![VHM-Review-[BUY]-Beyond expectation](https://kisvn.vn/en/wp-content/uploads/sites/2/2019/09/page-phantich-m.jpg)
27
October
In 3Q22 Vinhomes recorded the VND14.4tn NPATMI, +29.8% yoy, +28.4x qoq thanks to a VND10,923bn financial income from the bulk sale transactions in Empire and Crown projects. In addition, Empire project contributed a VND13.2tn out of VND14.4tn property revenue, prompting a VND17.8tn total revenue in 3Q22.
27
October
Strongly recovered from lockdown period, VRE’s net revenue in 3Q22 rose sharply by 154.7% yoy to VND2tn. Net profit in 3Q22 increased by 3,156% yoy to VND794bn. GPM improved significantly from 17% in 3Q21 to 52% in 3Q22 due to deduction of rental fee to support lessees during Covid-19 in 3Q21. Up to 3Q22, VRE has respectively fulfilled 65% and 81% of revenue and NPAT guidance.
27
October
HAG posted 3Q22 business results with a VND1,441bn revenue (+160% yoy, +17% qoq), and a VND370bn NPAT (+16x yoy, +40% qoq). In detail, revenue from fruits were VND577bn (-10% qoq, +162% yoy), followed by pigs with VND540bn (+108% qoq, +195% yoy), and others with VND324bn (-2% qoq, +115% yoy) in 3Q22.
26
October
On Oct 25, DBD posted 3Q22 business results with a VND394bn revenue (+16.9% qoq, -28.9% yoy), and a VND54bn NPAT (-9.3% qoq, +31.2% yoy). In 3Q22, revenue from production increased by 20% qoq and 18% yoy to VND392bn. Other revenue was modest with VND2bn vs VND221bn in 3Q21 and that dipped the 3Q22 revenue.
26
October
On Oct 25, TRA announced 3Q22 business results with a VND604bn revenue (+6.4% yoy, +2.4% qoq) and a VND77bn NPAT (+8.3% yoy, -10% qoq). Gross margin fell from the peak of 62.2% in 2Q22 to 56.5% (+4.4%p yoy) in 3Q22. In 9M22, TRA posted revenue/NPAT of VND1,818bn (+14.4% yoy) and VND251bn (+28% yoy), respectively, fulfilling 78%/88% of full-year guidance.
25
October
Ca Mau Fertilizer (DCM) issued 3Q22’s business results on Oct 24, posting a VND3,307bn revenue (+83% yoy, -19% qoq) and a VND731bn NPAT (+95% yoy, -30% qoq). After hitting the peak of 48.5% in 1Q22, the gross margin fell steadily and reached 30.5% in 3Q22 (-2.68%p qoq and -1.73%p yoy).
24
October
Assisted by 88% yoy increase in pangasius export value and favorable base in 3Q21, Nam Viet announced VND1,239bn revenue (+88.9% yoy, -4.4% qoq) and VND120bn NPAT, vs a VND13bn loss in 3Q21. In 9M22, ANV delivered VND3,752bn revenue (+54% yoy) and VND567bn NPAT (+663% yoy), fulfilling 76%/90% of 2022 revenue/EBT guidance.
21
October
Starting the 2022 Fall wedding season, PNJ’s net revenue in Sep 2022 rocketed by 1,017% yoy to VND2.5tn. Net profit in Sep 2022 increased 20% mom to VND94bn (vs loss of VND49 in Sep 2021). Accumulating 9M22, revenue surged by 104% yoy to VND25.5tn, and NPAT shoot up by +133% yoy to VND1,340bn, correspondingly fulfilling 99% and 102% of guidance.
21
October
NLG’s revenue boomed 484.1% yoy to VND882bn in 3Q22 driven property sale (VND857bn, +166.3x yoy). Contrary to spectacular revenue growth, net profit drop 82.7% yoy to VND51bn. On the contrary, we are concerned with the presale target. In 3Q22, the company reaped VND1,512bn presale value, prompting a VND9,922bn unbilled booking sales in 9M22. The amount is far below the full-year target of VND23tn.
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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