17
November
In October, TCM posted solid business results with revenue of USD13.5mn (+17% yoy) and NPAT of USD0.8mn (+917% yoy mainly thanks to better cost management and removal of COVID-19 related cost incurred in Oct 2021). Overall, in 10M22, the company achieved USD156.4mn (+25% yoy) in revenue and USD9.8mn in NPAT (+99% yoy), fulfilling 88% and 91% of its 2022F guidance, respectively.
17
November
FPT released preliminary 10M22 business results with revenue of VND33.1tn (+24.4% yoy) and PBT of VND6.5tn (+24% yoy), fulfilling 83% and 85% of its 2022 guidance, respectively. For Oct 22, the company achieved revenue of VND4.1tn (+26.7% yoy), and VND791bn PBT (+25.2% yoy). Technology segment still dominated its position with revenue of VND20tn (+23.7% yoy) and PBT of VND 3.0tn (+25.8% yoy) in 10M22.
17
November
The October performance witnessed a slump in sales volume for both domestic and export markets. Total Oct steel sales volume posted 50,335 tonnes, falling by 53.6% yoy, 19.4% mom.
17
November
This monthly report on Vietnam steel production is intended to track the developments in the steel market. During Oct 22, we observed a significant decline in domestic sales volume while export sales volume was still sluggish.
17
November
The Oct performance witnessed weak sales volume in both domestic and global markets. In which, domestic sales volume decreased by 21.5% yoy to 479,756 tonnes.
15
November
In Oct, VHC delivered VND1,014bn revenue (+10.6% mom and +30% yoy). In which, the pangasius revenue increased 11.3% mom and +0.8% yoy since the increase of average selling price (+7.9% mom and +21% yoy) offset the decrease of volume export . Of note, China export declined 30.9% mom and 43.4% yoy. Whilst, US market recorded +28% mom/ -12.8% yoy revenue.
07
November
This quarter’s top line recorded VND1,367bn (-22% qoq, -16% yoy) which was hit by decreases of all income sources from FVTPL gain, brokerage, IB and margin lending. The operating expenses stayed flat qoq but financial expenses ramped up by 38.4% qoq and 256% yoy. As a result, net profit was hit significantly, downed to VND42bn (-91% qoq, -93% yoy). As of Nov 7, VND is trading at market price of VND10,450, equal to 0.93x TTM PB. Current valuation is lower than 3-year average PB of 1.68x and median PB of 1.53x and approaching -1 SD milestone at around 0.86x.
07
November
PET’s 3Q22 revenue increased by 17% yoy to VND4.5tn mainly driven by merchandise distribution revenue growth of 22% yoy to VND4tn. In 9M22, PET’s revenue rose by 12% yoy to VND12.8tn (fulfilling 64% of full-year guidance), mainly driven by greater sales of smartphones that grew by 16.2% yoy to VND4.8tn. GM improved to 5.6%, +0.5%p yoy in 9M22 thanks to better price discount from suppliers. NPAT slightly rose by 2% yoy to VND177bn, fulfilling 53% of the full-year guidance. We attribute the slower NPAT growth to the allowance of VND166bn for security investment, equal to the temporary loss of 48% from security investment as of end-3Q22.
04
November
VNM released its 3Q22 results, including revenue of VND16.1tn ( -0.7% yoy) and NPAT-MI of VND2.3tn (-21.4% yoy). For 9M22, revenue sustained VND44.9tn (-0.5% yoy) but NPAT-MI declined to VND6.6tn (-20.3% yoy), fulfilling 68% and 60% of our full-year forecasts.
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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