Research Center

In Sep, total fertilizer export volume was 190,000 tonnes (+61% mom and +116% yoy), equivalent to USD108mn (+52% mom and +184% yoy). On average, the export price was about USD568/tonne (-6% mom but +32% yoy), equivalent to VND13.6mn/tonne. We estimate the gas input price in Sep was USD235/tonne, which fell by 13% vs Aug level.

According to the GSO estimate, in Sep, the total agriculture export value is USD1,526mn (-5% mom and -1% yoy). Except rice and cassava remain at the same level as the last month, most agriculture products record a decrease in export output. According to the Thai Post, Thailand and Vietnam could increase the export price by 20% compared to the current level. However, Vietnam Government has not yet confirmed it.

An Cuong Wood (ACG) will delist on UPCoM, on September, 28th. As such, ACG is going to list on HOSE with its 135.85mn shares in the next few weeks. As one of the top players in the wood and wood products industry, ACG is also among the top-tier local manufacturers and suppliers of interior decoration materials with strong growth prospects assisted by 1) Dominating the domestic markets 2) Expanding capacity to ride on the buoyant market and 3) the high profile shareholders

On Sep 28th, The Insurance Association of Viet Nam (IAV) announced 7M22 market figures. Total insurance premium in 7M22 was VND136,960bn (+15.5% yoy). In which, life insurance premiums increased by 15.8% to VND98,171bn; non-life insurance premiums also surged by 14.9% to VND38,789bn. Loss ratio for both life insurance and non-life insurance were up, especially for life insurance.

PET’s Aug performance stayed flattish with a VND1.7tn of net revenue,+30.9% yoy, and a VND24bn EBT (+4.3% yoy). EBT margin in Aug 2022 was 3.9%, 0.5%p lower yoy due to the revenue collapse of real estate leasing, which had higher profit margin than other segments. We expect the revenue to sharply rise in 2H22F thanks to the high demand of students for the new semester and the latest iPhone 14 model coming in September 2022.

In Aug 2022, TLG revenue escalated 275% yoy to VND300bn, however, decreased 6% mom, as compared to the revenue in 7M22 of VND318bn. NPAT in Aug 2022 dropped by 32% mom to VND39bn but stayed positive on the yoy basis as TLG made a loss of VND28bn in Aug 2021. Back to school season promised to bring fruitful sales to TLG in 3Q22. Not to mention the lauch of new modern lines Colorkit and Pazto, which were supported by intense marketing campaigns in August and Sep 2022.

In August 2022, MWG’s net revenue rocketed by 60% yoy to VND10.4tn and net profit rose by 33% to VND3.2tn. In 8M22, MWG’s net revenue went up by 18% yoy to VND92.3tn and net profit edged up by 6% you to VND3.2tn. By August 2022, MWG has met 66%/50% of the revenue/NPAT guidance. We expect MWG’s revenue in 3Q22 is positive comparing to 2Q22 thanks to completion of BHX restructuring and higher sale of laptops for back-to-school period.

Dat Xanh announced its extraordinary general annual meeting in Oct to address its strategy development plans and new trademarks. While the details of the meeting agenda are seeking, we are still staying skeptical about the DXG’s growth prospects amid short-term constraints. This report is intendedly to address the impact of Decree 65 on DXG's plan of fundraising and its short-term land bank acquisition pipeline.

GAS released robust 9M22 preliminary business results of 5,700mn m3 dry gas volume (+2.6% yoy), VND76.5tn revenue (+29% yoy), and VND14tn PBT (+62% yoy), fulfilling 64%/95%/160% of the conservative guidance built on the scenario of Brent oil at USD60. These results mean that dry gas volume, revenue, and PBT in 3Q22 are 1,700mn m3 (+10% yoy), VND21.7tn (+16% yoy), and VND3.2tn (+4% yoy), respectively.