Tiếng Việt
普通话
31
January
PC1 – Company Note – Lackluster 4Q19 hydropower performance
Because of a more severe El Nino for hydropower and a cloudy outlook for construction segment in 2020, we are going to revise our forecast for Power Construction No.1 in 2020
Research Center
31
January
BMP – Company Note – Low 4Q19 performance in line with our expectation
Binh Minh Plastic reported Q4 FY2019 results with revenue of VND1,159bn, down 5.7% YoY, and net profit of VND95bn, down 34.3% YoY. In addition, gross margin contracted to 21.9% in 4Q2019, compared to 23.4% in 4Q2018, for a 2-year decline since 1Q2018.
31
January
HT1 – Company Note – 4Q19 performance stays strong
Ha Tien 1 reported Q4 FY2019 results with revenue of VND2,284bn, up 1.4% YoY and net profit of VND216bn, rose 12.3% YoY. In addition, gross margin stayed high at 19.3% in 4Q2019, compared to 17.8% in 4Q2018
19
December
HPG – Company Note [OVERWEIGHT+28.6%] Site Visit To Dung Quat Complex
Regarding to environment issues, we observe Hoa Phat’s remarkable efforts in both air, water and solid waste treatment though applying advanced technology to develop closed-loop systems.
12
December
Power – Sector Coverage [OVERWEIGHT] Get while the getting is good
Although unexpected weather as well as gas shortage are shadowing the profitability of thermal plants, narrower electricity reserve margin and lower input price are investment highlights for Power sector in 2020. OVERWEIGHT. Stock pick: POW
04
December
MML – Company Note – MEATDeli to play a key role
Masan MEATLife lists its common shares on UPCoM on 09 December 2019 with the ticker MML. Masan MEATLife is one of the two largest players in animal feed market. The strategy to expand its business to meat market with MEATDeli pork product will make meat business become the growth driver for Masan MEATLife on the path to 2022.
25
October
HT1 – Earnings Review 3Q2019 [NEUTRAL+10.9%] Positive results amid weak domestic market
Despite outperforming other local players at the present, HT1 will face capacity constraint, thus limiting its growth in 2020-2021. Using the average EV/EBITDA of 4.5 and P/E of 9.5, we evaluate the HT1 share at VND17,100 by the end of 2020. Including the VND1,200 cash dividend per share, total expected return is 10.9% at the current market price of VND16,500. Recommend NEUTRAL.
25
October
VHC – Initiation [OVERWEIGHT +17.1%] Pangasius flies high in China
Based on 1-Y average PER of 5.5x, we evaluate VHC’s share value at VND90,000 per share by the end of 2020. According to today (24/10/2019) price is VND78,500, the total 1-year expected return is 17.1%, including VND2,000 cash dividend. Our recommendation on VHC is OVERWEIGHT for 1-year investment period.
10
October
PPC – Initiation [OVERWEIGHT +27%] Simply Indispensable
Using DDM valuation method with our expectation that the company will pay cash dividend consistently and having not reflected Pha Lai 3 into our model, we evaluate PPC share at VND30,000 per share at the end of 2020. Hence, with the current price of VND25,000, the total 1-year expected return is 27% (including 7% dividend return of the remaining VND1,800 cash dividend for 2019). Therefore, we reiterate OVERWEIGHT recommendation for PPC.
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.