![Flat-steel – [Neutral] – In-depth – Steering through treacherous waters](https://kisvn.vn/cn/wp-content/uploads/sites/3/2022/01/shutterstock_1187812387-scaled.jpg)
09
9月
Flat-steel sector has overperformed the broader market throughout 2021 as they have benefitted from global supply disruption caused by COVID-19. In 2022, however, we reiterate a Neutral rating on the Flat-steel sector as we see multiple headwinds upcoming amid high-inflation and central banks' policies concerns.
09
9月
The prelim export turnover of Vietnam’s textile and garment remained robust with a growth of 51.1% yoy and 8.7% mom, reaching USD4bn in August. The US persisted as the largest textile and garment importer with a USD1.74bn, +31.6% yoy/-3.0% mom, accounting for 43.6% of Vietnam's total textile and garment export value. Overall, in 8M22, Vietnam’s textile and garment export turnover soared 24.5% yoy to USD26.3bn.
06
9月
PVD posted 1H22 results with VND2.7tn revenue (+60.9% yoy), and VND116bn loss (vs a loss of VND98bn in 1H21) since old drilling contracts were already signed in 2021 with low Jack-up (JU) day rates. The South East Asia drilling market started to warm and jack-up day rate improved significantly in late 2Q22 due to high oil prices. PVD expects the better JU day rate to improve its earnings from 3Q22F onward.
31
8月
Started from July 2020, DMX Supermini currently operates 1,000 stores in Vietnam by Aug 2022. DMX Supermini expects to earn revenue of VND12.5tn in 2022F and VND20tn in 2023F.
31
8月
In Aug, the total agriculture export value was USD1,610mn (-4% mom but +15% yoy). In detail, except for cashew/tea/cassava, main export products such as rice and rubber recorded a reduction in export value (-7% mom and -7% mom). The serious drought in China could lead to a food shortage in this country. Therefore, there has a chance for Vietnam to boost the rice export volume into this market. In 7M22, China accounted for about 13% total rice export volume of Vietnam (after the Philippines with 49%).
31
8月
In 7M22, PET revenue inched by 8% yoy to VND9.6tn (fulfilling 48% of full-year guidance) and GP rose by 32.2% yoy to VND598. GPM in 7M22 was 6.3%, vs 5.1% in 7M21. 7M22 stellar performance was mainly driven higher sales of laptops by 19% yoy to VND2.3tn and smartphones by 6% yoy to VND3.4bn. These two segments could surge in 2H22F thanks to the high demand of students for the new semester and the latest iPhone 14 model coming in September 2022.
31
8月
The Covid-19 containment and back-to-school season bolstered TLG’s net revenue to VND2.2tn (35% yoy) in 7M22. Compared to the pre-pandemic operation in 1H19, 1H22 net revenue also upped by 22%. TLG targets the revenue of VND10tn in 2027F, by developing domestic market, growing export market, engaging in new business and focusing on more refreshed & creative products.
29
8月
In 1H22, BSR's net revenue and NPAT-post MI increased +78% yoy and +252% yoy to VND87.2tn and VND12.5tn, respectively thanks to rising global oil prices and crack spread. The company sets ambitious 2H22’s targets with output, revenue and EBT of 3.2mn tonnes, VND46tn and VND738bn, respectively. BSR expects to be officially listed on HSX after the AGM in 2023.
24
8月
PNJ’s net revenue in July 2022 increased to VND2.5tn, up 413.6% yoy (-4% mom). Net profit in July 2022 positively rose to VND79bn (-4% mom, vs loss of VND32 in July 2022). For 7M22, revenue surged by 70.9% yoy to VND20.7tn, and NPAT climbed by +66.1% yoy to VND1,167bn, which fulfilled 80.2% and 88.4% of guidance.
24
8月
In 2Q22, the financials sector index dropped 24.6%, in which securities companies index was down 44.4% amid low trading conditions and VNINDEX’s fall. Sector revenue in 2Q22 stayed flat yoy with 15,878bn (-12.3% qoq, +0.1% yoy) while net profit was unpleasant by a decrease 57% in yoy and 63.4% qoq. There were 7 over 25 securities in our research recording accounting losses. To achieve moderate results in 2H22F, the ADTV should stay at VND25,000bn per day and margin balance should stay above VND90,000bn. Shortened settlement cycle, implementation of new KRX system and the movement of VNINDEX are supporting points for the remaining 2022.
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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