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20
April
The company held an AGM session on Apr 20th to articulate the business plan, coming out with optimistic business guidance. The company targets a VND13,000bn revenue (+43.5% yoy) and a VND1,600bn NPAT (+46% yoy) in 2022F. In 1Q22, the company reached VND3,276bn in revenue (+83% yoy) and VND553bn in NPAT (+3.2x yoy) completing 24%/33% of full-year forecast.
20
April
This monthly report on Vietnam steel production is intended to track the developments in the steel market. During Mar 22, we observed the continuous domestic revival in all finished steel products on month-on-month basic. . The total consumption volume (excluded steel coil) was up 17.4% mom to 1.9mn tonnes, -6.0% yoy.
20
April
HSG witnessed the slightly weaker performance in FY6M2022 on year-on-year basis caused by weak sales volume in first 3 months of 2022: 3M2022 total sales volume at 461,334 tonnes, -22.6% yoy. 3M2022 export volume dropped significantly by 44.1% yoy to 197,256 tonnes, which is the main reason for weaker performance in FY6M2022 while 3M2022 domestic total sales volume increased 8.5% yoy to 264,075 tonnes.
20
April
The March performance witnessed the continuing revival in domestic sales volume on month-on-month basis. Domestic volume of steel coat recorded 23,645 tonnes (+15.2% mom, +19.7% yoy) and steel pipes volume posted 16,470 tonnes (+7.1% mom and -22.7% yoy). Export is still the important driver for growth in 3M22.
19
April
The March performance witnessed the strong demand for most steel products, especially, construction steel and HRC ones. Export is the important drivers for growth in 3M22, in which, construction steel export volume grew 151% yoy to 369,943 tonnes.
19
April
On April 19, Novaland held Annual General Meeting which gave the audience a walkthrough of the 2022F business expansion plan. Despite being missed the 2021 guidance at 54.2%/84.4% of revenue and NPATMI, NVL still set up prosperous targets with a VND35.9tn revenue, +141% yoy and a VND3.5tn NPAT, +88% yoy. Based on management's guidance of 2022F profit, 12MF PE is 45.7 times and 12MF PB is 4.2 times, significantly higher than the 1-year median PE of 35.5x but slightly lower than PB of 4.5x.
19
April
According to Insurance Association of Viet Nam (IAV), 2M21 total life premium was pegged at VND21,888bn (+17.2% yoy). In detail, the premium of renewal contract led the industry growth with VND15,829bn (32%yoy), offset by the tepid premium of new placement contract with VND6,059bn (-9.5% yoy). Non-life insurance premium surged to VND11,248bn (+15.3% yoy) with positive growth rate from health insurance, motor vehicle and P&C insurance. On the other side, the increasing trend of both deposit rates and bond yields will secure the investment income of insurance companies as the majority of insurance companies’ financial assets are in the form of bank term deposits and bond (both government and corporate).
18
April
The company targets a VND2,005bn revenue (+11%) and VND250bn net profit (+38% yoy) in 2022F. LCG will pay 2021’s stock dividend at 10% and plans to pay 2022F’s cash dividend of 12% at par. In 1Q22, the company announced preliminary revenue and PAT are VND177bn (-62% yoy) and VND51bn (-10%), respectively. It also set the new prioritized business lines from 2022F-2025F, including: transportation infrastructure, renewable energy and real estate.
15
April
The company targets a USD178mn revenue, +120% yoy and a VND10.8mn NPAT, +188% yoy in 2022F, 15% stock dividend for 2021, expected to pay in June this year. In 1Q22, the company reached a USD47.3mn revenue, +19% yoy, and a USD3mn NPAT, +17% yoy, fulfilling 26.6%/27.7% full-year estimates.
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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