![DPM – Earning review – [HOLD] – Looking forward to the dividend policy](https://kisvn.vn/en/wp-content/uploads/sites/2/2019/09/page-phantich-m.jpg)
01
February
DPM posted 4Q22 business results with a VND3,900bn revenue (-23% yoy, +0.4% qoq) and a VND1,140bn NPAT (-32% yoy, +14% qoq), fulfilling 76%/123% of our revenue/NPAT forecast. In 2022, DPM recorded VND18,627bn in revenue (+46% yoy) and VND5,605bn in NPAT (+87% yoy). The 2022 results fulfilling 94%/104% of our revenue/NPAT forecasts.
31
January
We tuned in to VIC’s analyst meeting on Jan 31 which featured the strategical visibility on Vinfast and shed some light on its 4Q22 operational updates. We are a bit relieved from their earnings growth prospect. The bottom line erosion was immaterial. Revenue swelled to VND41.2tn (+18% yoy) while PBT earned a VND3.9tn vs a loss of VND6.5tn in 4Q21. Nonetheless, the net gearing height is worry us, keeping us stay skeptical in case the IPO of Vinfast could not the pipeline.
31
January
In 4Q22, MWG’s net revenue fell by 4% qoq to VND30tn primarily driven by the off-peak season of laptops and lower-than-expected sale of Iphone new series due to input discontinuation. Revenue in 4Q22 dropped sharply by 15% yoy compared to the high base in 4Q21, thanks to good sales of BHX and ICT chains related to COVID-19 work from home trend.
31
January
KBC posted a 4Q22 negative revenue of VND331.2bn and PBT loss of VND532bn due to the reverse of rental revenue arising from tenants who have yet received the investment license. 4Q22 dragged down the 2022 performance with a VND957bn revenue, -77.5% yoy, fulfilling 9.7% of full-year guidance. Since the promise to complete the lease of 50ha land bank in Nam Son Hap Linh continues to be disappointed, we think the company will reschedule to 2023F.
31
January
On Jan 30, DBD posted 4Q22 business results with a VND465bn revenue (+15% yoy, +18% qoq) and a VND79bn NPAT (+62% yoy, +46% qoq). In 2022, DBD recorded a revenue of VND1,555bn (stayed the same as 2021) and a PBT of VND299bn (+29% yoy), fulfilling 91%/139% of the full-year guidance.
31
January
VNM posted its revenue decreased 4.7% yoy to VND15,069bn in 4Q22P owing to sluggish export markets, the gross margin squeezed continuously by 0.7%p qoq and 3.7%p yoy to 38.8% in 4Q22 owing to the high prices of imported milk powder prices in 2022. Thus, the NPAT-MI was VND1,869bn (-14.9% yoy) and VND8,578bn (-19% yoy) in 4Q22 and 2022, respectively.
31
January
NVL released its 4Q22 result with a eanings slump of VND239.1bn,- 70.7% yoy in 4Q22, promting to a full-year NPAT of VND2,255bn, -30.2% yoy. Beside, the negative CFO of VND3,262bn amid the due bond payment of VND18.4tn in next 12 months heightens the fear of default risk. However, the recently sharp dip in NVL price could trigger the bottom fishing strategy from those retail investors. But we do not consider it effective given the earnings erosion and default risk have yet to be priced in.
31
January
DCM’s 4Q22 revenue upped 14% yoy to VND4,458bn (+35% qoq) but NPAT downed 8% yoy to VND1,004bn (+37% qoq), above 146%/269% our 4Q22F estimation. In 2022, DCM posted VND15,924bn revenue (+61% yoy) and VND4,280bn NPAT (+134% yoy). The 2022 results fulfilled 110%/117% of our revenue/NPAT forecasts.
31
January
In 4Q22, MSN posted VND20,643bn consolidated revenue, -13.4% yoy due to the absences of MML’s feed business contribution, and VND447bn NPAT post-MI, -93.1% yoy since 4Q21 high base recording one-of financial income gains from deconsolidation of feed business. In 2022, MSN reached VND76,189bn revenue (-14% yoy), VND3,567bn NPAT Post-MI (-58.3% yoy), fulfilling 80%/61% of 2022 guidance, while 2022 EBITDA margin reached 18.9% (vs 18.5% in 2021)
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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