30
August
The Covid-19 containment and back-to-school season bolstered TLG’s net revenue to VND2.2tn (35% yoy) in 7M22. Compared to the pre-pandemic operation in 1H19, 1H22 net revenue also upped by 22%. TLG targets the revenue of VND10tn in 2027F, by developing domestic market, growing export market, engaging in new business and focusing on more refreshed & creative products.
29
August
In 7M22, PET revenue inched by 8% yoy to VND9.6tn (fulfilling 48% of full-year guidance) and GP rose by 32.2% yoy to VND598. GPM in 7M22 was 6.3%, vs 5.1% in 7M21. 7M22 stellar performance was mainly driven higher sales of laptops by 19% yoy to VND2.3tn and smartphones by 6% yoy to VND3.4bn. These two segments could surge in 2H22F thanks to the high demand of students for the new semester and the latest iPhone 14 model coming in September 2022.
29
August
Started from July 2020, DMX Supermini currently operates 1,000 stores in Vietnam by Aug 2022. DMX Supermini expects to earn revenue of VND12.5tn in 2022F and VND20tn in 2023F.
29
August
In Aug, the total agriculture export value was USD1,610mn (-4% mom but +15% yoy). In detail, except for cashew/tea/cassava, main export products such as rice and rubber recorded a reduction in export value (-7% mom and -7% mom). The serious drought in China could lead to a food shortage in this country. Therefore, there has a chance for Vietnam to boost the rice export volume into this market. In 7M22, China accounted for about 13% total rice export volume of Vietnam (after the Philippines with 49%).
26
August
In 1H22, BSR's net revenue and NPAT-post MI increased +78% yoy and +252% yoy to VND87.2tn and VND12.5tn, respectively thanks to rising global oil prices and crack spread. The company sets ambitious 2H22’s targets with output, revenue and EBT of 3.2mn tonnes, VND46tn and VND738bn, respectively. BSR expects to be officially listed on HSX after the AGM in 2023.
23
August
PNJ’s net revenue in July 2022 increased to VND2.5tn, up 413.6% yoy (-4% mom). Net profit in July 2022 positively rose to VND79bn (-4% mom, vs loss of VND32 in July 2022). For 7M22, revenue surged by 70.9% yoy to VND20.7tn, and NPAT climbed by +66.1% yoy to VND1,167bn, which fulfilled 80.2% and 88.4% of guidance.
23
August
In 2Q22, the financials sector index dropped 24.6%, in which securities companies index was down 44.4% amid low trading conditions and VNINDEX’s fall. Sector revenue in 2Q22 stayed flat yoy with 15,878bn (-12.3% qoq, +0.1% yoy) while net profit was unpleasant by a decrease 57% in yoy and 63.4% qoq. There were 7 over 25 securities in our research recording accounting losses. To achieve moderate results in 2H22F, the ADTV should stay at VND25,000bn per day and margin balance should stay above VND90,000bn. Shortened settlement cycle, implementation of new KRX system and the movement of VNINDEX are supporting points for the remaining 2022.
23
August
In Jul, the total fertilizer export volume was 112,705 tonnes (-55% mom and +30% yoy), equivalent to nearly USD75mn (-53% mom and +121 yoy). Although the export volume shrunk in Jul, the export prices were still higher than the Jun level (USD665/tonne vs USD644/tonne). In 7M22, Vietnam exported more than 1.1mn tonnes (+42% yoy) of fertilizer with USD722mn (+174% yoy). In which, Cambodia was the largest export market with 298 thousand tonnes (-13% yoy) and more than USD160mn (+33% yoy).
22
August
MWG’s net revenue and net profit of 1H22 were VND70.8tn and VND2.6tn, increased by +16% yoy and +1% yoy respectively. The slower growth of net profit was mainly driven by higher expenses for renovations of BHX stores. In July, MWG’s revenue was VND11tn (+16% yoy), in which: revenue of TGDD&DMX: VND8.4 tn (+63% yoy); BHX: VND2.35tn (-14% yoy). MWG is expected to meet the revenue target, however, it seems to be highly challenging to reach the net profit growth target of 34% as guided.
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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