![VHC – Earning Review [BUY] – 1Q22 Spotlight](https://kisvn.vn/en/wp-content/uploads/sites/2/2019/09/page-phantich-m.jpg)
05
May
VHC’s 1Q22 revenue surged 82.8% yoy to VND3,267.6bn and NP leaped 3.2x yoy to VND553.3bn. The high demand of most markets could strongly drive robust export volume and ASP in 2Q22. We reaffirm BUY with a TP of VND121,500
05
May
The VNIndex fell when retesting the 10-period moving average, implying the bullish market is not confirmed. Therefore, the downside risk is still intact in the short term. Traders should wait for the next signals and stay on the sidelines.
05
May
Selling pressure is still strong near 1,400 pts zone and the instrument needs time to fade the current supply. Traders should continue to stay on the sidelines and wait for the accurate trading point.
04
May
We tuned in to VIC’s analyst meeting on Apr 29 which features the strategical visibility on Vinfast and sheds some light on its 1Q22 operational updates. Vingroup reported its brisk 1Q22 NPATMI growth of 17.2% yoy (VND2,453.8bn) despite a shrinking revenue growth of 21.7% yoy (VND18.2tn) and a 13%p yoy blended gross margin (GM) contraction (1.1%).
04
May
Last week, trading activity dropped across the covered warrant market, down 20% WoW. Foreign trading activity remained at normal level and the market continued to end up to be net sold. Notably, covered warrants which have FPT as the underlying asset has attracted most of trading activity for 3 consecutive weeks.
04
May
HPG’ revenue increased 41.3% yoy to VND44,058bn in 4Q22 driven mainly by steel segment while agriculture and real estate segment revenue dropped 28% and 61% yoy, respectively. The 1Q22 NPAT-MI posted VND8,217bn. +17.7% yoy. The 1Q22 results fulfil 24.5%/24.6% our Revenue/NPAT-MI forecasts.
04
May
Foreign demand kept outweighting. Buying activity focused on Consumer Staples, Financials, and Industrials whilst large sell orders were placed on Real Estate. With ETF flow, money inflow reamained at high level across Vietnam, driven by the solid demand on VFMVN30 and Fubon FTSE.
04
May
Vinhomes recorded its 1Q22 decelerating 31.3% yoy growth of topline (VND8.9tn). The bottom line dropped less by 15.9% yoy (VND4.5tn) thanks to a stronger growth of financial income (66% yoy, VND3.8tn) which offset the gross margin contraction (43.3%, -4.5%p). VHM’s share price retreated since the investors’ sentiments are vulnerable over some investigation on the market manipulation and corporate bond issuance. The valuation is light as the 12MF PE has slipped to 7.7x, a historical low level. Given the rosy presale growth momentum and cheaper valuation across the sector, VHM is worth accumulation.
04
May
Despite the recovery last week, the downside risk is still intact in the short term due to pessimistic sentiment. Therefore, traders should wait for the next signals and stay on the sidelines.
03
May
Selling pressure is still strong near 1,400 pts zone and the instrument needs time to fade the current supply. Traders should continue to stay on the sidelines and wait for the accurate trading point.
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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