![LTG – Brief – [NON RATED] – Rice revenue increased](https://kisvn.vn/en/wp-content/uploads/sites/2/2019/09/page-phantich-m.jpg)
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%.
31
July
NPAT recorded a significant decline -81.1%yoy. The largest effect comes from the surge of interest expenses, which is VND206bn, +47.9%yoy right after Tan Thuan Phong 1 wind power plant started operating and stop capitalizing interest expenses. In addition to we forecast that interest expenses will remain high in 2H23. We still keep a BUY recommendation for GEG with target price 19,700 VND per share, upside 27.5% compared to market price on 30 July 2023.
31
July
A glimpse of relief is spreading on the air of the meeting given the U.S Securities and Exchange declared Vinfast’s F-4 in connection with the proposed business combination with Black Spade effective. Despite the GM loss of Vinfast segment (narrowed to 42.4% in 2Q23 vs -234.2% in 1Q23 and -225.3% in 2Q22, and the concern over the harsh competition from China and Tesla-brand EVs, the company insists on its capability to raise fund of USD300-400mn cash in the IPO and post listing out of USD2bn capex to build the Carolina factory.
28
July
KSB’s revenue decreased to VND183.7bn (-35.4% yoy, 61.5% qoq) in 2Q23. The company NPAT posted VND46.5bn which only downed 18.7%yoy but surged 244%qoq. The unexpectedly high NPAT was because of an Other Profit of VND20bn.
28
July
On Jul 28, we tuned in to VRE’s 2Q23, and the presentation covered how the weather the storm of tightening retail consumption amid the inflation fear. VRE released the 2Q23 on Jul 28, featuring a VND2,172.8bn revenue (+17.5% yoy, +11.8% qoq) and a VND1,000.6bn NPAT (+29.4% yoy, -2.3% qoq). We selectively fancy VRE thanks to its earnings turnaround in 2023 which also is factored in the market expectation but we skeptically expect VRE could weather the storm. The decreasing demand for consumption is saw widely across the economic indicators.
28
July
NKG’ revenue decreased 23.6 % yoy to VND5,499.9bn in 2Q23 driven mainly by the weak global and domestic demand. In which, the total export volume in 2Q23 dropped to 155,858 tonnes, -10.0% yoy, +49.2% qoq. The 2Q23 NPAT posted at VND125.4bn (-37.8% yoy).
28
July
HSG’ revenue decreased significantly 29.0% yoy to VND8,645bn in 3QFY23 driven mainly by the weak global and domestic demand. In which, the total export volume in 3QFY23 dropped to 183,665 tonnes, -20.2% yoy, but +43.9% qoq. The 3QFY23 NPAT posted VND14.2bn (-94.6% yoy).
28
July
MML reached the net revenue of VND1.7tn in 2Q23, which rose by 70% yoy, the 6M23 accumulated revenue was VND3.3tn, met 39% of 2023 guidance thanks to consolidated revenue of Masan Jinju since late 2022. MML made the loss of VND179bn after tax in 2Q23, less than the loss of VND211bn in 2Q22. In 2Q23, MML recorded the interest expenses of VND138bn, which increased 43% yoy and accounted to 71% of gross profit.
28
July
On Jul 28, we attended VHM’s 2Q23, and the presentation covered how the “King” surprised the market expectation. Despite the off-peak season, VHM still triggered the market surprise with its 1H23 revenue of VND62.1tn, and NPAT of VND21.6tn, completion of 62/72.1% of their full-year estimate. The company is vocal on its stance about the adjusting the full year guidance thanks to the accelerating handover .
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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