24
April
TLG sets the net revenue guidance of VND3,800bn (+9.8% yoy) for 2024, of which changes in the products’ design and the art category are expected to be the key driver. NPAT is targeted to climb to VND380bn (+6.7% yoy) but the most important thing in 2024 is to keep the market share against the harsh competition of Chinese products.
20
November
We recommend BUY for POW stock with a target price of 16,600 VND per share for mid and long-term investment strategy (upside +42.6%). We especially emphasize that in 2024–25, POW's earnings may still not achieve strong sustainable growth compared to the past, which could create strong incentives to improve valuation in the short term. We think that 2026 will be the year that marks the turning point in POW's long-term growth and is also the time to better reflect the value of the business
31
October
In 3Q23, revenue recorded VND2,220bn, which is a significant drop of 62% yoy. Main reason was due to the decline in EPC business revenue. The mining business fared well after it started running in 3Q23. Even though it's still in the first phase and not quite at full capacity, the profit number is pretty good (gross margin: 33%). Also, we think PC1 will gain a lot from Power Master Plan 8 when it is the top company in wind power plans and transmission line building.
31
October
In 1QFY24, CTD's revenue rallied by 32.5% yoy and 14.09% qoq to VND4.1tn. Doubled their NPAT to VND66.6bn (+121% qoq), a clear improvement over the 3Q22 loss of VND3.5bn. The company’s gross margin stood at 2.4%,-0.4%p qoq, but + 1.4%p yoy. We maintain a BUY rating on CTD with a TP of 79,500, implying a +52.5% upside buy as the initial report (August 16, 2023).
30
October
NKG’s revenue inched down 3.7% yoy and slid 22.5% qoq to VND4,262bn in 3Q23 due to the weak demand. The 3Q23 NPAT posted a VND23.6bn (-81.1% qoq), an improvement over the 3Q22’s loss of VND418.7bn. 2Q23’s gross margin of 9% halved to 4.8% in 3Q23
30
October
3Q23 PBT rallied +19.6%yoy to VND9,051bn mainly thanks lower provision expense (-46%yoy) and operating expenses (-18%yoy). 9M2023 PBT climbed +18.5%yoy to VND29,550bn, equalling 69% of 2023 PBT guidance and 71% of our forecasts.
30
October
HPG’ revenue decreased 16.5% yoy to VND28,484bn in 3Q23 while only edged down 3.4% on the qoq basis, NPAT posted VND2,000.4bn (+38.2% qoq) an improvement over 3Q22 loss of VND1,785.7bn. Thanks to the lower COGS (-24.8%yoy, -5.4% qoq), the gross margin was raised to 12.6% in 3Q23 (+1.8%p qoq, +9.7%p yoy) despite lower ASP.
27
October
HSG’ revenue increased slightly by 2.1% yoy to VND8,1tn in 4QFY23, NPAT posted VND438.4bn (+2,987% qoq), a significant improvement compares to previous year loss. Overall, in FY23, HSG earned a total VND31.6tn (-36%yoy) in Revenue and VND28.3bn (-90.8% yoy) in NPAT, fulfilling 87%/9.4% of the company annual guidance.
27
October
In 3Q23, VGC recorded revenue of VND3.5tn (-11.7% qoq, +22.4% yoy) and a NPAT of VND433.6.6bn (-47.3% qoq, +168.2% yoy) The company process a blended gross margin of 30.8%, a noticeable improvement compares to 3Q22 25.5%. As of 9M23, the company earned an accumulated VND10.2tn in revenue and VND1.2tn in NPAT, fulfilling 64%/100% of their annual guidance.
15
March
Regarding the impact of the global commodity price surge on Vietnam CPI, we estimate that the current value of Brent price could push 2022 inflation to exceed the government target of 4%, mainly through the consumption channel. However, implementing well-established tools allows the Vietnam government to mitigate external shocks proactively. To sum up, we forecast that the global commodity surge would create temporary pressure on Vietnam inflation.
27
December
Key factors that drive the stock market to rise in 2022 include: (1) the Vietnam economy recovering and strong growth in 2022 and (2) new money will continue to flow into the stock market as new cash flows into stock markets and new money comes from capital flows of securities companies to margin.
09
November
A record plunge in Vietnam’s economy in 3Q21 has threatened economic prospects in the medium and long term growth. The government is standing in a right place to mitigate the lingering impact of the current outbreak and the next ones if they take appropriate actions in an appropriate timing and appropriate way. Recent macro and policy developments are signaling that the ongoing economic recovery would be smooth and sound, but it needs a booster shot, a sufficiently large fiscal relief package, to accelerate recovery momentum and help economic growth back on track. From our view, the “Economic Recovery and Development” fiscal support package, if successfully passed, would be a key to unlocking the full potential of the economic recovery.
26
July
Amid a widespread COVID-19 delta attack in the Southeast Asia region, Vietnam is stepping into the worst outbreak in both its health and economic impacts. Although the government actively deployed various solutions to follow the twin target that effectively controls the pandemic and promotes socio-economic development, the negative impact of economic recovery is inevitable. We predict that the COVID-19 economic impacts on domestic consumption and production levels would be partly reflected in oncoming macroeconomic updates under strict lockdowns nationwide.
18
June
Surging commodity prices and increasing inflation recently pose a considerable risk to global economic stability. However, the majority of global economists and monetary policymakers just saw this phenomenon as a transitory factor, and this trend would eventually reverse to a normal track in the medium- and long- term. Regarding Vietnam's situation, we saw a stable demand-supply balance in major commodities and well-controlled price conditions. The inflation shock in the near term, if it happens, would be expected to be transient and bear a little risk to the economic stability.
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