![KBC – 1Q21 Review [Hold] Time to fly high](https://kisvn.vn/en/wp-content/uploads/sites/2/2019/09/page-phantich-m.jpg)
04
May
The 1Q21 net profit skyrocketed by 11.1 times yoy to VND599bn on the back of a 260.2% yoy total revenue increase to VND2tn, and a 12.2% pts gross margin expansion to 56%. Around 64ha land area was transferred in 1Q21 vs 14.5ha in the 1Q20 which was heavily hit by the COVID fallout. We expect the NSHL will be the leading catalyst to drive the industrial land revenue in the second quarter.
29
April
TCB 1Q21 controlling-interest NP reached VND4,397bn, up 79% yoy and 11.2% qoq with upbeat sound across all business lines. NIM kept expanding to 5.9% thanks to high CASA ratio and low deposit rates while non-interest income stream is still growing. Given that, 2021F NP is upgraded by 30% to VND18.4tn. We raise TP to VND50,400 and reaffirm BUY.
29
April
Vinhomes reported an exciting 1Q21 revenue growth of 99.2% yoy to VND12.9tn mainly driven by the property revenue growth of 75.2% yoy to VND10tn, equivalent to 2,900 units handed in 1Q21. However, net profit growth was below at -21.2% yoy to VND5.4tn due to the absence of a VND8.3tn financial income from bulk sale transactions recorded in 1Q20.
28
April
The company sets moderate guidance of a VND1.2tn net profit, 4% yoy and VND4.8tn revenue, 6% yoy. The commence of delivery of Lovera Vista condo project (1,145 units) in tandem with the delivery of remaining Safira condo units drives the FY21F revenue growth. Per management, three projects could be launched to the housing market including 1) a 4.3ha townhouse project (158 units) in Dist 9, 2) a 5.7ha townhouse project in Dist 2 and 3) a 1.8ha condo project (1,100 units) in Binh Tan Dist
27
April
We remain conservative on this move as we observe that the hospitality market is slowing down and takes time to bounce back. Risks of high leverage and of potentially diluted shares from a US$600mn convertible bond result in us rate a Neutral on NVL.
27
April
The profit from financial activities was impressive with VND 63bn (+530 yoy), this is the highest quarterly figure recorded for 10-year period. The Board of Director proposed a conservative revenue target which is equal to 2020 actual revenue. But they aimed to improve the business efficiency when decreasing the claim amount and expense plus with strong financial income.
26
April
The company sets a target to post a VND1,152bn net profit, 37.9% yoy driven by a VND4.9tn revenue, 123.8% yoy. Per management, FY21F net profit also includes 1) a VND429bn goodwill income thanks to a further 30.1% stake acquisition to 65.1% of Waterfront (Izumi) project, and 2) a VND400bn financial income from a 50% stake transfer in Dai Phuoc project
23
April
Century Synthetic Fiber (STK) held an AGM session on April 22nd to articulate the business plan, coming out with optimistic business guidance. The company targets a VND2,358bn revenue, +33.5% yoy and a VND248bn NPAT, 71.8% yoy in FY21F. A 15.0% cash dividend at par could be paid this year.
16
April
Nam Tan Uyen’s 1Q21 revenue skyrocket 63.5% yoy to VND68bn mainly thanks to land transfer revenue growth of +74.3% yoy to VND55bn. The net profit boomed lower by 32.1% yoy to VND113bn due to marginal increase of financial income of VND86bn, 11.8% yoy.
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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