Research Center

Total insurance premium accumulated in 5M22 was pegged VND94,681bn (+14.4% yoy). In which, life insurance premium increased by 14.8% to VND66,714bn; non-life insurance premium also surged by 13.3% to VND27,967bn. Top 5 players in non-life insurance reached double-digit growth rates in first five months, except Bao Viet. MIC insurance premium increased 33.4% yoy, the most impressive in top five, and took the fourth place from Bao Minh.

EVNGENCO 3 (PGV) announced its 2Q22 business results with revenue of VND11,891bn (+13% yoy) and NPAT-post MI of VND407bn (-52% yoy). In 1H22, PGV recorded VND22,796bn revenue (+16% yoy) and VND1,255bn profit (-23.5% yoy). The loss was mainly bolstered by the sharp increase of exchange loss. We estimate that thermal power price and output, PGV’s main revenue generators would drop owing to abundant volume from other hydropower makers in 3Q22.

PNJ posted its preliminary 2Q22 business results with revenue of VND8,058bn (+81% yoy) and NPAT of VND367bn (+65% yoy). For 1H22, revenue was VND18,210bn (+56% yoy) and NPAT was VND1,088bn (+48% yoy), which fulfilled 70.5% and 82.5% of guidance. This implies that June-22 revenue and NPAT were VND2,627bn (-1.6% mom, +160% yoy) and VND82bn (-41.4% mom, +64% yoy), respectively.

In 2Q22, DGC released the highest result through their operation with a revenue of VND4,002bn (+96% yoy and +10% qoq) and a NPAT of VND1,894bn (+469% yoy and +26% qoq) mainly thanks to high selling prices of yellow phosphorus (P4). Although the reducing in trading volume, P4 export price was shine in 2Q22. Unsurprisingly, P4 export revenue accounted for 69% of DGC’s total revenue in 2Q22.

On July 20, Tien Phong Securities (ORS) announced financial report for 2Q22. Revenue was VND661.6bn (-18% qoq, +132% yoy) and net loss was VND128.9bn. In 1H22, ORS recorded VND1,472.6bn revenue (+172% yoy) and VND92.5bn net profit (-38.6% yoy). The net loss in this quarter is mainly due to a surprising loss in FVTPL portfolio.

NLG’s revenue boom 209.6% yoy to VND1,241bn in 2Q22 driven a VND1,146bn property sale (47.8x yoy). Contrary to spectacular revenue growth, net profit/NPATMI swelled by +299.4/135.4% yoy to VND192/111bn. In 2022 AGM on Apr, 23, the management expected 2Q22 net profit could book a VND444bn financial gains from revaluation in Paragon Dai Phuoc project when doing business cooperation with a Japanese partner. However, the land investigation from the governmental agencies is slowing the process and the company is waiting for approval to complete the transaction in 3Q22F

In 2Q22, Nam Viet posted VND1,294.5bn (+20% yoy) mainly assisted by the 1.05x yoy increase of pangasius export revenue due to the high demand of Asian, EU, and American markets, and VND240.7bn (+9.1x yoy), bolstered by yoy soar of GPM. In 3Q22, we expect that could record a topline jump driven by prosperous demand of pangasius, export volume to China market could increase from 10% in 5M22 to 20-30% in 3Q22 of ANV export value while ASEAN keeps bull demand in 3Q22.

VHC’s 2Q22 revenue surged 80% yoy to VND4,226bn and net profit jumped 2.0x yoy to VND788bn, above 1%/40% our 2Q22F estimation and fulfilling 56%/80% our forecast. In 3Q22, we expect that VHC still maintain solid business results compared to 3Q21 but is merely equivalent to new high record at 2Q22, mdue to the soft landing qoq of export fillet pangasius product in key market US.

Phat Dat Group released 2Q22 results on 21 Jul, posting revenue of VND853bn (+58.6% yoy, 36.5% qoq) and net profit/NPATMI of VND409bn/413bn (+62.9/63.9% yoy and 46.6/46.5% qoq), implying EPS of VND671.The key attributes to the flourishing revenue growth are the bulk sales of condo projects in Nhon Hoi Ecological tourism and townhouse project (satellite region Binh Dinh province) and in Bau Ca Residential project (Central Coast Quang Ngai province).