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29/11

Year 2022

VHM – Stand out in the midst of sector difficulties – Update

Company Note 32

3Q22 net profit (NP) grew 29.8% yoy mainly thanks to the start of product handover at Vinhomes The Empire and bulk sales transactions. 9M22 NP (-27.3% yoy) fulfilled 56.5% of our full-year forecast. We lowered FY22-24F NP by 10.8%-42.4% as…

25/11

Year 2022

DGC – Better than expected profitability – Update

Company Note 27

We believe DGC is the standout given its ample net cash position allows the company to enjoy the deposit rates hike and strengthening US$. We lower TP to VND79,200/share due to change in project Chlor-Alkali-Vinyl but big share price swing…

24/11

Year 2022

TCB – Cautious but confident – Update

Company Note 37

TCB’s 3Q22 earnings grew 22.1% yoy, taking 9M22 pace to +23.5% yoy, fulfilling 74% our full-year forecast. Amid sectoral headwinds, we expect NP growth to slow down over FY23-24F following weaker credit growth, softer NIM and higher credit cost. Current…

24/11

Year 2022

CTG – Another solid quarter – Update

Company Note 35

3Q22 earnings after minority interest grew strongly by 35.7% yoy, taking 9M22 growth to 13.7% yoy and fulfilling 77% of our full-year forecast. We expect earnings growth to decelerate into FY23-24F following softer NIM and increasing credit cost. Reiterate ADD…

22/11

Year 2022

PLX – Better outlook on raising normative costs – Update

Company Note 30

Despite a record 9M22 revenue (+88.5% yoy), 9M22 net profit (NP) slid 86% yoy to VND312bn due to surging trading costs. We see a brighter FY23F for PLX thanks to stable supply from Nghi Son refinery and the increase in…

21/11

Year 2022

PC1 – Inflection point in sight – Update

Company Note 27

We forecast FY22F net profit to drop 37% yoy under strong pressure from duo effect of interest rate rise and exchange rate loss. An inflection point looks to be coming in FY23F with robust earnings growth of 163% yoy, boosted…

21/11

Year 2022

MWG – More positive after restructuring BHX – Update

Company Note 29

MWG posted VND102,816bn (+18.4% yoy) and VND3,481bn (+4.3% yoy) in 9M22 revenue and net profit, fulfilling 54.9% our full year earnings forecast. After aggressive restructuring in 3Q22, BHX is expected to be profitable from 2Q23F, driving MWG’s NP to grow…

18/11

Year 2022

BCM – Take a big leap during FY22-23F – Initiation

Company Note 29

BCM and its associates own more than c.15,000 ha of land bank across Vietnam, which could sustain at least 10 years of development. We expect FY22-23F NP to surge 66.2% yoy/63.2% yoy, driven by revenue from residential land transfer and…

11/11

Year 2022

AST- Further strengthen in 4Q22F – Update

Company Note 41

In 3Q22, AST posted VND13bn in NP vs. VND40bn net loss in 3Q21. 9M22 NP turned positive to VND5bn, fulfilling 18.3% of our FY22F forecast. We expect AST’s net profit to increase to VND30bn in FY22F from the net loss…

11/11

Year 2022

HPG- Sharp earnings downgrade – Update

Company Note 59

HPG posted negative 3Q22 earnings due to weak steel demand, squeezing gross margin (GM) and FX loss, making 9M22 net profit slump 61.3% yoy. We made a big earnings downgrade 45.3%-52.6% for FY22-24F EPS on higher input material prices and…
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