29
March
On Mar 29, Petrolimex (PLX) held the 2022 extraordinary Annual General Meeting to elect the Board of Management and Board of Supervisors members for 2021-2026F. It is the 1st time PLX elects an independent BoM member. The company also mentioned about its divestment plans in PJICO and PG Bank in 2022F and its petroleum import plan in 2022F in the context of decreasing supply from Nghi Son Oil Refinery plant.
29
March
In 2M22, MWG recorded total revenue of VND25,383bn (+16.9% yoy) and a total NPAT of VND 1,077 bn (+7.8% yoy), fulfilling 18%/17% guidance. In which, TGDD and DMX achieved VND21,300bn revenue (+20% yoy). Meanwhile, the BHX chain recorded revenue of VND3.900bn (-2.5% yoy). Per MWG, BHX’s strategy will focus on boosting sales volume through promotions which will affect temporarily the BHX chain’s profit margins in 2022F
28
March
On Mar 26, PDR held a 2022 AMG briefing for the upcoming business expansion plan. Key issues covered were the 2022F guidance, and funding demand. The company offered its guidance for 2022F with a VND10.7tn revenue, 127.7% yoy and a VND2.9tn net profit, 55.5% yoy. PDR has yet supplied further information on the new funding demand but is eyeing on issuing abroad and green bonds.
21
March
On Mar 21, Hoa Sen Group (HSG) held the Annual General Meeting. The company presented to us full-year FY2021 results as well as the FY2022F business plan. Hoa Sen Home is expected to be the first successful one-stop shop for construction materials and products in Vietnam.
17
March
The February performance witnessed the surprising comeback of domestic demand despite the long Tet holiday. Domestic volume of steel coat recorded 60,140 tonnes (+41.1% mom, +150.7% yoy) and steel pipes volume posted 43,588 tonnes (+97.7% mom and +88.7% yoy).
16
March
MWG officially enters into a joint venture partnership with PT Erafone Artha Retailindo (“Erafone”), a subsidiary of Erajaya Group (ERAA) in Indonesia, through the signing of a Joint Venture Agreement to form a joint venture company PT Era Blue Elektronic (“Era Blue”). We believe that this collaboration is highly expected which envisages a new strategy of growth to MWG amid a saturation of the electronics and ICT retail segment in Vietnam. Given the higher MWG margins, we believe the addition of this business line will be positive for ERAA’s long-term growth.
16
March
The February performance witnessed the surprising comeback of domestic demand despite the long Tet holiday. Domestic volume of steel coat recorded 20,524 tonnes (+40.4% mom, +110.4% yoy) and steel pipes volume posted 15,380 tonnes (+32.9% mom and +31.9% yoy).
11
March
On Mar 11, Tien Phong Securities (ORS) held the Annual general meeting. The company presented to us full-year 2021 results as well as the 2022F business plan. The company shared that 1Q22 PBT is estimated around VND300bn (+158% YoY), equivalent to 60% of 2022 full-year guidance and exceeding full-year 2021 number. Total bond value consulted by TPS in 2021 reached VND42,910bn (+237% YoY). Per management, investment banking or bond issuing consultants in specific continue to be the main pillar in the company’s strategy in 2022.
28
February
4Q21 business result of the company recorded the highest numbers in many aspects. Total revenue was VND2,423bn (+38.6% qoq) and PAT was VND 998bn (+46.2% qoq). In 2021, there were 3 consecutive quarters started from 2Q21 that the company broke its high record in terms of revenue and profit. Brokerage revenue was pegged high due to 1) superior liquidity in the last quarter of 2021 and 2) the company’s effort in grasping brokerage market share. The margin loan balance at the end-Dec 2021 of SSI was VND22.7tn (+25.6% qoq), a significant increase in percentage and absolute number. The margin ratio was up by 10% to 160%. Currently, SSI is trading at price VND46,000, PE 16.4x and PB 3.1x.
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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