Research Center

SCS reported 3Q21 net profit of VND121bn (+5.5% yoy). 9M21 NP rose 20.8% yoy to VND406bn, fulfilling 69.0% of our full-year forecast. We expect 4Q21F NP to increase strongly thanks to growing air freight demand and high volume of imported…

We forecast net profit CAGR of 24.2% in 2021-23F, on 24% loan book CAGR and 32bp NIM expansion; 50% net fee income CAGR; CIR of 39%. We initiate coverage TPB with an Add rating and TP of VND52,000. Market Price…

FCN ‘s growing exposure to renewable energy, especially wind power is a strong re-rating catalyst. High possibility of capital raising success this year which will ease the concern over high leverage and negative cash flow. Initiate coverage with an Add…

MCH is one of the key consumer companies in Vietnam with wide-range product portfolio. We expect MCH’s FY21F/22F earnings to grow 12.2% yoy/11.9% yoy thanks to product portfolio upgrade and deeper penetration into the soft drink category. We initiate coverage…

Petrolimex (PLX) is the market leader in Vietnam’s petroleum distribution, accounting for 50% of total market share. We expect PLX sales volume to be back to growth trajectory from FY22F onwards following the petroleum demand recovery of country. Initiate coverage…

PTB becomes one of the ten largest wood exporters in Vietnam, accounting for nearly 1% of Vietnam’s furniture exports in 2020. We expect FY21F/22F NP to surge 51.9%/19.9% yoy thanks to strong growth from wood segment and contribution from real…

Locating in industrial park (IP) hotspot, Ba Ria-Vung Tau, SZC stands out with large land bank of 2,287ha and competitive rental prices. We expect a 49.8% net profit CAGR over FY21-23F, driven by a rise in revenue from the industrial…

Vincom Retail’s 1H21 revenue and net profit rose 12.7%yoy/39.9% yoy to VND3,737bn/VND1,168bn, significantly lower than our expectation. VRE’s results will be impacted by prolonged social distancing in 2H21F, before growing strongly since 2022F. VRE’s malls build-out to resume in 4Q21F…

In 2Q21, VTP’s net profit (NP) increased modestly 3.1% yoy to VND106bn. 1H21 NP grew 7.3% yoy, fulfilling 48.5% of our full-year forecast. We maintain FY21F EPS while revise up FY22/23F EPS forecasts by 16.1%/13.4% to reflect brighter outlook on…

In 1H21, BCG’s net profit (NP) is 19.8 times higher than the same period last year, fulfilling 49.3% of our full year forecast. We raise our forecast for FY21/22/23F NP by 32.3%/33.2%/13.4% vs. previous projection, respectively, due to the adjustment…