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Long position on VN30F2204 should be held. However, the loss should be stopped when there is the closing price below 1,475 pts level. (Hourly chart)

The company targets a USD178mn revenue, +120% yoy and a VND10.8mn NPAT, +188% yoy in 2022F, 15% stock dividend for 2021, expected to pay in June this year. In 1Q22, the company reached a USD47.3mn revenue, +19% yoy, and a USD3mn NPAT, +17% yoy, fulfilling 26.6%/27.7% full-year estimates.

GAS sets 2022F guidance of VND80tn revenue (+1% yoy), and VND8.8tn PBT (-21.4% yoy), the plan is based on the scenario of Brent oil at USD60. In 1Q22, the company announced preliminary revenue and PBT are VND25.3tn (+44% yoy) and above VND3tn (+13.8% yoy), respectively, per management. GAS estimates gas sales volume is 1.9bn m3 in 1Q22.

3Q23 net profit grew +3.4%qoq and -13%yoy to VND5,843bn mainly due to higher operating expenses (+20.5%yoy, CIR: from 29% in 3Q22 to 35% in 3Q23) and a sharp increase in credit provision expense (+55.1%yoy). Meanwhile, total operating income stayed flat (+0.8%yoy), resulting from better than non-interest income (+13%yoy). 9M2023 PBT slumped -17.8%yoy to VND17,115bn, equalling to 78% of the 2023 target and 83% of our 2023 forecasts.

On April 15, TIP made an AGM presentation briefing for the upcoming business expansion plan. In 2022F, the company offers unconsolidated guidance with a VND175bn revenue (+6.5% yoy) including around VND30-35bn interest income and a VND85bn NPATMI (0% yoy). The revenue estimates are major attributed to the land rental and related services.

Long position on VN30F2204 should be held. However, the loss should be stopped when there is the closing price below 1,475 pts level. For new long positions, traders could wait for the valid buy point. (Hourly chart)

In 2022, we forecast that the seafood export value could reach USD9.2bn (+5.4% yoy). The validity of tariffs in FTAs sharpens the Vietnam fishery’s competitive edges and that bolsters export growth. Our Overweight rating on Vietnam’s seafood industry is based on the strong potential earnings growth for pangasius producers backed by the sustainable export demand.

We value VNM using a DCF (70%) and PE (30%) methodology. We maintain our HOLD rating with our target price of VND83,900. Our target price implies a target 2022F PE of 18.9x, which is equal to its peers. The sluggish outlook has been relatively reflected in the share price, VNM has underperformed the market by 20% over the last six months. Therefore, we maintain our Hold rating despite the subdued outlook and cheap valuation. At our target price of VND83,900, the upside is 14.9%.

The downside risk is still intact because of the VNIndex’s downtrend. Therefore, traders should wait for the next signals and stay on the sidelines. The strong support is a 1,430-1,440 pts zone. The VNIndex may rebound when retesting it.

Despite the recovery, the downside risk is still intact in the short term. Therefore, traders should wait for the next signals and stay on the sidelines. The strong support is a zone of 1,430-1,440 pts. The VNIndex may rebound when retesting it.