![PLX – Brief – [NONRATED] – Stable outlook in 2023F](https://kisvn.vn/en/wp-content/uploads/sites/2/2019/09/page-phantich-m.jpg)
27
June
PLX approved its conservative 2023F guidance of petroleum volume of 13mn ton (-7% yoy), VND190tn revenue (-38% yoy) and VND3.2tn PBT (+42% yoy). Shareholders approved a cash dividend of VND700/share for 2022, and targeted a cash dividend of VND1,000/share for 2023F.
26
June
Weak demand weighted continuously on MWG’s May business results, MWG recorded a 10% decrease yoy in revenue to VND10,297bn but was up +6% mom, prompting total revenue of MWG to reach VND59.3tn (-21% yoy) in 5M23.
20
June
FPT posted estimated 5M23 business results with revenue of VND19.9tn (+23% yoy) and PBT of VND3.6tn (+19% yoy), completing 38% and 40% of its 2023 guidance, respectively. In May-23, FPT Group achieved revenue of VND4.2tn (+29% yoy), and VND0.7tn PBT (+17% yoy).
14
June
According to Customs, the total May fertilizer export volume was nearly 155,000 tonnes (+17.5% mom, -3.13% yoy), equivalent to USD57mn (+17.36% mom, -46.32% yoy). The 5M23 Vietnam export pulled back in both volume 691,824 tonnes (-15.53% yoy) and value with USD289mn, -50.3% yoy. Observing the domestic market, urea price was trading around VND10,100/kg (+9% mom, -41% yoy) in May. The average urea price hovered around VND10,300/kg (-39.6% yoy) in 5M23. We maintain Neutral rating.
14
June
The prelim export turnover of Vietnam’s textile and garment swelled to USD2.92bn (+14.8% mom but fell 8.0% yoy) in May. The accumulated export value was disappointed again with US12,628bn (-16% yoy), weighting our dim hope of recovery. Despite the industry export value downturned in Apr (total industry export growth of USD2.54bn, -3.3% mom, -19.4% yoy), the listed companies diverged: VGG (USD37.74mn, +14.71% mom, -22.09% yoy, TNG, USD31.58mn (+15.73% mom, +27.28% yoy). GIL was not out of the wood yet (USD1.38mn, -15.38% mom, -93.42% yoy).
14
June
This monthly report on Vietnam steel production is intended to track the developments in the steel market. During May 23, we observed an impressive export volume (+51.9% yoy, +29.7% mom) while domestic sales volume showed an uptick of 5% mom
14
June
Total May steel sales volume posted 127,489 tonnes, rising by 5.1% yoy but dropping 1.9% mom. The FY8M23 (Oct 2023-Feb 2023) total sale decreased 34.1% yoy to 891,963 tonnes as steel pipes volume declined 21.0% yoy to 185,976 tonnes and steel coat fell 36.9% yoy to 705,987 tonnes.
14
June
Total May steel sales volume posted 77,447 tonnes, increasing 0.2% mom and decreasing 8.9% yoy. The 5M23 total sales volume came in at 349,414 tonnes, -19.8% yoy. In which, the steel coat volume declined 22.1% yoy to 286,699 tonnes and the steel pipes volume was down by 7.0% yoy to 62,715 tonnes.
Total May steel sales volume posted 619,165 tonnes, increasing by 5.6% yoy and 15.6% mom thanks to the strong export. The total May domestic sales volume diminished by 19.1% yoy but upped 3.1% mom to 390,548 tonnes.
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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