Research Center

In 2Q22, Nam Viet posted VND1,294.5bn (+20% yoy) mainly assisted by the 1.05x yoy increase of pangasius export revenue due to the high demand of Asian, EU, and American markets, and VND240.7bn (+9.1x yoy), bolstered by yoy soar of GPM. In 3Q22, we expect that could record a topline jump driven by prosperous demand of pangasius, export volume to China market could increase from 10% in 5M22 to 20-30% in 3Q22 of ANV export value while ASEAN keeps bull demand in 3Q22.

VHC’s 2Q22 revenue surged 80% yoy to VND4,226bn and net profit jumped 2.0x yoy to VND788bn, above 1%/40% our 2Q22F estimation and fulfilling 56%/80% our forecast. In 3Q22, we expect that VHC still maintain solid business results compared to 3Q21 but is merely equivalent to new high record at 2Q22, mdue to the soft landing qoq of export fillet pangasius product in key market US.

Phat Dat Group released 2Q22 results on 21 Jul, posting revenue of VND853bn (+58.6% yoy, 36.5% qoq) and net profit/NPATMI of VND409bn/413bn (+62.9/63.9% yoy and 46.6/46.5% qoq), implying EPS of VND671.The key attributes to the flourishing revenue growth are the bulk sales of condo projects in Nhon Hoi Ecological tourism and townhouse project (satellite region Binh Dinh province) and in Bau Ca Residential project (Central Coast Quang Ngai province).

STK posted 2Q22 business results with revenue of VND530bn (-17.3% qoq, +3.8% yoy) and NPAT of VND70bn (-8.9% qoq, -2.0% yoy). Overall, in 1H22, the company recorded revenue of VND1,170bn (+8.6% yoy) and NPAT of VND146bn (+3.4% yoy), fulfilling 45%/49% of annual guidance.

On July 20, SSI Securities (SSI) announced MI financial report for 2Q22. Revenue was pegged VND1,583bn(-17% qoq, -8.4% yoy) and NPAT was VND416bn (-39% qoq , -26.4% yoy). In 1H22, SSI recorded VND3,198bn revenue (+10.6% yoy) and VND998bn net profit (+10.9% yoy).

Vinh Hoan announced Jun 2022 IR News on Jul 13 2022, which delivered preliminary two-digit yoy revenue growth. In aggregate 2Q22, Vinh Hoan revenue can hike 87% yoy to VND4,223bn driven by robusted export to US, beating 1% our estimates.

BOM of PVT shows their conservative approach in 2022F amid political and economic uncertainties. However, we expect PVT can surpass this year’s business guidance based on the hints of BOM on (1) rising transported volume/nautical mile, reflecting higher transportation demand; (2) lower vessel supply due to higher shipbuilding costs. In 2022F, the firm aims to acquire 8-10 new vessels, reflecting the ambitious to remain its leading position. Strong financial health also help the firm be flexible in raising capital to cover new Capex.

On Jun 28, we joined NTC’s AGM presentation briefing for the upcoming business plan. NTC is worth a favorable watching stock pick driven by their healthy balance sheet (30% cash of total assets as of end-2021) and spectacular growth prospect triggered by NTU 3 IP and Bac Dong Phu IP (300ha, NTC owns 40% stake, DPR :51% stake). We believe NTC could soon obtain the NTU 3 IP’s land handover decision from Binh Duong province in 2H22F and reaps the reward from Bac Dong Phu IP in 1H24F, at the earliest. NTC is trading at 15.2x TTM PE, trailing the 2-year median of 15.4x and the highest multiple vs the rivals (12.3x). We think the expensive valuation has factored in the stellar earnings growth in 2023F-24F.

On Jun 27, we joined DPR’s AGM presentation briefing for the upcoming business plan. To Bac Dong Phu IP, they work their best to resolve the requirement of Ministry of Planning and Investment by raising the charter capital of IP segment by VND200bn in 2H22F. Based on our estimates, the operation could commence at the soonest of 1H24F.- DPR is among the scarce diamond in the rough for those investors who are seeking company’s qualified earnings and solid fundamentals.