![VRE – Brief [NONRATED]- AM: Optimistic 2023 target](https://kisvn.vn/en/wp-content/uploads/sites/2/2019/09/page-phantich-m.jpg)
25
April
We attended VRE’s AM session held on Apr 24th. The company articulates the business plan, coming out with optimistic guidance with (1) base case: VND10,350bn revenue (+40% yoy) and VND4,680bn (+68% yoy), and (2) optimistic case: VND11,500bn revenue (+57% yoy) and VND5,200 NPAT (+87% yoy).
24
April
On April 24, we attended VHM’s 1Q23, and the presentation covered how the “King” surprised the market expectation. VHM rocked the market with its 1Q23 record net profit up to VND11.9tn, +152.4% yoy buffered by the revenue growth of 228.3% yoy (VND29.3tn). - Despite the rumor that Capital Land is seeking for a USD1.5bn transaction deal with Vinhomes going viral since Jan, VHM is still keeping it a mistery and not ready to comment about of it. Retaining BUY rating and reviewing the earnings prospect.
24
April
On April 24, Vicem Ha Tien Cement (HT1) held the Annual General Meeting. The company presented full-year 2022 results as well as the FY2023F business plan. The BOD expects that cement industry will be improved while demand is still sluggish in the first 6 months due to the negative impact of property and bond markets.
24
April
The company revealed that 1Q23 NPAT strongly slumped by 81.5% yoy and 78.8% qoq to about VND10bn due to the low consumption of luxury cars. 1Q23 earnings were contributed mainly by services segment
22
April
On April 22, we attended NLG’s 2023 AGM, and the presentation was largely centered on how the company launches their sales targets. Contrary to a VND13.8tn revenue of and a VND1.9tn NPATMI of 2023F proposed in 2022 AGM, the company aims a VND586bn net profit of controlling interest, +5.3% yoy driven by a VND4.8tn revenue, 11.5% yoy. The company also set to contribute 20,000 units of affordable housing segment out of total 1,000,000 units zoned in the government master plan in 2025-2030F
22
April
On April 22, we attended HQC’s 2023 AGM, and the presentation covered how the conglomerate achieves its dream. Building the hope on the simulative packages from the banks, licensing agencies, the company aims a VND140bn net profit of controlling interest, +6.4x yoy driven by a VND1,700bn revenue, 5.2x yoy. Notably, HQC several times proposes the revenue of thousand billion and net profit of hundred billion but fails as well. For example, HQC only fulfilled 31/11% of their revenue/net profit guidance at VND333.2/18.8bn.
21
April
In 1Q23, Vinh Hoan posted VND2,222bn revenue (-32% yoy), which was mainly dragged down by 39.4% yoy of the pangasius export segment. Vinh Hoan’s 1Q23 NPAT posted VND225bn (-59.2% yoy), plunged by lower net margin -6.8% yoy. Overall, 1Q23 business result of Vinh Hoan was in-line with our estimates mentioned and fulfill 18.3%/9.2% of our 2023 revenue/NPAT estimates.
21
April
Nam Viet recorded VND1,155bn (-5.3% yoy and +1% qoq) and VND92bn (-55.5% yoy and -13% qoq) in 1Q23. Despite pangasius export in total declining due to the low demand in most market, ANV focus on exporting to Chinese market, increasing exported volume by 500% yoy and 60% qoq to this market. Compared company target, ANV fulfills 22.2%/21.6% of 2023 revenue and EBIT.
21
April
The company targets a VND20,000bn revenue and a VND400bn EBT. In 1Q23, NKG made a loss of around VND50bn while the revenue is around VND4,300-4,400bn, according to the BOD. The BOD expects 2Q23 will be the turnaround, bringing the 1H23 profit to be positive.
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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