Tiếng Việt
普通话
01
June
DXG – 2020 AGM Brief – Nothing to lose
We attended DXG’s AGM meeting on 30 May with some following key takeaways of the story....
Research Center
29
May
VIC – 2020 AGM Brief – A dim outlook
On May 28, VIC held AGM briefing for the 2020F business plans. Key issues covered were residential launch plan, automobile business, industrial property investment.
22
May
Banks – 1Q20 Review [OVERWEIGHT] 1Q20 stays healthy, 2Q20 faces difficulties
Mixed 1Q20 results due to diverse provisioning policies. Currently, credit demand remains weak but yet recovers. The country may return to pre-pandemic level and lending growth will regain in 3Q20
21
May
Property Development – 1Q20 review [Neutral] Ramping up launches, intensive promotional packages
The lowest quarterly performance in 1Q20 for three years was attributed to intensified fear of COVID-19 transmission in crowded events. When normalisation of life after the lockdowns comes, developers will be under pressure to ramp up sales, which is likely to see enormous discount and eased payment terms.
20
May
TCB – Company brief [BUY +12%] 1Q20 Highlights & 2020 vision
Yesterday, TCB’s representatives had an online meeting with investors regarding to 1Q20 performance and 2020 vision. The most noticeable point is impressive outcome from digitization with rapid increase in e-banking transaction. Further emphasizing on technology may lift the bank’s CIR to above 35% in 2020. NIM is expected at around 4.5%-4.7% in 2020 thanks to lower funding cost. But they have not revealed target net profit.
18
May
PC1 – 1Q20 Review [BUY +33.4%] Savior, namely real estate
Power Construction No.1 reported 1Q20 NPAT of VND93bn, up 5.9% YoY. This result is attributed to handover of Thanh Xuan project to cover poor performance of power generation segment. We expect PCC1 has a long-term prospect based on the growth of power generation to improve earnings quality so that we remain our BUY recommendation
15
May
VNM – 1Q20 Review [BUY +16%] Heading for higher profit growth post pandemic
We expect brighter domestic market post pandemic and favorable milk input price will strengthen profit growth in the coming quarters. Therefore, we maintain BUY for VNM share with TP of VND124,400. Total expected return is 16%.
15
May
VHC – 1Q20 Review [BUY +23%] China rebound to offset the U.S. slump in 2Q20
In 2Q20, we believe the strong recovery of export to China, thanks to Chinese re-opening, to offset the decrease of export to the U.S. Furthermore, we expect negative impact of COVID-19 pandemic will fade away in Vinh Hoan’s top three export markets from 3Q20. Therefore, we maintain BUY for VHC share with TP of VND37,800. Total expected return is 23%.
15
May
VHM – 1Q20 Review [BUY +27.3%] Unrivalled FY20F earnings growth
We retain our BUY rating with a RNAV-based TP of VND90,000, thanks to its leading and dominant position in the Vietnam market in both land bank and execution aspects. Its flexible sales strategy in combining retail and bulk sales seems to help the firm withstand market headwinds, maintaining constant pre-sale activities and earnings growth.
Featured Articles
15
March
Point Break
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
Outlook 2022 – The Big Uptrend
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
Time to bet on economic recovery?
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
Fragile hope of recovery path under the worst outbreak
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
INFLATION: A transient or long-lasting shock?
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.