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Thanks to the 3 new wind power projects which officially operated at the end of 2021, GEG’s output volume was considerably up 47% yoy to 217mn kWh which made the total revenue to have an impressive growth of 58% yoy, to VND506bn. However, 2Q22’s NPAT-post MI plunged 53% yoy to VND30bn due to the surging depreciation and interest expenses. GEG is awaiting the regulation regarding “transitional” renewable energy projects and it is expected to be a beneficiary of PDP VIII.

VNM recorded domestic market revenue of VND12,471bn (-5.9% yoy) contributed by the parent’s domestic revenue of VND10,994bn (-7.2% yoy) and VND839bn (+6.2% yoy) revenue of MCM in 2Q22. The decrease in domestic revenue was caused by weak demand amid high inflation and distribution restructuring in 2Q22. However, VNM has recorded positive signals after restructuring, with revenue growth of 3% and 10% yoy in June and July, respectively.

Occurrences of the stock market in 2Q22 were unexpectedly unforable for securities companies and SSI is no exception. Revenue was VND1,629bn (-18.9% qoq, -7.8% yoy) and net profit was VND421bn (-40.4% qoq, -28.7% yoy). All the professions of SSI had negative growths, except IB revenue with solid income. As of Aug 3rd, SSI is trading at price of VND23.550 dong, PE 7.75x which is below 2-year average of company at 16x and also below sector's avrage at 13.2x.

On 02 August, we joined Masan Group’s analyst meeting to update more details on 2Q22 business result. MSN posted VND17,834bn revenue (-16.0% yoy) and VND918bn NPAT-MI (+24.0% yoy) in 2Q22, EBITDA margin was improved by 3.1%p to 20.7%. Thus, MSN recorded VND36,023bn revenue (-12.6% yoy) and VND2,577bn NPAT-MI (+163.3% yoy) in 1H22, fulfilling of 38%/47% of 2022 guidance. Excluding the feed segment, the revenue of MSN would record an increase of 9.1% yoy and 6.3% yoy in 1H22 and 2Q22, respectively.

Although the absolute result of the pharmaceutical industry showed a positive signal about the recovery of the pharmaceutical industry, it was not very impressive as the revenue growth only inched 4.6% qoq in 2Q22 and the NPAT posted a fall of 4.7% qoq.

In Jul 2022, Vietnam’s prelim seafood export recorded USD1,047mn, up 14% yoy but down 7% mom. Shrimp and pangasius export increased 3% yoy and 68% yoy in Jul. Yet, shrimp export fell 15% mom and pangasius export declined 10% mom since the demand import in the key market as US and China drop significantly.

Based on our estimate, 2Q22 aggregated revenue of 26 listed fertilizer producers rose 46.0% yoy (VND31.9tn), while aggregated NPAT climbed 211.0% yoy (VND5.5tn). However, compared to the first quarter, it could be said that the fertilizer sector had the lag business results with a 1.3%/20.4% qoq decrease in revenue and net profit.

On Aug 1, Novaland released its 2Q22 business results, featuring mixed performance. Novaland recorded its 2Q22 flattish 4.5% yoy growth of topline (VND2,658.2bn) driven by a VND2.2bn handover value of low-rise houses in Aqua City, NovaWorld Ho Tram, NovaWorld Phan Thiet, NovaHill Mui Ne, Soho Residence and Victoria Village. However, NPATMI plunged sharply by 44% yoy to VND749bn, due to the absence of one-off other income of VND1,691.5bn recorded in 2Q21

Khang Dien House Trading and Investment JSC’s (KDH) 2Q22 revenue reached VND732.5bn, -34.1% yoy and NPATMI posted VND331.8bn, 24.6% yoy. Gross margin (GM) in 2Q22 boomed by 25.5% p yoy and 13.7%p qoq to 67.9%. As we expect, the sales events could be kicked off from 2H22F. Contrast to the sluggish presales growth in 2021 which was impeded by social lockdown, KDH is exciting to come back the real estate market

We attended VIC's analyst meeting on Jul 29 to be covered with their strategy on Vinfast vision. We are highly regarding their fast-than-expected global presence in North Carolina. Even the gross margin plunged sharply in 2Q22, we think the market share is much more important.