![HPG-Brief-[HOLD]-Export still supported total sales](https://kisvn.vn/cn/wp-content/uploads/sites/3/2022/01/shutterstock_1187812387-scaled.jpg)
19
7月
Total June steel sales volume posted 634,762 tonnes, increasing by 2.5% mom but -1.0% yoy. Construction steel volume increased to 286,036 tonnes, -17.8% yoy, +0.6% mom. In which, domestic sales volume increased by 10.6% mom while its export was down by 55.5% yoy.
19
7月
Total June steel sales volume posted 116,406 tonnes, dropped by 8.7% yoy and 3.3% mom. The FY9M23 (Oct 2023-Feb 2023) total sale decreased 31.6% yoy to 1,008,369 tonnes as steel pipes volume declined 18.1% yoy to 210,545 tonnes and steel coat fell 34.4% yoy to 797,824 tonnes.
19
7月
Total May steel sales volume posted 80,917 tonnes, increasing 4.5% mom and decreasing 1.5% yoy. The 6M23 total sales volume came in at 430,331 tonnes, -16.9% yoy. In which, the steel coat volume declined 18.1% yoy to 357,437 tonnes and the steel pipes volume was down by 10.3% yoy to 72,894 tonnes
04
7月
On Jun 28, State Bank of Vietnam issued Circular 06/2023/TT-NHNN amending Circular 39/20216-TT-NHNN on the lendinig activities with more prudent control and stricter requirement. We view positively since it helps enhance the credit quality control of banking systems and efficiency use of capital flow to economy. Besides, the new circular accommodates the deferred payment foreign loans.
03
7月
According to the GSO estimate, in Jun, the total agriculture export value slightly increased to USD2.2bn (+5% mom, +21% yoy). Vegetable keeps being the highest value exported product with USD723mn (+45% mom, +189% yoy), and it accounted for 17% of total agriculture export turnover (+9%p mom), followed by rice (17%, -8%p mom) and coffee (17%, -3%p mom). In which, vegetable export to China in May-23 quintupled yoy to USD482mn, the figure also doubled mom.
03
7月
The PDR’s management held the AGM 2023 on Jun 30 to address multiple key concerns about the debt duty coverage, the business plan. Funding demand is aggressive and controversial and we feel hope the launching plan of projects. PDR market price rebounds steeply from the Nov outbreak but we think that this is not enough and PDR deserves more.
30
6月
On Jun 29, we attended BCM’s AGM presentation briefing for the upcoming business expansion plan. BCM guides NPAT to be VND2,263bn, +32% yoy on the back of a revenue of VND9,460bn, +19% yoy in 2023. The land transfer deal to Capital Land worth of USD240mn (18.9ha) could attribute to the earnings turnaround in 2023F. The company maintains a cash dividend of 8% at par in 2022F.
30
6月
Despite of the increased revenue, TAR met only 62% of NPAT guidance due to (1) high material costs, (2) increased logistic costs and (3) surged interest expenses, according to TAR management.
29
6月
On Jun 27, Hoa Binh Construction (HBC) held the Annual General Meeting. The company presented to the investor the 2022 results as well as the 2023F business plan. In 2022, Hoa Binh announced revenue of VND14.15tn (+24%yoy) and a net loss of VND2.5tn. The Board of Director contributed this to a weak real-estate market, developers cash flow troubles and rising costs of material. HBC aims to resolve the operational issues with a financial and management overhaul.
28
6月
PLX approved its conservative 2023F guidance of petroleum volume of 13mn ton (-7% yoy), VND190tn revenue (-38% yoy) and VND3.2tn PBT (+42% yoy). Shareholders approved a cash dividend of VND700/share for 2022, and targeted a cash dividend of VND1,000/share for 2023F.
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.
English
Tiếng Việt