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HSG’ revenue decreased significantly 44.8% yoy to VND6,980bn in 2QFY23 driven mainly by the weak global demand. HSG made a reversal of inventory provision of about VND530bn in 2QFY23. It seems that the impact of high-cost inventories from last quarters was over. The company would continue to have positive margins in 3QFY23.

Selling pressure near 1,050 pts zone is still not fully absorbed. Therefore, investors stay on the sidelines and wait for the valid breakout signal of the triangle pattern to accurately define the next market leg.

DPM released 1Q23 business results with a VND3,264bn revenue (-44% yoy, -17% qoq). Despite financial income splendidly rising VND70.2bn (+50% yoy), net profit merely posted VND262bn (-88% yoy, -77% qoq), substantially under our estimate of VND1,131bn. Even anticipating sluggish export growth, we think the 2Q23 business results may not be as worse as seen in 1Q23 thanks to the peak season of the plantation. We maintain a HOLD rating on DPM stock as we see the outlook for the industry is not so bright, DPM’s earnings are under review

HPG’ revenue decreased 39.6% yoy to VND26,588bn in 1Q23 while the NPAT-MI posted VND397.4bn (-95%yoy) driven mainly by steel and real estate segments. HPG made an inventory provision reversal of about VND954bn in 1Q23. If excluded the reversal, we still see the positive gross profit. We suppose that the high-cost inventories from last quarters were cleared out. However, HPG will have the thin margin over next quarter due to lower selling prices in our view.

NKG’ revenue decreased 38.8% yoy to VND4,374.8bn in 1Q22 driven mainly by the weak global demand. The 1Q23 NPAT-MI posted a loss of VND49.2bn whilst the gross profit turned to positive at VND137.7bn. The gross margin is thin at only 3.1%. thanks to Inventory provision reversal.

Traders should stay on the sidelines in order to avoid false trading signals.

Despite the recovery, the VNIndex shows a bearish market in the short term due to closing below the 50-period moving average. That means the downside risk is still intact. Hence, traders should be careful and reduce long positions.

DCM released their 1Q23 financial statements. In particular, revenue was down 33.8% yoy to VND2,829bn due to 1) Export activities strongly declined by 80% yoy to VND884bn; 2) Urea average selling price in 1Q23 plunged (Revenue from urea accounted for 81% of total revenue in 1Q23, posted VND2,290bn). Because of this, gross profit plummeted at -71% yoy to VND568.728bn.

The VNIndex shows a bearish market in the short term due to closing below the 50-period moving average. That means the downside risk is still intact. Hence, traders should be careful and reduce long positions.

PAN reached the net revenue of VND13.7tn in 2022, sharply rose by 48% yoy, met 95% of 2022 guidance. The revenue surge was attributed to full-year consideration of VFG’s business results. PAN expected revenue and profit to grow by 8-9% yoy in 2023.