![TNG – Brief – [NONRATED] – A glimpse of relief in Mar](https://kisvn.vn/en/wp-content/uploads/sites/2/2019/09/page-phantich-m.jpg)
10
April
TNG posted a positive Mar performance with revenue of VND561bn (+35.8% yoy, +50% mom). Nonetheless, the rosy Mar could not save 1Q23. Specifically, 1Q23 revenue came in at VND1,333bn (+6% yoy but -12% qoq). Therefore, the company fulfilled 18% of its 2023F planned revenue in 1Q23. The 1Q23 revenue growth is largely attributable to the US market.
03
April
We value GEG using a DCF (70%) and EV/ EBITDA (30%) methodology. We initiate coverage with a BUY rating and target price of VND19,650, implying an upside of 39.9%. Our target price implies a target 2023F-24F EV/EBITDA of 8.0x, which is lower than the average historical EV/EBITDA over 2020-2022. We expect favorable growth of GEG’s business results, which will reach CAGR revenue growth and NPATMI growth of 11.4% and 32.0% in 2023F-2025F.
31
March
On Mar 31, REE Corp (REE) held the Annual General Meeting. In terms of business results, REE got the solid achievement when its revenue and net profit skyrocketed to VND9,372bn (+61% yoy) and VND2,693bn (+45% yoy) respectively, and fulfilled 131% business guidance. This year was the outstanding year for energy sector when hydropower segment benefited from La Nina effect which lasted from the latter half of 2021 to 2022.
30
March
On Mar 30, Hoa Phat Group (HPG) held the Annual General Meeting. The company targets a VND150,000bn revenue and a VND8,000bn NPAT amid weak demand. The company has been approved to not pay dividends for 2022.
15
March
Total Feb steel sales volume posted 67,738 tonnes, increasing by 56.2% mom and 9.7% yoy. The 2M23 total sales volume came in at 111,108 tonnes, -28.6% yoy. In which, the steel coat volume declined 33.7% yoy to 85,285 tonnes and the steel pipes volume was down by 4.2% yoy to 25,823 tonnes.
15
March
Total Feb steel sales volume posted 102,259 tonnes, dropping by 35.0% yoy but increasing 20.0% mom. The FY5M23 (Oct 2023-Feb 2023) total sale decreased 41.2% yoy to 527,462 tonnes as steel pipes volume declined 22.8% yoy to 121,279 tonnes and steel coat fell 45.2% yoy to 406,183 tonnes.
14
March
Total Feb steel sales volume posted 549,767 tonnes, decreasing by 30.6% yoy but increasing by 18.5% mom. The 2M23 total finished-product sale volume dropped significantly to 1,013,881 tonnes, -32.2% yoy. Of which, all products sale volumes declined due to high base in 2022.
13
March
Vinh Hoan delivered a preliminary VND758bn revenue, decreasing 29.5% yoy since the pangasius export shrunk by 46.9% yoy in Feb. The pangasius export volume decreased sharply by 26.4% yoy due to the lessened import of US and China markets.
10
March
On Mar 10, Hoa Sen Group (HSG) held the Annual General Meeting. The company sets conservative FY2023 guidance with 2 scenario due to the uncertainty from geopolitical conflicts and global high borrowing-rate environment.
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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