29
9月
PET’s Aug performance stayed flattish with a VND1.7tn of net revenue,+30.9% yoy, and a VND24bn EBT (+4.3% yoy). EBT margin in Aug 2022 was 3.9%, 0.5%p lower yoy due to the revenue collapse of real estate leasing, which had higher profit margin than other segments. We expect the revenue to sharply rise in 2H22F thanks to the high demand of students for the new semester and the latest iPhone 14 model coming in September 2022.
20
9月
FPT released August business results with VND3.8tn revenue (+35% yoy), and VND739bn PBT (+28% yoy). For 8M22, the company recorded revenue of VND27,1tn (+24% yoy) and PBT of VND5,0tn (+23.6% yoy), fulfilling 64% and 65% of its 2022 guidance, respectively. Particularly, the technology segment still strengthens its position with revenue of VND15.5tn (+24.1% yoy) and PBT of VND 2.3tn (+25% yoy).
20
9月
TNG posted August revenue of VND697bn (+21% yoy) and NPAT of VND37.6bn (+31% yoy) thanks to increased orders from key export markets, including the US and EU. Overall, in 8M22, the company recorded revenue of VND4,705bn (+33% yoy) and NPAT of VND204bn (+44% yoy), fulfilling 78% and 73% of its 2022F guidance, respectively.
16
9月
Vinh Hoan posted total revenue of VND1,270bn (+73% yoy) in August, mainly driven by the increase in export to US (+72% yoy), EU (+5% yoy), and China (+20% yoy). Specifically, revenue increased strongly by 179% in domestic market. VHC total revenue slightly increased 6% mom, assisted by +17% mom and +75% mom revenue of US export and domestic. Of note, exporting to EU and China market decreased by 40.5% mom and 12.9% mom, respectively.
16
9月
Hydropower output surged to 10.7 kWh in Aug (+30% yoy) thanks to favorable weather conditions. In 1H22, the mixed coal price supplied to domestic power plants had increased 30-35% yoy. We predict the coal price will keep its rising trend. As La Nina is expected to wane since early 2023, coupled with shrinking gas input price, we believe EVN will mobilize thermal power, especially gas-fired power in 2023F.
16
9月
The August performance witnessed impressive domestic sales volume, especially, construction steel with the growth of 70.6% yoy, 29.5% mom to 386,990 tonnes. The total August domestic sales volume increased by 23.5% yoy, 34.5% mom to 601,649 tonnes.
16
9月
This monthly report on Vietnam steel production is intended to track the developments in the steel market. During August 22, we observed an improvement in domestic sales volume while export sales volume was still weak.
16
9月
The July performance witnessed the significant decline in export volume, however, export still remains as the key growth driver in 7M22. Weak demand dragged overall performance. In which, domestic sales volume dropped significantly by 13.8% yoy.
16
9月
We witnessed the slump in performance of FY11M2022 on year-on-year basis caused by weak sales volume in first 8 months of 2022, which showed a significant drop in demand from both domestic and export channels.
12
9月
PAN estimates 3Q22F business results with a VND3,643bn revenue (+13% qoq and +43% yoy) and a VND140bn NPAT (-39% qoq and +92% yoy). The gross margin could fall from 21% in 2Q22 to 18% in 3Q22F due to expensive input material prices. Overall, PAN could record a VND9,815bn revenue (53.3% yoy) and a VND537bn NPAT (131.7% yoy), fulfilling 69/65% of their annual guidance in 9M22F.
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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