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04/05

Year 2024

SSI – Core business activities boom [In-line] – Earnings Flash

Company Note 51

1Q24 pre-tax profit (PBT) soared 53% YoY to VND943bn (USD37mn). Thus, ROAE increased 1.4% YoY pts to 4.3%. 1Q24 TOI and net profit completed 24%/26% of our full-year forecasts, respectively. We see no pressure on our target price of VND36,500.…

15/04

Year 2024

MWG – Approaching BHX profitability – AGM Note

Company Note 167

MWG plans for FY24 revenue and net profit of VND125tn/VND2.4tn, respectively, increases of 6% yoy and 14 times compared to FY23. According to management, BHX will begin to record profit in 1Q24 and targets to reach net profit of VND1tn-VND2tn…

15/04

Year 2024

DXG – New projects are moving forward – Update

Company Note 118

We maintain our Hold rating with 11.9% upside and a 0.0% dividend yield. We increase our TP by 11.0% while the stock price has increased 5.6% since our last report. The main drivers of our recommendation are the decline in…

11/04

Year 2024

VHM – Strategic expansion secures medium-term growth – Update

Company Note 133

We maintain our ADD rating with 50.2% upside. We decrease our TP by 22.3% while the share price has increased 8.5% since our last report. The main driver of our TP change is that we apply a 40% discount rate…

11/04

Year 2024

CTG – Asset quality management maximizes profit – Update

Company Note 101

We adjust our rating to ADD with 19.0% upside. We change our TP by 16% while the share price has increased 28% since our last report. We adjust our TP to VND39,500 thanks to higher ROE, at 18.3% in FY24…

11/04

Year 2024

BSR – Attractive valuation as crack spreads remain high – Update

Company Note 75

We retain our ADD rating with 24% upside and a 3.7% dividend yield. We increase our TP by 7% while the share price has increased by 3% compared to our last report. Our higher TP is due to the mixed…

11/04

Year 2024

KBC – Driving forward key projects in FY24-25 – AGM Note

Company Note 45

We attended KBC’s extraordinary AGM on March 28, 2024 and here are our notes: Fast-tracking legal procedures for key projects and expanding land bank The Board of Directors (BOD) of KBC expects to complete and approve legal procedures for key…

11/04

Year 2024

SCS – Higher international volume fuels revenue growth – Update

Company Note 63

We maintain our Add rating with 21.8% upside and an 6.4% dividend yield. We lower our TP by 7.4% while the share price has increased 8.8% since our last report. Our TP edged down 7.4% due to lower net profit…

27/07

Year 2023

LPB – 2Q23 earnings slip on surging funding cost and opex – Update

Company Note 50

LPB’s 2Q23 net profit slumped by 51% yoy and 43% qoq on hiking cost of fund and opex. 1H23 net profit (NP) slipped by 32% yoy on two consecutive weak earnings quarters, forming 40% of our forecasts, which we deem…

17/07

Year 2023

FPT – Solid results in line with our expectation – Update

Company Note 56

FPT’s 1H23 net profit rose 20.6% yoy, fulfilling 47.2% of our forecast. Newly signed revenue of the global IT services segment in 1H23 reached VND15,017bn (+28.6% yoy). Reiterate our Add call with a higher SOP-based TP of VND105,500 by rolling…