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On April 23, Mobile World held its Annual General Meeting which gave the audience a walkthrough of the 2022F business expansion plan. Key focus areas are Bach Hoa Xanh (BHX) and An Khang chains. - MWG sets optimistic 2022F guidance with net revenue of VND140tn (+14% yoy) and NPAT of VND6,350bn (+30% yoy). The higher profit growth rate implies that BHX will reduce its losses in 2022F. Based on management's guidance of 2022F profit, 12MF PE is 14.8x and 12MF PB is 3.7x, lower than the 2-year median PE of 15.6x and PB of 4.0x.

The company targets a VND28,000bn revenue (-2.1%yoy) and a VND1,600bn NPAT (-28% yoy) amid input volatility and logistic cost concerns. In 1Q22, the company’s revenue was VND7,100bn (+46% yoy) and NPAT was VND507bn (+58.9% yoy), fulfilling 25.3%/31.6% of annual guidance, respectively. 2Q22 revenue is expected to be over VND8,000bn.

PVD targets a VND4.7tn revenue (+17.5% yoy), and a VND0bn PBT (vs VND62bn in 2021) in 2022F. The earnings guidance is set blank as the company has yet reaped the fruitful results from the oil price hike. Per the company, although the drilling market has started to warm thanks to rising oil prices, however, some drilling contracts were already signed in 2021 with low Jack-up (JU) day rates. PVD expects the JU day rate will improve from 3Q22F thanks to new contracts.

On April 20, SSI Securities (SSI) announced consolidated business results for 1Q22. Revenue was pegged VND2,008bn(-17% qoq, +33% yoy) and NPAT was VND706bn (-29% qoq , +67% yoy). 1Q22 fulfilled 19% and 20% of full-year company’s target for revenue and profit, respectively. With the lost market share on HSX, brokerage revenue was VND599bn (-24% qoq, +37% yoy). Brokerage rate was also reduced to 0.1845% (-0.43bps qoq). Margin balance at end-Mar was VND20,620bn (-9.4% qoq) and still the top 1 in margin provider. Although margin balance dropped by 10%, revenue from this profession recorded VND566bn (+2% qoq, +131% yoy) thanks to improved lending rate.

The company held an AGM session on Apr 20th to articulate the business plan, coming out with optimistic business guidance. The company targets a VND13,000bn revenue (+43.5% yoy) and a VND1,600bn NPAT (+46% yoy) in 2022F. In 1Q22, the company reached VND3,276bn in revenue (+83% yoy) and VND553bn in NPAT (+3.2x yoy) completing 24%/33% of full-year forecast.

This monthly report on Vietnam steel production is intended to track the developments in the steel market. During Mar 22, we observed the continuous domestic revival in all finished steel products on month-on-month basic. . The total consumption volume (excluded steel coil) was up 17.4% mom to 1.9mn tonnes, -6.0% yoy.

The March performance witnessed the strong demand for most steel products, especially, construction steel and HRC ones. Export is the important drivers for growth in 3M22, in which, construction steel export volume grew 151% yoy to 369,943 tonnes.

The March performance witnessed the continuing revival in domestic sales volume on month-on-month basis. Domestic volume of steel coat recorded 23,645 tonnes (+15.2% mom, +19.7% yoy) and steel pipes volume posted 16,470 tonnes (+7.1% mom and -22.7% yoy). Export is still the important driver for growth in 3M22.

HSG witnessed the slightly weaker performance in FY6M2022 on year-on-year basis caused by weak sales volume in first 3 months of 2022: 3M2022 total sales volume at 461,334 tonnes, -22.6% yoy. 3M2022 export volume dropped significantly by 44.1% yoy to 197,256 tonnes, which is the main reason for weaker performance in FY6M2022 while 3M2022 domestic total sales volume increased 8.5% yoy to 264,075 tonnes.

According to Insurance Association of Viet Nam (IAV), 2M21 total life premium was pegged at VND21,888bn (+17.2% yoy). In detail, the premium of renewal contract led the industry growth with VND15,829bn (32%yoy), offset by the tepid premium of new placement contract with VND6,059bn (-9.5% yoy). Non-life insurance premium surged to VND11,248bn (+15.3% yoy) with positive growth rate from health insurance, motor vehicle and P&C insurance. On the other side, the increasing trend of both deposit rates and bond yields will secure the investment income of insurance companies as the majority of insurance companies’ financial assets are in the form of bank term deposits and bond (both government and corporate).