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20/05

Year 2022

VHC – Back to buy territory – Update

Company Note 6

VHC’s 1Q22 net revenue/net profit surged 82.7%/318.3% yoy, fulfilling 29%/39% of our full-year forecasts, respectively. We expect FY22F revenue/NP to grow robustly 52.8%/77.9% yoy, riding on strong export demand and expanding gross margin. Upgrade to Add with a higher TP…

20/05

Year 2022

ACV – Welcome arrivals – Update

Company Note 7

ACV posted VND701bn in 1Q22 net profit (+2.5% yoy), marking the first quarter of core business returning to positive growth since FY20. We lower FY22-24F EPS by 14.1%-7.0% following the longer-than-previous expectation of China’s zero covid strategy. Reiterate Add with…

20/05

Year 2022

NLG – Stay optimistic beyond the 1Q22 blip – Update

Company Note 7

1Q22 net profit (NP) plunged by 99.8% yoy to VND0.6bn due to lack of one-off income, making up only 0.05% of our full-year forecast. We project FY22F earnings up 19.4% yoy to VND1,259bn driven by one-off gains and strong property…

17/05

Year 2022

PVT – Earnings growth driven by new fleet – Update

Company Note 9

1Q22 net profit (NP) rose 11.8% yoy to VND152.5bn thanks to the contribution of newly-acquired tankers, fulfilling only 18.2% our forecast. We expect PVT to keep rejuvenating its fleet in 2022, becoming the key driver for PVT to attain a…

16/05

Year 2022

PNJ – Attractive valuation from shinning business – Update

Company Note 14

1Q22 revenue and net profit grew robustly  of VND10,143bn (+46.6% yoy) and NP of VND721bn(+40.5% yoy), fulfilling 44.6% of our FY22F forecast. We expect net profit to accelerate 60.5%/24.1% yoy in FY22/23F. Reiterate ADD with TP of VND131,100. Market Price…

10/05

Year 2022

PVS – Strong recovery from core businesses – Update

Company Note 25

1Q22 net profit (NP) grew 49.5% yoy to VND216bn, higher than that of 30% yoy of 1Q21, coming in at 23% of our full-year forecast. We expect current high oil price environment to set the stage for PVS in negotiating…

06/05

Year 2022

STK – Growth intact despite more headwinds arise – Update

Company Note 31

1Q22 revenue and net profit grew modestly 12.9% yoy and 8.8% yoy, respectively, below our full year forecasts. We revise down FY22F/23F net profit forecast by 6.9%/16.9% due to lower-than-our-expectation 1Q22 results. We reiterate ADD but revise TP down to…

04/05

Year 2022

GAS – Riding on global energy price hike – Update

Company Note 25

1Q22 net profit (NP) rose 68.9% yoy to VND3,429bn, fulfilling 29.8% of our full-year forecast. The current coal supply shortage is likely to open opportunities for gas-generated electricity mobilization in some months ahead. Reiterate ADD at unchanged target price (TP)…

29/04

Year 2022

GMD – Strong in all facets – Update

Company Note 49

GMD reported 1Q22 net profit (NP) of VND274bn (+86.1% yoy), in line at 27.2% of our full-year forecast. We expect NP to increase at CAGR of 23.0% in FY22-26F thanks to new investment plans to ride on Vietnam’s vibrant seaport…

29/04

Year 2022

GMD – Strong in all facets – Update

Company Note 8

GMD reported 1Q22 net profit (NP) of VND274bn (+86.1% yoy), in line at 27.2% of our full-year forecast. We expect NP to increase at CAGR of 23.0% in FY22-26F thanks to new investment plans to ride on Vietnam’s vibrant seaport…
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