10
August
Vinh Hoan can post VND1,198bn revenue (+48% yoy) in July, assisted by +44% yoy of pangasius export. The increase of pangasius export thanks to the export price uptrend (+18% mom and +45% yoy). Yet, the volume export slightly decelerated after peak April, recording -7% mom and -8% yoy.
09
August
Overall, SAB recorded an impressive 2Q22 business result with a VND9.0tn revenue (+24.7% yoy), and a VND1,793bn PAT (+67.4% yoy). It prompts 1H22 SAB revenue and PAT to go up 25% and 48% to VND16.3tn and VND3.0tn, respectively. Higher revenue was contributed from both higher volume and selling prices. Beer consumption had been recovering continuously due to the normalization of social activities. SAB also increased selling prices easily amidst higher demand.
09
August
DCM posted 2Q22 business results with a VND4,084bn (+118% yoy and +0.2% qoq) revenue and a VND1,039bn (+250% yoy and -32% qoq) NPAT. It was a very surprising result when the market expected lower sales along with the downtrend of the fertilizer sector. DCM’s revenue in 2Q22 went sideways compared to the previous quarter thanks to a significant contribution from trading revenue. Sales from trading products increased from VND134bn in 1Q22 to VND796bn in 2Q22.
05
August
Thanks to the 3 new wind power projects which officially operated at the end of 2021, GEG’s output volume was considerably up 47% yoy to 217mn kWh which made the total revenue to have an impressive growth of 58% yoy, to VND506bn. However, 2Q22’s NPAT-post MI plunged 53% yoy to VND30bn due to the surging depreciation and interest expenses. GEG is awaiting the regulation regarding “transitional” renewable energy projects and it is expected to be a beneficiary of PDP VIII.
04
August
VNM recorded domestic market revenue of VND12,471bn (-5.9% yoy) contributed by the parent’s domestic revenue of VND10,994bn (-7.2% yoy) and VND839bn (+6.2% yoy) revenue of MCM in 2Q22. The decrease in domestic revenue was caused by weak demand amid high inflation and distribution restructuring in 2Q22. However, VNM has recorded positive signals after restructuring, with revenue growth of 3% and 10% yoy in June and July, respectively.
04
August
Occurrences of the stock market in 2Q22 were unexpectedly unforable for securities companies and SSI is no exception. Revenue was VND1,629bn (-18.9% qoq, -7.8% yoy) and net profit was VND421bn (-40.4% qoq, -28.7% yoy). All the professions of SSI had negative growths, except IB revenue with solid income. As of Aug 3rd, SSI is trading at price of VND23.550 dong, PE 7.75x which is below 2-year average of company at 16x and also below sector's avrage at 13.2x.
03
August
On 02 August, we joined Masan Group’s analyst meeting to update more details on 2Q22 business result. MSN posted VND17,834bn revenue (-16.0% yoy) and VND918bn NPAT-MI (+24.0% yoy) in 2Q22, EBITDA margin was improved by 3.1%p to 20.7%. Thus, MSN recorded VND36,023bn revenue (-12.6% yoy) and VND2,577bn NPAT-MI (+163.3% yoy) in 1H22, fulfilling of 38%/47% of 2022 guidance. Excluding the feed segment, the revenue of MSN would record an increase of 9.1% yoy and 6.3% yoy in 1H22 and 2Q22, respectively.
02
August
On Aug 1, Novaland released its 2Q22 business results, featuring mixed performance. Novaland recorded its 2Q22 flattish 4.5% yoy growth of topline (VND2,658.2bn) driven by a VND2.2bn handover value of low-rise houses in Aqua City, NovaWorld Ho Tram, NovaWorld Phan Thiet, NovaHill Mui Ne, Soho Residence and Victoria Village. However, NPATMI plunged sharply by 44% yoy to VND749bn, due to the absence of one-off other income of VND1,691.5bn recorded in 2Q21
01
August
Khang Dien House Trading and Investment JSC’s (KDH) 2Q22 revenue reached VND732.5bn, -34.1% yoy and NPATMI posted VND331.8bn, 24.6% yoy. Gross margin (GM) in 2Q22 boomed by 25.5% p yoy and 13.7%p qoq to 67.9%. As we expect, the sales events could be kicked off from 2H22F. Contrast to the sluggish presales growth in 2021 which was impeded by social lockdown, KDH is exciting to come back the real estate market
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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