Research Center

On Apr 25th, Gemadept held its AGM session to articulate the business plan for 2022. The company has increased its 2022 revenue and PBT target to VND3,850bn (+20% yoy) and VND1,200bn (+66.5% yoy), respectively. In 2022F, GMD would pay more attention to ramp-up Gemalink phase 2 and Nam Dinh Vu phase 2 projects which are expected to reach the capacity of 6mn TEUs after completing. Based on 2022F guidance, 12MF PE is 20.5x and 12MF PB is 2.3x, lower than the 2-year median PE of 28.9x and PB of 2.3x.

Based on management's guidance of 2022F profit, 12MF PE is 25.1 times and 12MF PB is 1.2x times, slightly higher than the 1-year median of 24.1x and 1.1, respectively. Even though the share price has been pulled back steeply recently, we do not think the stock is worth accumulation. We view that SCR’s strong rally has been over manifested since the market sentiment of individual investors is betting on the positive changes in the licensing landscape in which SCR’s key land bank, idle for years will reap the rewards. Given the lengthy projects, abundant exposure to hospitality projects, and concerning corporate governance, SCR is not lucrative to put on the watchlist.

On Apr 23rd, we joined in Nam Viet Corporation’s analyst meeting to update BOD view on 2022 business guidance. ANV announced its draft 2022 guidance with VND4,600bn revenue (+40% yoy) and VND720bn EBT (+377% yoy), which are mainly driven by (1)r amping up pangasius fillet export, as benefits from the high demand of industry, and (2) Collagen & Gelatin products will contribute to ANV revenue this year. In 1Q22, ANV revealed a solid prelim business result as VND230bn EBT (+3.2x).

On April 23, Mobile World held its Annual General Meeting which gave the audience a walkthrough of the 2022F business expansion plan. Key focus areas are Bach Hoa Xanh (BHX) and An Khang chains. - MWG sets optimistic 2022F guidance with net revenue of VND140tn (+14% yoy) and NPAT of VND6,350bn (+30% yoy). The higher profit growth rate implies that BHX will reduce its losses in 2022F. Based on management's guidance of 2022F profit, 12MF PE is 14.8x and 12MF PB is 3.7x, lower than the 2-year median PE of 15.6x and PB of 4.0x.

Even though the share price has been pulled back steeply recently, we do not think the stock is worth of accumulation. We view that DIG’s strong rally has been over manifested since the market sentiment of individual investors is betting on the prosperous outlook backed by rising infrastructure spending in Vung Tau- Dong Nai provinces where DIG’s key land bank is located. Given the lengthy project development is still in pipeline, high leverage is escalating, concerning corporate governance is controlling the market price, DIG is not lucrative

On April 23, we attended NLG’s 2021 AGM, and the presentation was largely centered on the FY21F guidance, and contract sale target. 5-month lockdown regulation not only attached the sales launches in 2021 but also drags the earnings guidance in 2022F. The company sets a target to post a VND1,206bn net profit, 13% yoy driven by a VND7.1tn revenue, 37% yoy. NLG aims at VND23.3tn contract sales in 2022F, 3.4 times higher yoy growth in 2021 and VND68.7tn accumulated booking sales in 2022F-24F thanks to the sale launches of six projects in the Long An, Dong Nai, Can Tho, Hai Phong, and HCMC.

The company targets a VND28,000bn revenue (-2.1%yoy) and a VND1,600bn NPAT (-28% yoy) amid input volatility and logistic cost concerns. In 1Q22, the company’s revenue was VND7,100bn (+46% yoy) and NPAT was VND507bn (+58.9% yoy), fulfilling 25.3%/31.6% of annual guidance, respectively. 2Q22 revenue is expected to be over VND8,000bn.

PVD targets a VND4.7tn revenue (+17.5% yoy), and a VND0bn PBT (vs VND62bn in 2021) in 2022F. The earnings guidance is set blank as the company has yet reaped the fruitful results from the oil price hike. Per the company, although the drilling market has started to warm thanks to rising oil prices, however, some drilling contracts were already signed in 2021 with low Jack-up (JU) day rates. PVD expects the JU day rate will improve from 3Q22F thanks to new contracts.

On April 20, SSI Securities (SSI) announced consolidated business results for 1Q22. Revenue was pegged VND2,008bn(-17% qoq, +33% yoy) and NPAT was VND706bn (-29% qoq , +67% yoy). 1Q22 fulfilled 19% and 20% of full-year company’s target for revenue and profit, respectively. With the lost market share on HSX, brokerage revenue was VND599bn (-24% qoq, +37% yoy). Brokerage rate was also reduced to 0.1845% (-0.43bps qoq). Margin balance at end-Mar was VND20,620bn (-9.4% qoq) and still the top 1 in margin provider. Although margin balance dropped by 10%, revenue from this profession recorded VND566bn (+2% qoq, +131% yoy) thanks to improved lending rate.