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VIB released its results with 2Q23 PBT up 7%yoy (to VND2,948bn) ) thanks to (1) an increase in net interest income (2) manageable OPEX. 2Q23 total credit growth stayed flat at 0.8% YTD (vs 1Q23: -1.3%YTD) mainly due to a decrease in retail segment. 2Q23 Net interest margin (NIM LTM) inched up to 4.7% (vs 4.4% in 2Q22 and 4.7% in 1Q23). 2Q23 NFI and 1H23 went down 13%yoy (to VND786bn) and -10%yoy (to VND1,404bn) respectively due to the Banca fee decline. CIR ratio fell from 34% in 1H22 to 30% in 1H23. 2Q23 NPL inched down 2.45%, compared to 1Q23 of 3.62% and end-22 of 2.3%

BCC’s revenue decreased 21.3% yoy to VND892.5bn in 2Q23 while the NPAT was loss of VND6.7bn. The gross margin was improved from 4.2% in 1Q23 to 7.7% in 2Q23. According to the company, the coal price has decreased by 5% compared to 1Q23.

On Jul 25, we attended SIP’s 2023 Investor Day, and the presentation the company’s 2Q23 results and its strategy plan. Per management, 2Q23 prelim results came in at VND1,660.7bn revenue (, 3.1% yoy 19.1% qoq) and VND276bn net profit (7.8% yoy ,111% qoq). SIP is among our fancy industrial park players in the South thanks to its unrivalled competitive advantages. - However, the free floating (major shareholders occupy 47.91%) raises the concern over liquidity.

TCB released its results with 2Q23 PBT down 22.8%yoy and up +0.5%qoq due to (1) NIM LTM decline and (2) high provision expense growth. 2Q23 Net interest margin (NIM LTM) inched down to 4.3% (vs 5.6% in 2Q22 and 4.6% in 1Q23). Although 2Q23 CASA ratio was 35%, lower than 2Q22 (47%) but a significant improvement compared to 1Q23 (32%). 2Q23 NFI and 1H23 went down 3%yoy (to VND2,259bn) and up 5%yoy (to VND4,430bn) thanks to cards, trade, and FX services. 2Q23 NPL ascended to 1.07%, compared to 1Q23 of 0.85% and end-22 of 0.72%. 2Q23 LLR was sufficient at 116%.

On Jul 20, we attended NLG Day held by Nam Long, and the presentation covered the 2Q23 business results, presales target. Addressing the presales growth in 2H23F of VND8,563bn vs VND867bn in 1H23, the company shares they are bullish. We acknowledge the company’s ambition and effort to shore up the sales plan but stay skeptical about the feasibility and expect the company could reinstate its presales target down in the 4Q23. We are reviewing the earnings in 2023F-25F to factor in the true landscape of NLG’s business plan.

NT2 posted its revenue at VND2,206bn, down 21%yoy due to (1) lower mobilization volume (-9%yoy) and (2) lower average selling price (-20%yoy). However, gross profit was only at VND15,069bn, a significant 60%yoy reduction. The GM decreased to 7% from 15% in 2Q22 mainly due to lower selling price. On above effect, NPAT also recorded VND144bn, a 60%yoy down. The mobilization volume in 2Q23 was kwh1.05bn (-9%yoy, -2%qoq), which fulfilled 52% of the 2023 plan. Average selling price was VND2,071 per kWh (- 13%yoy, +2%qoq).

ACB released its results with 2Q23 PBT was down 1.7% yoy (to VND4,832bn) due to a high provision expense (+383%yoy). Strong TOI growth (+15.9% yoy) was the key contributing factor. Accumulated results, 1H23 PBT rose 10.6%yoy to VND9,989bn, completing 50% of 2023 target.

HT1’ revenue decreased 16.2% yoy to VND1,998bn in 2Q23 while the NPAT was back to positive with VND58.7bn (-58.9%yoy) thanks to the high-cost input material was fully cleared out. The gross margin was improved from 4.5% in 1Q23 to 10.3% in 2Q23.

DHA’s revenue increased by 5.4% yoy to VND100.79bn in 2Q23 while the NPAT posted VND35.30bn (1970% yoy). DHA's gross profit increased significantly by 39.5% yoy. NPAT growth is also come from VND 21.5bn reversal of provision for the investment in HPG stock.