31
October
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).
31
October
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.
31
October
HSG’ revenue decreased significantly 49.7% yoy to VND7,939bn in 4QFY22 driven mainly by the weak global demand. In which, the total export volume in 4QFY22 dropped to 94,522 tonnes, -75.7% yoy, -58.9% qoq. The 4QFY22 NPAT-MI posted a loss of VND886.9bn whilst the gross profit was negative.
31
October
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.
31
October
Khang Dien House Trading and Investment JSC’s (KDH) 3Q22 revenue reached VND802.7bn, -33.1% yoy, +9.6% qoq thanks to the delivery of tens of units in Classia townhouse project. 3Q22 net profit slightly inched up by 11.1% yoy to VND351.6bn, on the back of a VND122.9 other income. Net debt skyrocketed to VND4,452bn (3.9x YTD), driving the net gearing to 38.1% as of end-3Q22 vs 10.9% as of end-4Q21
28
October
BSR released its 3Q22 financial statement with revenue of VND39.6tn (+123.8% yoy, -24.5% qoq) driven by solid volume and selling prices hike. However, 3Q22 NPAT dropped sharply to VND479bn (- 95% qoq, -0.5% yoy) compared to the high base of all time in 2Q22 due to lower gasoline & diesel crack spreads and a surge in inventory provision (VND656bn in 3Q22 vs VND173bn in 3Q21).
28
October
HPG’ revenue decreased 11.8% yoy to VND34,103bn in 3Q22 driven mainly by steel segment. The 3Q22 NPAT-MI posted a loss of VND1,784bn. In 3Q22, the revenue growth was negatively affected by lower average selling price (construction ASP: -10.8% qoq) and weak final-product sales volume given the low base in 3Q21 (+6.1% qoq, +8.5% yoy).
28
October
NKG’ revenue decreased significantly 41.3% yoy to VND4,424bn in 3Q22 driven mainly by the weak global demand. In which, the total export volume in 3Q22 dropped to 82,532 tonnes, -63.3% yoy, -52.4% qoq. The 3Q22 NPAT-MI posted a loss of VND418.6bn whilst the gross profit was negative.
28
October
Despite the decent growth of revenue to VND2,168bn (+73% yoy) in 3Q22, NT2’s net profit dropped 27% yoy to VND199bn mostly due to the incurring of VND187bn from bad debt provision related to receivables from EPTC. Overall, the revenue and PAT in 9M22 were VND6,863bn (+52% yoy) and VND724bn (+75% yoy) and fulfilled 84%/155% its full year 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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