![HPG-Earnings Review-[HOLD]-Margins improved thanks to lower costs](https://kisvn.vn/en/wp-content/uploads/sites/2/2019/09/page-phantich-m.jpg)
28
July
HPG’ revenue decreased 21.2% yoy to VND29,496bn in 2Q23 while the NPAT posted VND1447.8bn (64%yoy). Thanks to the lower input costs, the gross margin improved from 6.3% in 1Q23 to 10.8% in 2Q23 amid lower ASP (construction steel ASP decreased by 4.5% compared to 1Q23).
27
July
In 2Q23, VGC reccored revenue of VND3.9tn (+42.7% qoq, -8.6% yoy) and a NPAT of VND625.6bn (+312.9% qoq, -10.4% yoy). Despite a revenue decrease, we saw blended gross margin expansion to 31% in 2Q23 (+5%p yoy) from 24% margin in 1Q23. In 6M23, the company recorded a VND6.7tn revenue (-17% yoy), and a VND1,024bn EBT (-41% yoy), completed 42.6%/84.7% company annual guidance.
27
July
DBC reached the net revenue of VND3.5tn in 2Q23, which rose by 17% yoy, the 6M23 accumulated revenue met 24% of 2023 guidance thanks to (1) increased pork sales and (2) recorded revenue of Park View residence project.
27
July
Vietnam Rubber Group released the 2Q23 on Jul 26, featuring a VND4,272.6bn revenue (-23.2 yoy, +3.3% qoq) and a VND717.3bn NPAT (-39.1% yoy, -5.1% qoq). The blended gross margin (GM) contracted by -3.7%p yoy, -1.6%p qoq to 22.7% owing to a 3.7%p yoy GM narrow of the rubber cultivation segment which was hit by the price drop of rubber and -16.5%p yoy GM contraction of wood processing. We stay skeptical about the company’s capacity to beat its PBT guidance given no signal of demand revival in the rubber cultivation segment.
26
July
VIB released its results with 2Q23 PBT up 7%yoy (to VND2,948bn) ) thanks to (1) an increase in net interest income (2) manageable OPEX. 2Q23 total credit growth stayed flat at 0.8% YTD (vs 1Q23: -1.3%YTD) mainly due to a decrease in retail segment. 2Q23 Net interest margin (NIM LTM) inched up to 4.7% (vs 4.4% in 2Q22 and 4.7% in 1Q23). 2Q23 NFI and 1H23 went down 13%yoy (to VND786bn) and -10%yoy (to VND1,404bn) respectively due to the Banca fee decline. CIR ratio fell from 34% in 1H22 to 30% in 1H23. 2Q23 NPL inched down 2.45%, compared to 1Q23 of 3.62% and end-22 of 2.3%
26
July
BCC’s revenue decreased 21.3% yoy to VND892.5bn in 2Q23 while the NPAT was loss of VND6.7bn. The gross margin was improved from 4.2% in 1Q23 to 7.7% in 2Q23. According to the company, the coal price has decreased by 5% compared to 1Q23.
26
July
On Jul 25, we attended SIP’s 2023 Investor Day, and the presentation the company’s 2Q23 results and its strategy plan. Per management, 2Q23 prelim results came in at VND1,660.7bn revenue (, 3.1% yoy 19.1% qoq) and VND276bn net profit (7.8% yoy ,111% qoq). SIP is among our fancy industrial park players in the South thanks to its unrivalled competitive advantages. - However, the free floating (major shareholders occupy 47.91%) raises the concern over liquidity.
25
July
TCB released its results with 2Q23 PBT down 22.8%yoy and up +0.5%qoq due to (1) NIM LTM decline and (2) high provision expense growth. 2Q23 Net interest margin (NIM LTM) inched down to 4.3% (vs 5.6% in 2Q22 and 4.6% in 1Q23). Although 2Q23 CASA ratio was 35%, lower than 2Q22 (47%) but a significant improvement compared to 1Q23 (32%). 2Q23 NFI and 1H23 went down 3%yoy (to VND2,259bn) and up 5%yoy (to VND4,430bn) thanks to cards, trade, and FX services. 2Q23 NPL ascended to 1.07%, compared to 1Q23 of 0.85% and end-22 of 0.72%. 2Q23 LLR was sufficient at 116%.
21
July
On Jul 20, we attended NLG Day held by Nam Long, and the presentation covered the 2Q23 business results, presales target. Addressing the presales growth in 2H23F of VND8,563bn vs VND867bn in 1H23, the company shares they are bullish. We acknowledge the company’s ambition and effort to shore up the sales plan but stay skeptical about the feasibility and expect the company could reinstate its presales target down in the 4Q23. We are reviewing the earnings in 2023F-25F to factor in the true landscape of NLG’s business plan.
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.
Tiếng Việt
普通话
