
26
10月
On Oct 25, TRA announced 3Q22 business results with a VND604bn revenue (+6.4% yoy, +2.4% qoq) and a VND77bn NPAT (+8.3% yoy, -10% qoq). Gross margin fell from the peak of 62.2% in 2Q22 to 56.5% (+4.4%p yoy) in 3Q22. In 9M22, TRA posted revenue/NPAT of VND1,818bn (+14.4% yoy) and VND251bn (+28% yoy), respectively, fulfilling 78%/88% of full-year guidance.
25
10月
Ca Mau Fertilizer (DCM) issued 3Q22’s business results on Oct 24, posting a VND3,307bn revenue (+83% yoy, -19% qoq) and a VND731bn NPAT (+95% yoy, -30% qoq). After hitting the peak of 48.5% in 1Q22, the gross margin fell steadily and reached 30.5% in 3Q22 (-2.68%p qoq and -1.73%p yoy).
25
10月
Assisted by 88% yoy increase in pangasius export value and favorable base in 3Q21, Nam Viet announced VND1,239bn revenue (+88.9% yoy, -4.4% qoq) and VND120bn NPAT, vs a VND13bn loss in 3Q21. In 9M22, ANV delivered VND3,752bn revenue (+54% yoy) and VND567bn NPAT (+663% yoy), fulfilling 76%/90% of 2022 revenue/EBT guidance.
24
10月
On Oct 20, TNH announced 3Q22 business results with a VND131bn revenue (+10% qoq and +5.3% yoy) and a VND44bn NPAT (+15.8% qoq but -26.4% yoy). In 9M22, the company posted revenue of VND338bn (+10% yoy) and a NPAT of VND98bn (-10% yoy), fulfilling 78%/65% of full-year guidance.
24
10月
TNG announced 3Q22 IR News on Oct 19, which delivered positive business results. Specifically, the company posted 3Q22 revenue of VND2,018bn (+18% yoy) and NPAT of VND105bn (+23% yoy). Overall, in 9M22, the company achieved VND5,259bn (+29% yoy) in revenue and VND230bn in NPAT (+37% yoy) thanks to the recovered demand in main export markets including the US, and the EU.
24
10月
Starting the 2022 Fall wedding season, PNJ’s net revenue in Sep 2022 rocketed by 1,017% yoy to VND2.5tn. Net profit in Sep 2022 increased 20% mom to VND94bn (vs loss of VND49 in Sep 2021). Accumulating 9M22, revenue surged by 104% yoy to VND25.5tn, and NPAT shoot up by +133% yoy to VND1,340bn, correspondingly fulfilling 99% and 102% of guidance.
24
10月
NLG’s revenue boomed 484.1% yoy to VND882bn in 3Q22 driven property sale (VND857bn, +166.3x yoy). Contrary to spectacular revenue growth, net profit drop 82.7% yoy to VND51bn. On the contrary, we are concerned with the presale target. In 3Q22, the company reaped VND1,512bn presale value, prompting a VND9,922bn unbilled booking sales in 9M22. The amount is far below the full-year target of VND23tn.
24
10月
STK announced 3Q22 IR News on Oct 20, which delivered a dismal performance. Specifically, the company posted 3Q22 business results with revenue of VND515bn (+10% yoy) and NPAT of VND50bn (-20% yoy). Overall, in 9M22, the company recorded revenue of VND1,686bn (+9% yoy) and NPAT of VND197bn (-3% yoy), fulfilling 65%/66% full-year guidance.
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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