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VHC – Brief [BUY +25.3%] Contracting gross margin hit 4Q20 NPAT

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22

January

VHC – Brief [BUY +25.3%] Contracting gross margin hit 4Q20 NPAT

In 4Q20, Vinh Hoan posted nearly VND1,947bn revenue (-8.3% yoy), which was mainly dragged down by 21.4% yoy decrease and 11.2% yoy decrease of export revenue to the U.S. and China. Vinh Hoan’s 4Q20 NPAT posted VND153bn (-23.1% yoy) in 4Q20, mainly dragged down by yoy narrowing gross margin.

Report (3)

21

January

MIG – Pre-listing Brief

The insurance market kick-off 2021 year with the official announcement about listing schedule on HSX from Military Insurance Company (MIG). According to HSX, MIG’s listing day is January 21st, reference price will be VND 15,550/ share. In Vietnam non-life insurance market, MIG is standing at 6th position among Top 10 largest companies.

Report (58)

15

January

VIC – Brief – The rise of a leading conglomerate

We attended online meeting held by VIC on Jan 14 where our emotion was overwhelming driven by the stunning strategy plans on their digital transformation, global Vinfast presence and One Mount Group mission. We think that those ambitious milestones could come closer no matter what the short and medium-term challenges are. We attribute that VIC is the only company in Vietnam with extensive presence across the consumer ecosysterm and with superior data analytics capabilities is the key driver.

Report (15)

05

January

TNH – Pre-listing brief

Thai Nguyen International Hospital is listing on HSX bourse on 06 Jan 2020 with reference price at VND25,000/share, for opening date, translating into a TTM P/E of 10.1x and a forward FY21F P/E of 8.6x. We think such valuation is unwarranted to the average industry P/E of 10x given the TNH’s FY21F estimates of attractive net profit growth of 33.3% yoy, and promising ROE of 38.6%.

Report (14)

24

December

PRE – Pre-listing brief

PVI Re will be listed on HNX exchange as ticker PRE from 24 Dec 2020 with reference price for opening date at VND20,000/share. Compared with VNR, PVI Re’s PB ratio is doubled at 1.7x. This valuation comes from its positive performance in recent years and their business strategy for following period 2021-2024. In 2019, PVI Re recorded revenue growth rate at 23% and NP growth rate at 12% while these number of VNR were 17% and 5%, respectively.

Report (18)

22

December

MSB – Pre-listing brief

MSB debuts more than 1.17 billion shares with initial price of VND15,000 per share on 23 Dec on HoSE. The bank is expected to acquire higher profitability in 2021 onward given the following reasons: 1) gap growth earning by retrieving and provision of VAMC bonds ; 2) upfront fee by renewing bancassurance contracts, expected in 1Q21, and (3) divesting its consumer finance arm, FCCOM.

Report (13)

17

December

Insurance – Brief – A promising industry

Vietnam has a promising insurance market from its low penetration rate of 2.65% compared to 9.6% in advanced markets. Insurance density was USD72 compared to USD4,664 of the advanced markets. Total population possessed life insurance products was just ~8.5%. Those imply a potential field for all players in the sectors.

Report (12)

09

December

VPB – Note [BUY +30.6%] Potential upside from FE Credit IPO

We upgrade to BUY following inclusion of FE Credit IPO at TP of VND 37,033. Since the third virus spread in Vietnam is contained promptly and we believe that all sides have been included COVID-19 variable into modeling, our base case assumption is that VPB is able to divest 49% stake of FE Credit at 3.00x PB in 2021.

Report (25)

04

December

MSN – 3Q20 Review [Hold] Sustainable earning recovery in 4Q20

We raise our target price (TP) for MSN share by 27% to VND94,000/share but downgrade to Hold from BUY as MSN share price has jumpt by 62% over the last two months. Our TP increase is driven by rolling price recommendation to the end of 2021 and the increase of our estimate for Masan Group’s 2021 NPAT post-MI on the back of higher earning forecasts for all four core business segments.

Report (17)
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Featured Articles

25

December

Outlook 2021 – Dynamic Vietnam: “Tiger will awaken”

We forecast that the VNIndex in 2021 can reach 1,300 points thanks to promising opportunities from high-value chain shifts and potential benefits from FTA agreements such as RCEP.. Moreover, statistical evidence support the bullish market next year.

Report (76)

20

November

Vietnam economy under Biden era

Biden’s ambitious plan may boost long-term economic growth, followed by an expansion in trade activities. As an essential trading partner, we expect U.S. stimulus policy to benefit the Vietnam economy in the long-run. However, Vietnam also faces uncertainties when the president-elect heavily focuses on strengthening domestic production and potentially change trade policy toward China.

Report (39)

03

November

November strategy: Time to sell?

High margin debt and the selling pressure of foreign investors cause the stock market to form a short-term peak. However, Vietnam economy recovers, along with the capital flow of ETFs that will support the stock market and continue its uptrend in the long term.

Report (30)

17

September

Daily derivatives: First sign for downward correction phase

Short VN30F2010 at 825 pts, take a profit at 790 pts and stop a loss at 835 pts.

Report (2)

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

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