研究中心

In general, food and beverage consumption recovered differently in 2Q22. The 2Q22 total revenue momentum growth of the 4 listed milk companies decelerated in 2Q22. On the other hand, the total revenue and earnings growth of 14 listed brewery companies continued to recover in 2Q22. We expect the F&B consumption will remain resilient in 3Q22F but it will face the challenge of inflation pressure. We expect gross margins of dairy and brewing listed companies will expand strongly in 3Q22F due to a full benefit from cooling raw material prices and higher selling prices.

Under market condition without much excitement, the picture of a diminishing result of revenue and profit was expected. However, VNDirect pounded the table by a revenue staying flat at VND1,757bn (-0.8% qoq, +55.6% yoy), thanks to excellent performance from bond trading. In the aspect of profit, the company booked a net profit VND456bn (-40.1% qoq, +1.3% yoy) due to increased SG&A and financial expenses, as well as reduced effectiveness of professions.

The total revenue growth momentum of listed garment companies was sustained in 2Q22. However, 2Q22 revenue growth came in at 25.8% yoy, lower than 1Q21 of 32.6% yoy. The earnings growth pace also slid from 71.7% yoy in 1Q22 to 22.6% yoy in 2Q22. The total revenue growth momentum of listed garment companies was sustained in 2Q22. However, 2Q22 revenue growth came in at 25.8% yoy, lower than 1Q21 of 32.6% yoy. The earnings growth pace also slid from 71.7% yoy in 1Q22 to 22.6% yoy in 2Q22.

Contrary to our expectation of a rice export booming due to concern about global food shortage, TAR’s business results in 2Q22 were depressed. In 2Q22, TAR recorded revenue of VND765bn (-3.3% yoy and -20% qoq) and NPAT of VND24bn (+48% yoy and -13% qoq). Overall, TAR posted revenue of VND VND1,723bn (+40% yoy) in 1H22 and fulfilled 49% of 2022’s revenue guidance.

Total electricity production in Jul was 24.6bn kWh (+3% yoy). In which, coal-fired power and gas thermal power volume plummeted to 8.2bn kWh (-20% yoy) and 2.2bn kWh (-5% yoy), respectively in the context of rising input material prices. The unexpectedly high level of rainfall in the extremely hot season made the hydropower output surge to 11bn kWh (+40% yoy). The probability of La Nina effect will wane in Jul and will rebound during Aug – Oct 2022 with moderate probability (68%), thus we believe hydropower makers will shine in 3Q22.

Vinh Hoan can post VND1,198bn revenue (+48% yoy) in July, assisted by +44% yoy of pangasius export. The increase of pangasius export thanks to the export price uptrend (+18% mom and +45% yoy). Yet, the volume export slightly decelerated after peak April, recording -7% mom and -8% yoy.

DCM posted 2Q22 business results with a VND4,084bn (+118% yoy and +0.2% qoq) revenue and a VND1,039bn (+250% yoy and -32% qoq) NPAT. It was a very surprising result when the market expected lower sales along with the downtrend of the fertilizer sector. DCM’s revenue in 2Q22 went sideways compared to the previous quarter thanks to a significant contribution from trading revenue. Sales from trading products increased from VND134bn in 1Q22 to VND796bn in 2Q22.

This quarterly earnings report on Vietnam steel production is intended to track the earning growth trend in the steel market. In 2Q22, we saw the revenue growth pace in 2Q22 just slightly declined by 2.4% yoy thanks to the good selling price while NPATMI growth dropped significantly by 67.4% yoy. Net profit growth pace in last 2 quarters was significantly hit by heavier material costs. We also see the high material costs still partly affect the margin in 3Q22 due to inventories cycle. In 3Q22, we expect the total consumption volume (finished steel products and HRC) will positively grow at 2.6% yoy thanks to the low base in 3Q21 caused by the COVID-19 lockdown.

Overall, SAB recorded an impressive 2Q22 business result with a VND9.0tn revenue (+24.7% yoy), and a VND1,793bn PAT (+67.4% yoy). It prompts 1H22 SAB revenue and PAT to go up 25% and 48% to VND16.3tn and VND3.0tn, respectively. Higher revenue was contributed from both higher volume and selling prices. Beer consumption had been recovering continuously due to the normalization of social activities. SAB also increased selling prices easily amidst higher demand.

The prelim export turnover of Vietnam’s textile and garment remained optimistic with 16.9% yoy and 2.7% mom, to USD3.68bn in July. The US persisted as the largest textile and garment importer with a USD1.8bn, +13.1% yoy/-0.1% mom, accounting for 48.8% of Vietnam's total textile and garment export value. Overall, in 7M22, Vietnam’s textile and garment export turnover soared 20.6% yoy to USD22.3bn.