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14
August
On Aug 11th, we tuned in to MWG’s AM presenting the 1H23 performance. In 1H23, MWG reported net revenue of VND56.6tn (-20.1% yoy) and NPAT of VND38.7bn (-98% yoy), fulfilling 42%/1% of the year guidance. TGDD’s revenue slid to VND13.3tn (-29.4% yoy), while DMX’s revenue also fell to VND28.2tn (-25.9% yoy). BHX’s revenue thrived to VND7.3tn (+7.85% yoy, +14.5% qoq) in 2Q23, accumulating to 1H23 VND13.7tn (+6.8% yoy).
11
August
2Q23 PBT edged up VND6,550bn (+13.2%yoy). Accumulated results, 1H23 PBT rose by 8.0%yoy to VND12,530bn, completing 60% of the 2023 PBT target. 2Q23 credit growth was up 6.6%YTD, higher than 1Q23’s 4.5% and the industry’s 4.7%. 1H2023 NIM was 2.9% (vs 1Q23’s 2.94% and 1H22’s 2.83%) with the higher COF amid the remained high deposit rates for longer terms. 2Q23 NFI rose sharply by 21.5% to VND3,164bn, driven by FX (+45%yoy) and fee incomes (+14%yoy). 2Q23 CIR and 1H2023 remained at 27% (vs 2Q22’s 27%) and 26.0% (vs 1H2022’s 27%). 2Q23 NPL (2-5 group) and NPL (3-5 group) maintained at 3.86% (1Q23’s 3.95% and 2Q22’s 2.59%) and 1.27% (1Q23’s 1.28% and 2Q22’s 1.35%) respectively.
11
August
VNM posted a revenue of VND15.2tn (+1.7% yoy) and PAT of VND 2,229bn (+6% yoy) in 2Q23. For 1H23, revenue and PAT were VND29.2tn and VND4,135bn respectively, completed 46% and 48% of the 2023 guidance. The domestic revenue was VND11.4tn in 2Q23, up 3.8% yoy. VNM gained domestic market share in 2Q23 driven by condensed milk, drinking yogurt, and spoon yogurt segments amid weak demand.
09
August
2Q23 PBT was up 9.8% yoy (to VND2,022bn) thanks to a strong growth of TOI. 2Q23 high provision expense (+534%yoy) was the key dampening factor to the profit growth. 2Q23 LC and LMC loan (+28.09%YTD, +4.7%qoq) was the driver of the total consumer loan (+13.22%YTD, -0.16%qoq). 2Q23 NIM (TTM) inched down to 4.3% (vs. 4.4% in 1Q23 and 4.1% in 2Q22) due to lower asset yield. NFI went up 85.3%yoy (to VND1,317bn) in 2Q23. The CIR ratio declined from 2Q22’s 38% to 2Q23’s 29%. 2Q23 NPL (2-5 group) and NPL (3-5 group) climbed to 6.0% (vs. 1Q23’s 5.2%) and 2.6% (vs. 1Q23’s 2.0%) respectively.
09
August
PVD posted its 2Q23 results with revenue of VND1.4tn (-6.7% yoy) due to lower revenue from well-related services and no revenue from leased rigs. While NPAT-MI turned green to VND161bn in 2Q23 vs a net loss of VND60bn in 2Q22 since PVD’s average jack-up (JU) day rate (USD75,000/day), utilization rate rose strongly yoy and booking a compensation of VND70bn for ending drilling contract with Valeura - Thailand.
08
August
2Q23 PBT stayed flat at -1.2%yoy (to VND2,741bn) due to a high provision expense (86%yoy). 2Q23 total credit rose up 9.3% YTD to VND293,129bn, nearly equals to 1Q23’s 9.0% YTD and the 1st credit quota of 10.5%. In 1H2023, HDB focused on lending to the commercial loan rather than retail loan and consumer finance. Consolidated 1Q23 NIM fell slightly to 5.0% (vs 5.1% in 2Q22 and 1Q23). 2Q23 NFI climbed 45%yoy (VND1,337bn). 2Q23 CIR maintained at 35% (vs 2Q22’s 36%). Q23 NPL (2-5 group) and NPL (3-5 group) accelerated to 7.2% (vs. 1Q23’s 5.1%) and 2.2% (vs. 1Q23’s 1.8%) respectively.
02
August
PAN reached the net revenue of VND2.8tn in 2022, fell by 12% yoy, met 35% of 2023 guidance. In which, seafood contributed 43%, agriculture contributed 42% and packaged foods contributed 15%. In 2H23, PAN’s management expected that high. Seafood segment recorded the increasing number of export orders since late-May, thus PAN expects sales to recover on the quarterly basis.demand of rice will enable high selling price of paddy seeds for the Summer-Autumn season. 2H23 is the peak season of confectionery sales with Mid-Autumn and Tet holiday preparation.
01
August
HAG reached the net revenue of VND1.5tn in 2Q23, which rose by 18% yoy and downed 15% qoq, the 6M23 accumulated revenue was VND3.1tn, upped 55% and met 62% of 2023 guidance. Net profit dropped by 62% yoy to VND102bn, mainly due to the increase by VND987bn of general and administration expenses compared to 2Q22. In which, HAG reversed the provision for trade receivables in 2Q22.
31
July
LTG reached the net revenue of VND3.7tn in 2Q23, which rose by 4% yoy and 50% qoq, the 6M23 accumulated revenue was VND6.1tn, +4% yoy. Revenue from rice in 6M23 contributed to 68% of total revenue, that increased 24% yoy, meanwhile plant production products (25% revenue) collapsed by 23% and seeds (5% sales) fell by 10%.
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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