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Overall, the management anticipates that net revenue and net profit in 2023F will rise by 14% yoy and 15% yoy respectively, more significantly from 2H23, along with the expected to be lower interest rate and cooling of inflation. More specifically, DGW expects mobile phone sales in 2023F will improve by 13% yoy, office equipment sales up by 17% yoy, home appliance sale up by 65% yoy and the consumer good sale to surge by 157%.

On Feb 17, we tuned in to the AM of BCG to be covered with their 2022 recap related to business results and operation climate. What we felt relived is the enhancement of balance sheet with a debt/equity ratio plunging to 1.1x as of end-4Q22 and less pressure of due bond payment in the short term. However, we still stay skeptical on their escalating debt, potential dilution risk, and ample sensitivity to the hospitality property market where the majority of BCG’s projects are tourism/resorts.

Accumulating 2022, MWG’s net revenue went up by 8% yoy to VND133tn, MWG had met 95% of the revenue guidance. In 2023F, TGDD&DMX keep being the cash cow, contributing 75%-80% of MWG’s revenue, BHX is expected to contribute 20%-25% of MWG’s revenue. MWG will restrict operation of AVASports and Bluetronics due to low potential to focus on other key business in 2023.

Total Jan steel sales volume posted 85,232 tonnes, dropping by 40.9% yoy and 27.6% mom amid long Tet holiday. The coated steel export volume (29,304 tonnes) was down significantly by 62.6% yoy and 36.4% mom.

Total Jan steel sales volume posted 43,370 tonnes, falling by 34.6% mom and 53.8% you amid long Tet holiday. The coated steel export volume (20,513 tonnes) stumbled 69.7% yoy and decreased by 25.6% mom.

This monthly report on Vietnam steel production is intended to track the developments in the steel market. During Jan 23, we observed the significant drop in total sales volume due to long Tet holiday in Vietnam.

The seafood industry exported USD2.5bn (-7% yoy and -6% qoq) in 4Q22 due to the decrease of pangasius and shrimp export by -15.4% yoy and -13% yoy, also both exports decreased by -15% qoq, respectively. As a result, 23 listed seafood exporters recorded a VND12,356bn revenue (-10.9% yoy) and VND791bn NPAT (-16.6% yoy) in 4Q22. We estimate that seafood exporters’ revenue growth would slow down since lower seafood export volume in most markets in 1Q23. Yet, export to China seems brighter outlook.

According to Customs, in Jan, total fertilizer export volume was more than 127,000 tonnes (-66% yoy, -4% mom), equivalent to USD64mn (-79% yoy, -2% mom). Total urea/NPK production in Jan was nearly 226,000/243,000 tonnes (+1%/-26% yoy, +2%/7% mom), respectively. In 2022, Vietnam exported USD1.2bn of fertilizer (+113% yoy).

This quarterly earnings report is a wrapped up note of listed Vietnamese residential developers based on their financial statement. The 4Q22 recorded some anomalies when aggregated NPAT of 27 developers declined by 44% yoy and the loss event transmitted. Since 1Q23F is the off-peak season, we do not think the market could welcome multiple marketing campaigns or a booming 1Q23F business results. About the bond payment, more and more bondholders could declare their inability to pay the due principal/interest in 1Q23F.