Research Center

PVT posted decent results in 3Q22 with revenue of VND2,330bn (+39% yoy) and NPAT of VND386bn (+152% yoy). Revenue grew strongly thanks to the growth of its core business – transportation (+45% yoy to VND1,807bn in 3Q22), which was driven by higher tanker rates and the contribution from newly-acquired tankers. Overall, in 9M22, the company achieved a VND6,609bn revenue (+25% yoy) and VND832bn NPAT (+38% yoy), fulfilling 102/173% of its 2022F guidance.

Overall, SAB recorded a solid 3Q22 business result with a VND8.6tn revenue (+101% yoy), and VND1.3tn NPAT-MI (+202% yoy) due to a significant low base in 3Q21 when applying lock down measures. For 9M22, SAB revenue and NPAT-MI went up by 44% yoy and 77% yoy to VND25tn and VND4.2tn, respectively, fulfilling 72%/91% of guidance.

VSH posted its 3Q22 decent business results with revenue of VND652bn (+126% yoy) and PAT of VND221bn (up from the loss of –VND42bn in 3Q21), mainly bolstered by the increase of average selling price (+22% yoy) and output (+85% yoy). Overall, the revenue and PAT in 9M22 were VND2,122bn (+117% yoy) and VND882bn (+353% yoy) and fulfilled 105%/168% its full year guidance.

Kinh Bac City released the mixed 3Q22 results on Oct 31, featuring a tepid revenue of VND203bn (-48.4% qoq, -37.4% yoy) vs a brisk NPATMI of VND1,919bn (3Q21 loss of VND68bn). We note this is non-cash income in the profit and loss statement. Without the associate’s income, the 3Q22 NPAMI could turn negative.

In 3Q22, TLG posted revenue of VND899bn, upped 100% yoy and NPAT of VND103bn, sharply improved from VND3.7bn in 3Q21. In 9M22, TLG’s net revenue rose by 48% yoy to VND2.7tn. NPAT also grew 125% yoy to VND404bn. Up to 9M22, TLG has fulfilled 86% of revenue guidance and surpassed 44% of NPAT guidance. The management expects TLG to surpass 10% of revenue guidance and exceed over 50% of NPAT in 2022F.

Vingroup reported its brisk 3Q22 NPATMI of VND946.8bn vs a loss of VND351.3bn despite a flattish revenue VND28.7tn, -4.4%% yoy and a shrinking blended gross margin (GM) of 20% (-18.8%). The encouraging NPATMI was driven by a VND9.9tn financial gain (6.5x yoy) from bulk sale transaction in Empire and Crown townhouse projects.

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.

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.

Loc Troi Group released 3Q22 results with mixed performance. Although revenue sharply fell 22.9% qoq, net profit significantly improved to VDN64bn vs a loss of VND44bn in 2Q22.