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ANV – Brief – Nonrated – Stunning 2Q22 GPM was expected

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22

July

ANV – Brief – Nonrated – Stunning 2Q22 GPM was expected

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.

Report (2)

21

July

VHC – Earning review – BUY – VHC conquered new record in 2Q22

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.

Report (9)

21

July

PDR-Brief-Nonrated-Bulk sales lead the 2Q22 growth

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).

Report (4)

21

July

STK-Brief-Nonrated-Headwinds still ahead

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.

Report (4)

21

July

SSI – Earning brief – 2Q22: Tough challenges

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).

Report (18)

14

July

VHC – Brief – 2Q22 revenue can jump 87% 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.

Report (6)

30

June

PVT-Brief-Nonrated-Solid prospect of the leader

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.

Report (22)

28

June

NTC-Brief-Nonrated-When the flower blooms

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.

Report (2)

28

June

DPR-Brief-Nonrated-A diamond in the rough

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.

Report (5)
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Featured Articles

15

March

Point Break

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.

Report (168)

27

December

Outlook 2022 – The Big Uptrend

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.

Report (648)

09

November

Time to bet on economic recovery?

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.

Report (97)

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.

Report (144)

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.

Report (103)

KIS Vietnam Securities Corporation

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Phone: (84-28) 3914-8585. Fax: (84-28) 3821-6898. Email: cskh@kisvn.vn

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