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10/08

Year 2022

KBC – Keep forging ahead – Update

Company Note 7

KBC posted VND1,893bn in 2Q22 net profit (45x yoy) on one-off gain from revaluation, make 1H22 earnings to fulfill 66.1% our FY22F forecast. We expect FY22F earnings to grow 359% yoy without the contribution of Trang Cat urban area, coming…

10/08

Year 2022

TPB – A small bump on the road – Update

Company Note 7

2Q22 net profit (NP) surged 37% yoy thanks to a robust top-line growth of 33% yoy. 1H22 NP grew 26% yoy, fulfilling 50% our forecast. We expect TPB’s earnings to grow 22%/24% yoy over FY22-23F. Attractive valuation; reiterate Add with…

09/08

Year 2022

PVS – Core activities are getting more solid – Update

Company Note 8

PVS posted a 92% yoy drop in 2Q22 net profit (NP) to VND12bn mainly due to surprising high G&A expenses. We lower FY22-23F EPS forecasts by 13.1%/3.4% to reflect higher-than-expected expenses in 1H22. Reiterate ADD with a lower target price…

08/08

Year 2022

VJC – Bumpy recovery – Update

Company Note 15

VJC posted VND180bn in 2Q22 net profit (versus VND6bn in 2Q21 NP), lower than our expectation as recovery was hampered by high fuel price. We lower FY22-23F EPS by 66.1%/47.6% following lower FY22-23F in’l pax (67.0%/13.3%) and higher FY22-23F jet…

05/08

Year 2022

VPB – Softened 2Q22 after stellar 1Q22 – Update

Company Note 26

2Q22 net profit (NP) weakened 12.7% yoy to VND3,508bn following higher operation and provisioning expenses. 1H22 pre-tax profit grew 67.9% yoy to VND15,323bn mostly boosted by the bancassurance upfront fee in 1Q22. Reiterate Add rating with lower TP of VND44,400…

04/08

Year 2022

FCN – Gross margin pressure persists into 2H22F – Update

Company Note 24

FCN announced robust 1H22 new contract value of VND1,981bn with the main contribution from industrial projects (higher gross margin than civil projects). We lowered FY22-23F net profit by 47.2%-26.2% due to the impact of high building material prices on the…

04/08

Year 2022

STK – Headwinds are still ahead – Update

Company Note 33

STK posted VND530bn in 2Q22 revenue (+3.9% yoy) and VND76.3 in net profit (-2.0% yoy). 1H22 earnings fulfilled only 41.4% our forecasts. We lower STK’s FY22F/23F revenue by 8.5%/4.3%, respectively, to reflect the sluggish demand for textiles & garment of…

03/08

Year 2022

PNJ – The stars are aligned – Update

Company Note 32

2Q22 revenue and NP reached VND8,068bn (+81.1% yoy) and VND367bn (+63.8% yoy), respectively. We expect earnings to surge 79.7%/19.4% yoy in FY22/23F as PNJ gains more market share and a strong economic recovery momentum. Reiterate ADD with higher TP of…

01/08

Year 2022

VIB – Every cloud has a silver lining – Update

Company Note 46

2Q22 net profit (NP) surged 27.8% yoy to VND2.2tr thanks to a robust NII and a lower CIR. 1H22 NP grew 27% yoy, fulfilling 54% our forecast. We expect VIB’s earnings to grow 21%/18% yoy over FY22-23F. Attractive valuation; upgrade…

01/08

Year 2022

PVT – Core business is getting stronger – Update

Company Note 29

2Q22 revenue increased by 19.6% yoy to VND2,265bn, but 2Q22 net profit (NP) declined 11.8% yoy to VND212.8bn due to higher financial expenses. We expect PVT to achieve a NP CAGR of 13% in FY22-24F thanks to: (1) contribution of…
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