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Vietnam Rubber Group released the 3Q22 on Oct 28, featuring a VND5,847.2bn revenue (-4.9% yoy, +5.1% qoq) and a VND835.1bn NPATMI (-32.7% yoy, -17.9% qoq). - 9M22 revenue slightly fell to VND16.3tn, -4.9% yoy while the NPATMI sustained to VND2.9tn, +3.2% yoy, fulfilling 62.2/69.2% of full-year guidance.

MSN posted VND19,523bn revenue (-17.3% yoy) and VND543bn NPAT-MI (-52.7% yoy) in 3Q22, and EBITDA margin was subdued by 2.1%p to 17.9%. Excluding the feed segment for a like-for-like (LFL) comparison, MSN recorded VND55.5tn revenue (+4.8% yoy) and VND3.1tn NPAT-MI (+47% yoy) in 9M22, fulfilling 58%/53% of 2022 guidance, 9M22 EBITDA margin reached 19.5% (vs 19.2% in 9M21).

In Sep 2022, MWG’s net revenue sharply surged by 27% yoy to VND10.5tn and net profit fell by 8% yoy to VND307bn. Revenue in 3Q22 surged 32% yoy to VND32tn while PAT rose 15% yoy to VND907bn thanks to the strong recover of ICT sales. Accumulating 9M22, MWG’s net revenue went up by 18% yoy to VND102.8tn and net profit edged up by 4% you to VND3.5tn. By 9M22, MWG has met 73%/55% of the revenue/NPAT guidance.

According to the GSO estimate, in Oct, the total agriculture export value is USD1,789mn (+17% mom, +19% yoy). In detail, rubber and vegetables have the highest export value of USD477mn (+56% mom, +45% yoy) and USD350mn (+40% mom, +59% yoy).

Long VN30F2211 after ATO session, set 1,080 pts area as the profit target and stop the loss when there is the closing price below 1,000 pts level. (Hourly chart)

Selling pressure surged. Net sell value was USD155mn. selling activity was mainly absorbed by Financials, Real Estate, and Materials, focusing on EIB, VND, STB, KBC, VHM, VIC, and HPG whilst demand kept flowing to Consumer Staples and Industrials, mainly driven by large buy orders on MSN, VNM, GMD, HDG, and IDC. With ETF flow, inflow remained at Vietnam. Net inflow was USD17mn. The positive flow of money was mainly driven by the strong demand on VanEck and Fubon.

Vietnam’s economic performance in October reflects obviously the impact of global slowdown when the low-base effect was fading. Trade activities and export-oriented industrial production were decelerating under the fewer new orders and weaker external demand. On the upside, domestic consumption remains favorable under the improving labor market, and the inflation remains under control. Furthermore, the rebound in FDI registration is a plus point as it might reflect that foreign investors are regaining the confidence about the business prospect.

In the short term, the uptrend is still intact thanks to bottom fishing at a low level. That implies a short-term recovery. However, the bullish signal is not enough to confirm the medium-term uptrend. Therefore, traders should stay on the sideline and wait for the next signals.

DXG introduces 3Q22 results with a VND1,255bn revenue and a VND259tn NPAT, featuring -3.7% yoy and +61.3% yoy. Nonetheless, profit before tax could shrink 50.1% yoy without a financial income from divesting a land lot of VND190.2bn. In the 9M22, DXG earned a VND4,597.1bn revenue, -41.2% yoy and a VND1,167.9bn profit before tax, -45.8% yoy, translating to fulfillment of 41.7/66.7% of revenue and PBT guidance.

Despite earning a goodwill income of VND1,269.7bn from acquiring 72.6% stake in Da Lat Valey JSC in 1Q22 other income and financial income from divesting stake of VND729bn in 3Q22, 9M22 revenue and NPAT dropped by 23.5%/19.4% yoy, fulfilling 21.9%/31.6% of their guidance. The management could adjust the 2022F guidance in next meeting.