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31
7月
KSB’s revenue decreased to VND183.7bn (-35.4% yoy, 61.5% qoq) in 2Q23. The company NPAT posted VND46.5bn which only downed 18.7%yoy but surged 244%qoq. The unexpectedly high NPAT was because of an Other Profit of VND20bn.
31
7月
NKG’ revenue decreased 23.6 % yoy to VND5,499.9bn in 2Q23 driven mainly by the weak global and domestic demand. In which, the total export volume in 2Q23 dropped to 155,858 tonnes, -10.0% yoy, +49.2% qoq. The 2Q23 NPAT posted at VND125.4bn (-37.8% yoy).
31
7月
On Jul 28, we attended VHM’s 2Q23, and the presentation covered how the “King” surprised the market expectation. Despite the off-peak season, VHM still triggered the market surprise with its 1H23 revenue of VND62.1tn, and NPAT of VND21.6tn, completion of 62/72.1% of their full-year estimate. The company is vocal on its stance about the adjusting the full year guidance thanks to the accelerating handover .
28
7月
In 2Q23, VGC reccored revenue of VND3.9tn (+42.7% qoq, -8.6% yoy) and a NPAT of VND625.6bn (+312.9% qoq, -10.4% yoy). Despite a revenue decrease, we saw blended gross margin expansion to 31% in 2Q23 (+5%p yoy) from 24% margin in 1Q23. In 6M23, the company recorded a VND6.7tn revenue (-17% yoy), and a VND1,024bn EBT (-41% yoy), completed 42.6%/84.7% company annual guidance.
28
7月
DBC reached the net revenue of VND3.5tn in 2Q23, which rose by 17% yoy, the 6M23 accumulated revenue met 24% of 2023 guidance thanks to (1) increased pork sales and (2) recorded revenue of Park View residence project.
28
7月
Vietnam Rubber Group released the 2Q23 on Jul 26, featuring a VND4,272.6bn revenue (-23.2 yoy, +3.3% qoq) and a VND717.3bn NPAT (-39.1% yoy, -5.1% qoq). The blended gross margin (GM) contracted by -3.7%p yoy, -1.6%p qoq to 22.7% owing to a 3.7%p yoy GM narrow of the rubber cultivation segment which was hit by the price drop of rubber and -16.5%p yoy GM contraction of wood processing. We stay skeptical about the company’s capacity to beat its PBT guidance given no signal of demand revival in the rubber cultivation segment.
26
7月
TCB released its results with 2Q23 PBT down 22.8%yoy and up +0.5%qoq due to (1) NIM LTM decline and (2) high provision expense growth. 2Q23 Net interest margin (NIM LTM) inched down to 4.3% (vs 5.6% in 2Q22 and 4.6% in 1Q23). Although 2Q23 CASA ratio was 35%, lower than 2Q22 (47%) but a significant improvement compared to 1Q23 (32%). 2Q23 NFI and 1H23 went down 3%yoy (to VND2,259bn) and up 5%yoy (to VND4,430bn) thanks to cards, trade, and FX services. 2Q23 NPL ascended to 1.07%, compared to 1Q23 of 0.85% and end-22 of 0.72%. 2Q23 LLR was sufficient at 116%.
26
7月
On Jul 25, we attended SIP’s 2023 Investor Day, and the presentation the company’s 2Q23 results and its strategy plan. Per management, 2Q23 prelim results came in at VND1,660.7bn revenue (, 3.1% yoy 19.1% qoq) and VND276bn net profit (7.8% yoy ,111% qoq). SIP is among our fancy industrial park players in the South thanks to its unrivalled competitive advantages. - However, the free floating (major shareholders occupy 47.91%) raises the concern over liquidity.
20
7月
DHA’s revenue increased by 5.4% yoy to VND100.79bn in 2Q23 while the NPAT posted VND35.30bn (1970% yoy). DHA's gross profit increased significantly by 39.5% yoy. NPAT growth is also come from VND 21.5bn reversal of provision for the investment in HPG stock.
19
7月
This monthly report on Vietnam steel production is intended to track the developments in the steel market. During June 23, we observed the total consumption volume was slightly down 6.2% mom, 3.1% yoy to 2.0mn tonnes. The total sale volume was slumped due to weak global demand (11.5Mn tonnes, -17.5% yoy).
24
8月
U.S July Retail sales and Vietnam T&G exports According to the latest data from the U.S. Census Bureau, retail sales in the U.S. increased by 0.7% MoM in July of 2023, marking a fourth consecutive rise, and beating market forecasts of a 0.4% increase. In more detail, US clothing store sales grew 1.34% YoY in July, slightly decelerated from 2.69% in June, but remain higher than the one-year slowest growth of 0.32% in April. The potential upturn in US clothing sales, given a relatively strong correlation with Vietnam T&G exports, subsequently benefiting this export sector in the latter half of 2023.
02
8月
July’s data revealed a substantial improvement in economic activities with a softer decline in export turnover, an improving industrial production, and a renewed acceleration in retail sales. On one hand, U.S. consumers tend to regain their confidence during the late phase of the global interest rate hike, fastening the resolution of the overstocking and consequently promoting Vietnam’s export activities. On the other hand, retail sales recorded a higher growth rate than in June coupled with moderate inflation after a series of easing fiscal policies, likely reflecting an expanding demand. We predict economic performance to improve further next month due to softening external headwinds and expanding domestic demand.
28
7月
Although the economic performance picked up in 2Q23 in the late stage of the global interest rate hike, we believe that the acceleration of economic activities will need more time to be material due to the insignificant improvement of external factors and the weakening recovery in domestic consumption. On the upside, public investment will continue to be a spotlight in 3Q23 thanks to the government's effort in realizing the significantly higher workload than last year. In addition, the well-controlled inflation and stable exchange rate provide more space for the monetary authority to follow the easing tendency in the next quarter.
13
7月
Although the economic performance picked up in 2Q23 in the late stage of the global interest rate hike, we believe that the acceleration of economic activities will need more time to be material due to the insignificant improvement of external factors and the weakening recovery in domestic consumption. On the upside, public investment will continue to be a spotlight in 3Q23 thanks to the government's effort in realizing the significantly higher workload than last year. Investment opportunities exist in Power and Agriculture, Seafood industries that backed by El-Nino and China consumption themes. Besides, crushed stone industry also offers a lucrative choice from 3Q23 for those investors seeking for rising public spending theme. We expect the target range for VNIndex in 2H23 to be 1,260-1,340 points.
30
6月
GSO’s June report shows a slight acceleration in economic performance for the second quarter of 2023. Although the economic growth surpassed the downgraded market assessment, it is far from the expected value in the eco-socio tasks. For the latest update in June, export activities deteriorated under the persistent slowdown in the consumption of Vietnam’s major trading partners, showing challenges for the economy to speed up. Regarding domestic factors, the recovery momentum in post-pandemic exhausted with retail sales much lower than the potential level. In the short term, we predict public investment will mainly support economic growth before material improvement in external factors occurs.
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