01
November
VSH posted its 3Q22 decent business results with revenue of VND652bn (+126% yoy) and PAT of VND221bn (up from the loss of –VND42bn in 3Q21), mainly bolstered by the increase of average selling price (+22% yoy) and output (+85% yoy). Overall, the revenue and PAT in 9M22 were VND2,122bn (+117% yoy) and VND882bn (+353% yoy) and fulfilled 105%/168% its full year guidance.
01
November
Kinh Bac City released the mixed 3Q22 results on Oct 31, featuring a tepid revenue of VND203bn (-48.4% qoq, -37.4% yoy) vs a brisk NPATMI of VND1,919bn (3Q21 loss of VND68bn). We note this is non-cash income in the profit and loss statement. Without the associate’s income, the 3Q22 NPAMI could turn negative.
01
November
In 3Q22, TLG posted revenue of VND899bn, upped 100% yoy and NPAT of VND103bn, sharply improved from VND3.7bn in 3Q21. In 9M22, TLG’s net revenue rose by 48% yoy to VND2.7tn. NPAT also grew 125% yoy to VND404bn. Up to 9M22, TLG has fulfilled 86% of revenue guidance and surpassed 44% of NPAT guidance. The management expects TLG to surpass 10% of revenue guidance and exceed over 50% of NPAT in 2022F.
31
October
Vingroup reported its brisk 3Q22 NPATMI of VND946.8bn vs a loss of VND351.3bn despite a flattish revenue VND28.7tn, -4.4%% yoy and a shrinking blended gross margin (GM) of 20% (-18.8%). The encouraging NPATMI was driven by a VND9.9tn financial gain (6.5x yoy) from bulk sale transaction in Empire and Crown townhouse projects.
31
October
In Sep 2022, MWG’s net revenue sharply surged by 27% yoy to VND10.5tn and net profit fell by 8% yoy to VND307bn. Revenue in 3Q22 surged 32% yoy to VND32tn while PAT rose 15% yoy to VND907bn thanks to the strong recover of ICT sales. Accumulating 9M22, MWG’s net revenue went up by 18% yoy to VND102.8tn and net profit edged up by 4% you to VND3.5tn. By 9M22, MWG has met 73%/55% of the revenue/NPAT guidance.
31
October
Vietnam Rubber Group released the 3Q22 on Oct 28, featuring a VND5,847.2bn revenue (-4.9% yoy, +5.1% qoq) and a VND835.1bn NPATMI (-32.7% yoy, -17.9% qoq). - 9M22 revenue slightly fell to VND16.3tn, -4.9% yoy while the NPATMI sustained to VND2.9tn, +3.2% yoy, fulfilling 62.2/69.2% of full-year guidance.
31
October
Loc Troi Group released 3Q22 results with mixed performance. Although revenue sharply fell 22.9% qoq, net profit significantly improved to VDN64bn vs a loss of VND44bn in 2Q22.
31
October
MSN posted VND19,523bn revenue (-17.3% yoy) and VND543bn NPAT-MI (-52.7% yoy) in 3Q22, and EBITDA margin was subdued by 2.1%p to 17.9%. Excluding the feed segment for a like-for-like (LFL) comparison, MSN recorded VND55.5tn revenue (+4.8% yoy) and VND3.1tn NPAT-MI (+47% yoy) in 9M22, fulfilling 58%/53% of 2022 guidance, 9M22 EBITDA margin reached 19.5% (vs 19.2% in 9M21).
31
October
According to the GSO estimate, in Oct, the total agriculture export value is USD1,789mn (+17% mom, +19% yoy). In detail, rubber and vegetables have the highest export value of USD477mn (+56% mom, +45% yoy) and USD350mn (+40% mom, +59% yoy).
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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