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On April 28, MSN held an AGM briefing on its 2022F guidance, 1Q22 business results, and long-term expansion plans. MSN sets 2022F guidance with a Revenue VND90tn – 100tn (from +1% to 11.3% yoy), and NPATMI VND4.8tn – 6.2tn (from -44% to -27.6% yoy). In 2021, MSN recorded a one-off gain from divesting from the feed business. The guidance represents a growth of 22% and 36% yoy, compared to VND74.2tn (excluding feed segment revenue) in FY2021. In FY2021, revenue contribution from only consumer businesses (excluding feed and MHT) was 68%, which is expected to improve to 85% yoy in FY2022. NPAT Pre-MI is expected to be within the range of VND6.9tn and VND8.5tn, a growth of 82% to 124% yoy compared to VND3.8tn in 2021 (which excludes one-time gains/losses and feed segment contribution in 2021).

The company achieved a revenue of VND1,577bn (+18% yoy) and a NPAT of VND218bn (+21% yoy) in 2021 driven chemicals price rally amid global supply shortage. In 2022F, the company a VND1,742bn revenue (10% yoy) and VND251bn PBT (-8% yoy). CSV is going to pay a 15% cash dividend at par per year in 2022F-23F. In 1Q22, CSV recorded spectacular growth with a VND483bn revenue (+64% yoy) and a VND140bn PBT (+198% yoy), fulfilling 28%/56% annual guidance.

On April 27, we attended SAB’s AGM, briefed on its 2022F guidance and long-term prospects. Overall, SAB sets positive 2022F guidance with a VND34,791bn revenue (+32% yoy), and a VND4,581 PAT (+17% yoy). Per the management, in late 2021 and early 2022, reopening the economy by stimulating tourism and restaurants, led the beer industry to recover strongly. Besides, beer production still faces difficulties owing to scarcity and a spike in raw materials prices. However, SAB has well-prepared input raw materials and ensured enough materials for 2022F due to buying forward contracts and support from ThaiBev. Based on 2022F guidance, 12MF PE is trading at 25.0x, slightly lower than the 2-year median of 25.5x, and 12MF PB is 4.4x, significantly lower than the 2-year median of 5.5x.

On Apr 26, Gia Lai Power (GEG) held its 2022 Annual General Meeting. GEG targets a revenue growth of 37% yoy to VND2,073bn in 2022F, fueled by a VND1,927bn power revenue. Nonetheless, profit before tax is pegged at VND345bn, - 6.4% yoy. Hydropower, solar power and wind power outputs are projected to reach 253mn kWh, 383mn kWh and 367mn kWh in 2022F, respectively. GEG will issue an additional 30.37mn shares to existing shareholders at 1000:94 and over 9mn ESOP shares with the selling price of VND11,000. The company asserted to focus on wind power projects in the 2022F-2025F and considered to proceed M&A deals to expand its wind power capacity.

On April 26, we attended NBB’s AGM presentation briefing for the upcoming business expansion plan. The outbreak still weighs their performance since guidance net profit is pegged at VND102bn, -67.6% yoy despite revenue target of VND800bn, +41.5% yoy.Given the high leverage and tight bond with the major shareholder Construction of Infrastructure JSC (CII VN EQUITY, Not-rated), we stay skeptical about NBB.

On April 26, VNM hosted an AGM presentation briefing for the upcoming business expansion plan. Key issues covered were the 2022F guidance and their long-term outlook. VNM sets conservative FY2022F guidance of VND64,070bn revenue, +5% yoy and VND9,720bn NPATMI, -7.7% yoy. The negative profit growth rate implies that gross margin will be hit in 2022F. Per VNM, the earnings of dairy companies will be impacted by the rising in prices of input raw milk and sugar in 2022F. We maintain a HOLD rating with TP VND83,900 underpinned by a sluggish outlook in 2022F-23F. We keep our forecast with a VND65.7tn revenue, +7.9% yoy, and a VND10.9tn NPATMI, +3.9% yoy, EPS could reach VND4,686 in 2022F, implying a 12MF PE of 15.4x.

On Apr 26th, we tuned in to DCM’s AGM presentation briefing for the upcoming business expansion plan. The unstoppable price hike of fertilizer throws a spotlight on how far their earnings could stretch. However, DCM’s emphasis on the 2022F guidance seems ambiguous.

On Apr 25th, Gemadept held its AGM session to articulate the business plan for 2022. The company has increased its 2022 revenue and PBT target to VND3,850bn (+20% yoy) and VND1,200bn (+66.5% yoy), respectively. In 2022F, GMD would pay more attention to ramp-up Gemalink phase 2 and Nam Dinh Vu phase 2 projects which are expected to reach the capacity of 6mn TEUs after completing. Based on 2022F guidance, 12MF PE is 20.5x and 12MF PB is 2.3x, lower than the 2-year median PE of 28.9x and PB of 2.3x.

Based on management's guidance of 2022F profit, 12MF PE is 25.1 times and 12MF PB is 1.2x times, slightly higher than the 1-year median of 24.1x and 1.1, respectively. Even though the share price has been pulled back steeply recently, we do not think the stock is worth accumulation. We view that SCR’s strong rally has been over manifested since the market sentiment of individual investors is betting on the positive changes in the licensing landscape in which SCR’s key land bank, idle for years will reap the rewards. Given the lengthy projects, abundant exposure to hospitality projects, and concerning corporate governance, SCR is not lucrative to put on the watchlist.

On Apr 23rd, we joined in Nam Viet Corporation’s analyst meeting to update BOD view on 2022 business guidance. ANV announced its draft 2022 guidance with VND4,600bn revenue (+40% yoy) and VND720bn EBT (+377% yoy), which are mainly driven by (1)r amping up pangasius fillet export, as benefits from the high demand of industry, and (2) Collagen & Gelatin products will contribute to ANV revenue this year. In 1Q22, ANV revealed a solid prelim business result as VND230bn EBT (+3.2x).