![MSN – Brief [Hold] 3Q20 NPAT post-MI surged 4.4x qoq](https://kisvn.vn/en/wp-content/uploads/sites/2/2019/09/page-phantich-m.jpg)
30
October
On Oct 30, Masan Group released 3Q20 business results with optimistic results, compared to 2Q20 figures. In which, Masan Group delivered VND852bn NPAT post-MI in 3Q20, decreasing 61.8% yoy but increasing +337% qoq.
30
October
On Oct 30, Vinamilk announced 3Q20 official business results, which highlighted elevated earnings than those of previous quarters. In 3Q20, Vinamilk reached VND3,077bn NPAT (+14.4% yoy), mainly driven by (1) gross margin improvement of Vinamilk domestic market, (2) SG&A expense ratio decrease 1.2%p yoy và (3) better earning contribution of GTNFoods
30
October
KDH reported a stellar 3Q20 revenue growth of 187.2% yoy to VND1.7tn and net profit growth of 22% to VND362bn on the back of first delivery batch of 800 units of Safira project. Overall, 9M20 net profit reached VND769bn, 50.5% yoy, forming 67.7% our full-year forecast
30
October
Headlines 3Q20 NPATMI slightly increased 10.8% to VND6tn, backed by impressive retail handover revenue
29
October
From 3Q20 investor meeting yesterday, TCB’s BOM confirmed the bank’s resilient fundamentals with high profitability and high asset quality. 3Q20 TOI and NP came at VND7.5tn and VND3.1tn, increasing by 40% yoy and 21% yoy respectively. Both banking and non-banking income were outstanding with NIM improvement and rosy fee growth.
29
October
In 4Q20, we expect that Nam Viet will reach more optimistic business results, premised by (1) qoq export price improvement, based on pangasius material price surge starting from Oct 2020 and (2) qoq widening gross margin of 0.58%p, thanks to qoq export price increase amid stable input pangasius material price as input volume has been almost harvested from Nam Viet’s owned farms (sizing nearly 400ha).
29
October
Mobile World released Sep 2020’s business results, which recorded negative NPAT growth compared to previous month. Mobile World reached VND8,382bn revenue (+6.0% yoy) and VND299bn NPAT (+7.2% yoy) in Sep 2020. Aggregate 9M20, Mobile World delivered VND81,352bn revenue (+6.0% yoy) and VND2,978bn NPAT (+0.1% yoy).
26
October
VCB reported 3Q20 controlling-interest NP at VND4tn, down 20.9% yoy and 4.5% qoq due to an increase in OPEX. VCB has been more conservative than other banks regarding to provisioning and credit expansion. As of Sep 2020, VCB made a credit growth of 1.6% qoq and 6.5% ytd while maintained NPL coverage ratio as high as 215%. We reiterate Hold on VCB.
23
October
Nam Tan Uyen’s 3Q20 revenue skyrocket 90.8% yoy to VND102.8bn and the 3Q20 net profit boomed by 115.6% yoy to VND98bn mainly thanks to land transfer revenue growth of +109.4% yoy to VND90bn. The 3Q20 land transfer revenue recorded the first one-time recognition of rental payment of around 1.7ha
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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