研究中心

2Q22 trading value was down significantly. Combined 2Q22 ADTV on 3 bourses was VND20.5tn (-34.2% QoQ, -21.8% YoY). Contrast to unfavorable market movements in the second quarter, securities companies did a great job to gain an enormous number of accounts. In 2Q22 separately, there were 1.174mn new accounts (+73.6% QoQ, new high record established). The competition of securities companies in brokerage spotted interesting developments. VPS ended a 13-quarter streak with positive quarterly growth rates and HSC was back to Top 4 brokerage market share.

The prelim export turnover of Vietnam’s textile and garment remained optimistic with 16.5% yoy and 13.1% mom, to USD3.6bn in June. The US persisted as the largest textile and garment importer with a USD1.8bn, +13.1% yoy/+11.2% mom, accounting for 50.2% of Vietnam's total textile and garment export value. Overall, in 1H22, Vietnam’s textile and garment export turnover soared 21.4% yoy to USD18.6bn.

In May 2022, seafood export recorded climbed 34% yoy and -6% mom to USD1,062mn. Shrimp and pangasius export increased 31% and 67% yoy in May. Shrimp export flatted as April, while pangasius export maintains rally increase yoy and dropped 20% mom compared to high based April export.

In Jun, rubber export gained the spotlight thanks to an amazing increase in both export volume and value. However, contrary to the expectation about boosting export output in the context of global food shortage fears, rice exports recorded a little bit shy result.

BOM of PVT shows their conservative approach in 2022F amid political and economic uncertainties. However, we expect PVT can surpass this year’s business guidance based on the hints of BOM on (1) rising transported volume/nautical mile, reflecting higher transportation demand; (2) lower vessel supply due to higher shipbuilding costs. In 2022F, the firm aims to acquire 8-10 new vessels, reflecting the ambitious to remain its leading position. Strong financial health also help the firm be flexible in raising capital to cover new Capex.

On Jun 27, we joined DPR’s AGM presentation briefing for the upcoming business plan. To Bac Dong Phu IP, they work their best to resolve the requirement of Ministry of Planning and Investment by raising the charter capital of IP segment by VND200bn in 2H22F. Based on our estimates, the operation could commence at the soonest of 1H24F.- DPR is among the scarce diamond in the rough for those investors who are seeking company’s qualified earnings and solid fundamentals.

On Jun 28, we joined NTC’s AGM presentation briefing for the upcoming business plan. NTC is worth a favorable watching stock pick driven by their healthy balance sheet (30% cash of total assets as of end-2021) and spectacular growth prospect triggered by NTU 3 IP and Bac Dong Phu IP (300ha, NTC owns 40% stake, DPR :51% stake). We believe NTC could soon obtain the NTU 3 IP’s land handover decision from Binh Duong province in 2H22F and reaps the reward from Bac Dong Phu IP in 1H24F, at the earliest. NTC is trading at 15.2x TTM PE, trailing the 2-year median of 15.4x and the highest multiple vs the rivals (12.3x). We think the expensive valuation has factored in the stellar earnings growth in 2023F-24F.

MWG posted 5M22 business results with revenue of VND59,324bn (+14% yoy) and NPAT of VND2,202bn (+1% yoy), fulfilling 42%/35% guidance. In which, separate May revenue of VND11,416bn (+3.1% yoy, -0.2% mom), and NPAT of VND383bn (-8.3% yoy, +2.4% mom). May-22 NPAT has continued to grow compared to some last months but was lower than the abnormally high base of May-21. 5M22 net margin was 3.7%, lower than 4.2% in 5M21.

On Jun 25, we tuned in to KBC’s AGM presentation briefing for the upcoming business plan. KBC is trading at 31.8x TTM PE, higher than 2-year median of 23.9x. Imaging KBC’s 2022F net profit estimate of VND4.5tn could materialize, the 12MF PE is translated at 5.1x which seems undemanding given the KBC’s firm foot print in the IP operation map. Despite a number of falling shy of annual guidance in 2020-21, the management is upbeat about the signing land rental contracts with global giants in the next two weeks and that symbols a new era of earnings turnaround.

We witnessed the slump in performance of FY8M2022 on year-on-year basis caused by weak sales volume in first 5 months of 2022. Total May steel sales volume posted 121,328 tonnes, decreasing by 30.7% mom, 45.2% yoy.