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In 2Q22, Nam Viet posted VND1,294.5bn (+20% yoy) mainly assisted by the 1.05x yoy increase of pangasius export revenue due to the high demand of Asian, EU, and American markets, and VND240.7bn (+9.1x yoy), bolstered by yoy soar of GPM. In 3Q22, we expect that could record a topline jump driven by prosperous demand of pangasius, export volume to China market could increase from 10% in 5M22 to 20-30% in 3Q22 of ANV export value while ASEAN keeps bull demand in 3Q22.

On July 20, Tien Phong Securities (ORS) announced financial report for 2Q22. Revenue was VND661.6bn (-18% qoq, +132% yoy) and net loss was VND128.9bn. In 1H22, ORS recorded VND1,472.6bn revenue (+172% yoy) and VND92.5bn net profit (-38.6% yoy). The net loss in this quarter is mainly due to a surprising loss in FVTPL portfolio.

NLG’s revenue boom 209.6% yoy to VND1,241bn in 2Q22 driven a VND1,146bn property sale (47.8x yoy). Contrary to spectacular revenue growth, net profit/NPATMI swelled by +299.4/135.4% yoy to VND192/111bn. In 2022 AGM on Apr, 23, the management expected 2Q22 net profit could book a VND444bn financial gains from revaluation in Paragon Dai Phuoc project when doing business cooperation with a Japanese partner. However, the land investigation from the governmental agencies is slowing the process and the company is waiting for approval to complete the transaction in 3Q22F

Phat Dat Group released 2Q22 results on 21 Jul, posting revenue of VND853bn (+58.6% yoy, 36.5% qoq) and net profit/NPATMI of VND409bn/413bn (+62.9/63.9% yoy and 46.6/46.5% qoq), implying EPS of VND671.The key attributes to the flourishing revenue growth are the bulk sales of condo projects in Nhon Hoi Ecological tourism and townhouse project (satellite region Binh Dinh province) and in Bau Ca Residential project (Central Coast Quang Ngai province).

STK posted 2Q22 business results with revenue of VND530bn (-17.3% qoq, +3.8% yoy) and NPAT of VND70bn (-8.9% qoq, -2.0% yoy). Overall, in 1H22, the company recorded revenue of VND1,170bn (+8.6% yoy) and NPAT of VND146bn (+3.4% yoy), fulfilling 45%/49% of annual guidance.

VHC’s 2Q22 revenue surged 80% yoy to VND4,226bn and net profit jumped 2.0x yoy to VND788bn, above 1%/40% our 2Q22F estimation and fulfilling 56%/80% our forecast. In 3Q22, we expect that VHC still maintain solid business results compared to 3Q21 but is merely equivalent to new high record at 2Q22, mdue to the soft landing qoq of export fillet pangasius product in key market US.

On July 20, SSI Securities (SSI) announced MI financial report for 2Q22. Revenue was pegged VND1,583bn(-17% qoq, -8.4% yoy) and NPAT was VND416bn (-39% qoq , -26.4% yoy). In 1H22, SSI recorded VND3,198bn revenue (+10.6% yoy) and VND998bn net profit (+10.9% yoy).

Congress passed the new Insurance law 2022 on June 16th 2022. The draft of this new law was first introduced around February 2021 (refer here). After receiving feedback from experts at many meetings, the Law was approved with the rate of 94.18%. The effective date will be January 1st, 2023. In general, the new law retains the same ideas and spirit as the proposed draft, adding some clarifications and changes which are positive for sustainable development and long-term industry outlook.

Vinh Hoan announced Jun 2022 IR News on Jul 13 2022, which delivered preliminary two-digit yoy revenue growth. In aggregate 2Q22, Vinh Hoan revenue can hike 87% yoy to VND4,223bn driven by robusted export to US, beating 1% our estimates.

Total electricity production in Jun was 24.52bn kWh (+5.1% mom, +2.6% yoy) and the 6M22 aggregate output volume went up to 133.1bn kWh (+3.6% yoy). The unexpectedly high level of rainfall in May and Jun, especially in the North amid the extremely hot season made the hydropower output surge to 11bn kWh in Jun (+33% mom, +71.3% yoy), which made the average free market price (FMP) in May dropped to VND1,136/kWh. It is predicted that there will be 10-12 typhoons and tropical depressions till the end of the year, thus the heavy rainfall is expected to occur in the 2H22F.