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NT2 – AGM Brief – Stays resilient amid headwinds

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09

June

NT2 – AGM Brief – Stays resilient amid headwinds

The management sets conservative guidance when it targets the output of 4.34bn kWh (+35% yoy), revenue of VND8,129bn (+32% yoy), and PAT of VND468bn (-12% yoy). NT2 is going to pay a 15% cash dividend at par for 2022F. In 1Q22, NT2 recorded a splendid result with a VND2,006bn (+22% yoy) and a VND159.6bn (+38.9% yoy), fulfilling 25%/34% annual guidance. 2Q22’s net profit is predicted to exceed 20% of quarterly plan. NT2 expects to enjoy better results in 2022F and a spectacular result since 2024F when its assets reach full depreciation.

Report (10)

07

June

HPG – Brief – Sales Volume in May 2022

Construction steel stole the spotlight with the sales volume posted at 393,000 tonnes, +32.0% mom and +21.2% yoy. The 4 price cuts in May have started to show the effectiveness for construction products.

Report (13)

24

May

HPG – AGM Brief: 2022 – A challenging year

HPG BOD had conservative guidance caused by the uncertainty of geopolitical tension. The BOD supposed that the industry impact caused by the geopolitical tension and the Zero-COVID policy will be shown in the company’s performance in 2Q22 and 3Q22.

Report (12)

19

May

HSG – Brief – April 2022 Operational Updates

HSG witnessed the slightly weaker performance in FY7M2022 on year-on-year basis caused by weak sales volume in first 4 months of 2022. Total Apr steel sales volume posted 175,144 tonnes, increasing by 9.7% mom but decreasing by 18.2% yoy.

Report (3)

19

May

NKG – Brief – April 2022 Operational Updates

The April performance witnessed the growth in export volume on year-on-year basis, helping export channel to remain as the key growth driver in 4M22. Domestic volume of steel coat recorded 19,331 tonnes (-18.2% mom, -35.3% yoy) and steel pipes volume posted 13,756 tonnes (-16.5% mom and -35.3% yoy).

Report (4)

19

May

HPG – Brief – Apr 2022 – Operational Updates

The April performance witnessed the weak domestic demand for construction steel. The 4M22 performance witnessed the revival in domestic market, however, the high steel price slowed down the revival pace in April.

Report (7)

13

May

NVL-Brief- Unresolved fear of credit crunch

On May 12, we participated in NVL’s analyst meetings which briefs the presale growth, sales plan and the bottlenecks in credit quota for homebuyers’ mortgage. While we are still upbeat about the unrivaled monetization of NVL’s blockbuster land bank in satellite cities, we could not be relieved of its relentlessly rising net debt. Furthermore, the credit unavailability allocated to developers and homebuyers not only hinders the homebuyers’ purchase decisions but also jeopardise NVL’s fund demand to pay due debts. Give

Report (10)

11

May

VNM-Brief-HOLD-Light at the end of the tunnel

On May 10, we tuned in to 1Q22 VNM’s analyst meeting which features its 1Q22 operational updates and sheds some lights on rebounding revenue and expanding gross margin. VNM pegged domestic market revenue at 11,658 (+ 4.3% yoy) contributed by parent’s domestic revenue growth of 3.5% yoy (VND10,234bn) and MCM’s revenue growth of 8.6% yoy (VND675bn) in 1Q22. The company stockpiled raw materials until Aug at a costlier price. Given the prices of imported milk powder forward contracts are cooling down, VNM expects to benefit at least from 3Q22F. We maintain a HOLD rating underpinned by a sluggish outlook in 2022F-23F

Report (10)

06

May

BCG-Brief-AGM Brief-Growing up with uncertainties

On May 6, we tuned in to the AGM of BCG to be covered with their 2022F guidance related to real estate development and listed plans. In 2022F, BCG eyes a VND7.5tn revenue, 189.7% yoy and a VND1.3tn NPATMI, +116.7% yoy. Three business lines are going to be listed in 2022F-23F including BCG Land, BCG Industrials, BCG Energy. Despite those above tailwinds, we are skeptical of their escalating debt, potential dilution risk, and ample sensitivity to the hospitality property market where the majority of BCG’s projects are tourism/resorts.

Report (9)
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Featured Articles

15

March

Point Break

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.

Report (168)

27

December

Outlook 2022 – The Big Uptrend

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.

Report (648)

09

November

Time to bet on economic recovery?

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.

Report (97)

26

July

Fragile hope of recovery path under the worst outbreak

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.

Report (144)

18

June

INFLATION: A transient or long-lasting shock?

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.

Report (103)

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Phone: (84-28) 3914-8585. Fax: (84-28) 3821-6898. Email: cskh@kisvn.vn

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