23
June
At its AGM on Jun 22, LHG guided for a cautious FY20F net profit growth by-14% yoy to VND122.5bn amid a stellar revenue growth. We put our BUY rating to LHG thanks to an attractive dividend yield and encouraging leasing demand outlook, However, we think LHG is worthy for short-term alpha seeking investors betting in industrial property as we are concerned about its medium term contingent liability to Tan Thuan company.
22
June
At its AGM on Jun 19, KDH reaffirmed its contracted sales growth was tracking in line with the group’s FY20F net profit guidance. In FY20F, management guided for VND3.5tn revenue (+24.4% yoy), and VND1.1tn net profit +20% yoy backed by faster delivery of Safira and Verosa project in 2H20F.
12
June
On 12 June, HT1 held 2020 AGM. Key issues covered were its plan in 2020 and capex in the following years.
08
June
On 06 Jun, we joined 2020 AGM of Mobile World to update about its business situation, which mainly focuses on Mobile World’s post-pandemic plan. Bach Hoa Xanh has reached gross margin of 24%-25% in Apr 2020 and May 2020, at which all operating expenses are totally covered. In 2021, Bach Hoa Xanh targets to make profit at EBIT level, driven by the increase of average revenue per store and gross margin enhancement thanks to DC expense optimization post pandemic.
08
June
We attend STB's 2020 AGM at White Place. We listen opinion and sharing from shareholders and BoD. Currently, Sacombank is restructuring bank under control of SBV. STB’s recovery will depend on non-performing assets handling progress. In 5M2020, STB solved VND9.2tn on the remaining of VND62tn as of 2019YE. The bank's BOD expect to clean all of that by 2023.
04
June
NTC is among the rare breeds immune to the market downturn trickled by COVID-19, The market price has spiked up by 23.1% in the last six month, beating the INDEX perfomance in the same period. We think the increasing trading money flow into NTC is fueled by the exacerbated optimism about the robust outlook of FDI stream to Vietnam steaming from the chain supply relocation out of China and the leverage of Vietnam to a preferred partner in US cooperative projects.
01
June
On May 29 VHM held AGM briefing for the 2020F business plans. Some key issues covered from VIC's AGM were repeated including residential launch plan, industrial property investment. VHM's is among our top picks in 2H20 driven by another year of business performance record in FY2020F
01
June
We attended DXG’s AGM meeting on 30 May with some following key takeaways of the story....
29
May
On May 28, VIC held AGM briefing for the 2020F business plans. Key issues covered were residential launch plan, automobile business, industrial property investment.
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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