23
August
PNJ’s net revenue in July 2022 increased to VND2.5tn, up 413.6% yoy (-4% mom). Net profit in July 2022 positively rose to VND79bn (-4% mom, vs loss of VND32 in July 2022). For 7M22, revenue surged by 70.9% yoy to VND20.7tn, and NPAT climbed by +66.1% yoy to VND1,167bn, which fulfilled 80.2% and 88.4% of guidance.
22
August
MWG’s net revenue and net profit of 1H22 were VND70.8tn and VND2.6tn, increased by +16% yoy and +1% yoy respectively. The slower growth of net profit was mainly driven by higher expenses for renovations of BHX stores. In July, MWG’s revenue was VND11tn (+16% yoy), in which: revenue of TGDD&DMX: VND8.4 tn (+63% yoy); BHX: VND2.35tn (-14% yoy). MWG is expected to meet the revenue target, however, it seems to be highly challenging to reach the net profit growth target of 34% as guided.
22
August
TCM posted impressive business results in July with revenue of USD17.1mn (+118% yoy) and NPAT of USD1.5mn (+224% yoy) thanks to a low base of the same period last year as the Southern region was in lockdown due to Covid tension. Overall, in 7M22, the company achieved USD108.3mn (+13% yoy) in revenue and USD6.7mn in NPAT (+17% yoy), fulfilling 61% and 62% of its 2022F guidance, respectively.
22
August
The July performance witnessed the significant decline in export volume, however, export still remains as the key growth driver in 7M22. Weak demand dragged overall performance. In which, domestic sales volume dropped significantly by 13.8% yoy.
22
August
We witnessed the slump in performance of FY10M2022 on year-on-year basis caused by weak sales volume in first 7 months of 2022, which showed a significant drop in demand from both domestic and export channels.
22
August
The July performance witnessed a slight increase in total sales volume thanks to the great performance of steel pipes and construction steel export. HPG is expected to continue seeing weak domestic market demand amid high inflation concerns and the rainy season.
12
August
Under market condition without much excitement, the picture of a diminishing result of revenue and profit was expected. However, VNDirect pounded the table by a revenue staying flat at VND1,757bn (-0.8% qoq, +55.6% yoy), thanks to excellent performance from bond trading. In the aspect of profit, the company booked a net profit VND456bn (-40.1% qoq, +1.3% yoy) due to increased SG&A and financial expenses, as well as reduced effectiveness of professions.
12
August
In general, food and beverage consumption recovered differently in 2Q22. The 2Q22 total revenue momentum growth of the 4 listed milk companies decelerated in 2Q22. On the other hand, the total revenue and earnings growth of 14 listed brewery companies continued to recover in 2Q22. We expect the F&B consumption will remain resilient in 3Q22F but it will face the challenge of inflation pressure. We expect gross margins of dairy and brewing listed companies will expand strongly in 3Q22F due to a full benefit from cooling raw material prices and higher selling prices.
11
August
Contrary to our expectation of a rice export booming due to concern about global food shortage, TAR’s business results in 2Q22 were depressed. In 2Q22, TAR recorded revenue of VND765bn (-3.3% yoy and -20% qoq) and NPAT of VND24bn (+48% yoy and -13% qoq). Overall, TAR posted revenue of VND VND1,723bn (+40% yoy) in 1H22 and fulfilled 49% of 2022’s revenue 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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