Tiếng Việt
09
April
TCM – AGM Brief – Sewing the opportunities
On April 6th, we attended the TCM's 2021 AGM to to articulate the business plan in FY21F, and its results so far are encouraging.
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01
April
MSN – AGM Brief [Hold] Masan Group’s earnings to see strong recovery
In 2021, Masan Group (MSN) plans to reach VND92,000-102,000bn revenue (increasing 19-32% yoy) and VND2,550-4,000bn NPAT (increasing 83-187% yoy). Optimistic business guidance of Masan Group comes from brighter business results of all segments (Masan Consumer, Masan MEATLife, VinCommerce and Masan Resources).
31
March
AGG – AGM Brief – Solid growth profile
On Mar 31, we attended AGG’s 2021 AGM, and the presentation was largely centered on the FY21F guidance, contract sale target, and share issuance plan. Per management guidance, FY21F earnings translate into a forward PE of 6.8x and PB of 1.6x, unwarranted with the local peer median of 14x and 2.1x, respectively. We think investors seem to have overreacted to the moderate land bank area of 43-53ha and neglect the solid growth outlook in FY21F-22F.
29
March
PDR – AGM Brief – Lower-tier regions sustains market momentum
On Mar 27, PDR held a 2021 AMG briefing for the upcoming business expansion plan. Key issues covered were the FY21F guidance, industrial estate development, and renewable energy strategy. Per management guidance, FY21F earnings translate into a forward P/E of 14.3x and P/B of 2.5x, on par with the local peer median at 14x and 2.1x, respectively.
16
March
ACB – Brief – 2021 PBT guidance at VND10.6tn, up 10.5% yoy
ACB revealed its 2021 guidance with PBT target of VND10.6tn, up 10.5% yoy; credit growth of 9% and assets growth of 10%, meeting just 93%, 64% and 76% of our forecast respectively. We believe the above modest target is the result of the bank’s traditional conservative practice since it has not yet got the 2021’s credit growth quota from the SBV. Besides, cash dividend is not expected for 2020 and 2021.
09
March
VHM – Company note [BUY +26.2%] Rosy earnings growth outlook unchanged
We increase our RNAV-based target price to VND121,700 thanks to faster sales growth in Grand Park and Ocean Park projects. Industrial park segment is evaluated in timeframe of 10 years at the lease rate of USD90-95 per sq m p.a. We discount about 50% NAV of IP segment to reflect the execution risk and presales risk. However, we also reduce our discount rates applied to Can Gio and Green Ha Long projects from 85-75% to 80-70% as we have more information on the licensing process.
05
March
TCB – Company Note [BUY +20%] Capture new upturn phase
TCB 4Q20 NP beats our estimate by ~23% at VND3.95tn (+30.5% yoy and 28% qoq) given better-than-expected credit provision. For whole 2020, TCB earned a NP of VND12.3tn, up 22% yoy on a TOI of VND27tn, up 28% yoy. In the update, we lift our TP to VND47,000 and maintain BUY given more positive assumptions related to credit growth, assets quality, NIM and non –NII growth.
04
March
ADG – Company note – The first digital marketing player listed
Established in 2008, Clever Group, is specializing in digital marketing industry, focusing on providing digital marketing solutions, developing marketing big data and AI technology, cross-nation B2B e-commerce solution, Social Listening solutions.
04
March
VHC – Brief [BUY +17%] Revenue grew 31% yoy in Jan 2021
Vinh Hoan announced business results in Jan 2021, which delivered optimistic yoy revenue growth. Vinh Hoan reached VND632bn revenue in Jan 2021 (+31.0% yoy), which was mainly premised by export revenue surge to China (+180.0% yoy), Europe (+32.0% yoy) and rest of world excluding the U.S., EU, China (+48.0% yoy).
Featured Articles
26
July
Fragile hope of recovery path under the worst outbreak
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
INFLATION: A transient or long-lasting shock?
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.
25
December
Outlook 2021 – Dynamic Vietnam: “Tiger will awaken”
We forecast that the VNIndex in 2021 can reach 1,300 points thanks to promising opportunities from high-value chain shifts and potential benefits from FTA agreements such as RCEP.. Moreover, statistical evidence support the bullish market next year.
20
November
Vietnam economy under Biden era
Biden’s ambitious plan may boost long-term economic growth, followed by an expansion in trade activities. As an essential trading partner, we expect U.S. stimulus policy to benefit the Vietnam economy in the long-run. However, Vietnam also faces uncertainties when the president-elect heavily focuses on strengthening domestic production and potentially change trade policy toward China.
03
November
November strategy: Time to sell?
High margin debt and the selling pressure of foreign investors cause the stock market to form a short-term peak. However, Vietnam economy recovers, along with the capital flow of ETFs that will support the stock market and continue its uptrend in the long term.