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In Aug 2022, TLG revenue escalated 275% yoy to VND300bn, however, decreased 6% mom, as compared to the revenue in 7M22 of VND318bn. NPAT in Aug 2022 dropped by 32% mom to VND39bn but stayed positive on the yoy basis as TLG made a loss of VND28bn in Aug 2021. Back to school season promised to bring fruitful sales to TLG in 3Q22. Not to mention the lauch of new modern lines Colorkit and Pazto, which were supported by intense marketing campaigns in August and Sep 2022.

In August 2022, MWG’s net revenue rocketed by 60% yoy to VND10.4tn and net profit rose by 33% to VND3.2tn. In 8M22, MWG’s net revenue went up by 18% yoy to VND92.3tn and net profit edged up by 6% you to VND3.2tn. By August 2022, MWG has met 66%/50% of the revenue/NPAT guidance. We expect MWG’s revenue in 3Q22 is positive comparing to 2Q22 thanks to completion of BHX restructuring and higher sale of laptops for back-to-school period.

Dat Xanh announced its extraordinary general annual meeting in Oct to address its strategy development plans and new trademarks. While the details of the meeting agenda are seeking, we are still staying skeptical about the DXG’s growth prospects amid short-term constraints. This report is intendedly to address the impact of Decree 65 on DXG's plan of fundraising and its short-term land bank acquisition pipeline.

GAS released robust 9M22 preliminary business results of 5,700mn m3 dry gas volume (+2.6% yoy), VND76.5tn revenue (+29% yoy), and VND14tn PBT (+62% yoy), fulfilling 64%/95%/160% of the conservative guidance built on the scenario of Brent oil at USD60. These results mean that dry gas volume, revenue, and PBT in 3Q22 are 1,700mn m3 (+10% yoy), VND21.7tn (+16% yoy), and VND3.2tn (+4% yoy), respectively.

TCM posted impressive business results in August with revenue of USD19.4mn (+85% yoy) and NPAT of USD1.37mn (versus a loss of USD0.28mn in August 2021). Overall, in 8M22, the company achieved USD127.7mn (+20% yoy) in revenue and USD8.1mn in NPAT (+48% yoy), fulfilling 72% and 75% of its 2022F guidance, respectively.

Last year, PNJ experienced the worst earning month in August 2021. Thus, PNJ’s net revenue in August 2022 rocketed by 1,057% yoy to VND2.3tn. Net profit in August 2022 remained stable mom at VND79bn (vs loss of VND78 in August 2021). Accumulating 8M22, revenue surged by 88% yoy to VND23tn, and NPAT shoot up by +99% yoy to VND1,246bn, correspondingly fulfilling 89.2% and 94.4% of guidance.

FPT released August business results with VND3.8tn revenue (+35% yoy), and VND739bn PBT (+28% yoy). For 8M22, the company recorded revenue of VND27,1tn (+24% yoy) and PBT of VND5,0tn (+23.6% yoy), fulfilling 64% and 65% of its 2022 guidance, respectively. Particularly, the technology segment still strengthens its position with revenue of VND15.5tn (+24.1% yoy) and PBT of VND 2.3tn (+25% yoy).

TNG posted August revenue of VND697bn (+21% yoy) and NPAT of VND37.6bn (+31% yoy) thanks to increased orders from key export markets, including the US and EU. Overall, in 8M22, the company recorded revenue of VND4,705bn (+33% yoy) and NPAT of VND204bn (+44% yoy), fulfilling 78% and 73% of its 2022F guidance, respectively.

We witnessed the slump in performance of FY11M2022 on year-on-year basis caused by weak sales volume in first 8 months of 2022, which showed a significant drop in demand from both domestic and export channels.