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Year 2021

SCS – Steady growth despite the outbreak – Earnings update

Company Note 15

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…


Year 2021

TPB – Go “Tien Phong”, go ahead – Initiation

Company Note 17

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…


Year 2021

FCN – Solid foundation to grow from FY22 – Initiation

Company Note 10

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…


Year 2021

MCH – Leading the pack – Initiation

Company Note 25

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…


Year 2021

PLX – Tailwinds already blowing – Initiation

Company Note 35

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…


Year 2021

PTB – Strong in FY21, stable in FY22 – Initiation

Company Note 63

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…


Year 2021

SZC – Set for another good year – Initiation

Company Note 45

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…


Year 2021

VRE – An expected rebound after social distancing – Update

Company Note 58

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…


Year 2021

VTP – Earnings outlook remains positive – Update

Company Note 75

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…


Year 2021

BCG – Solid growth momentum maintains in 2H21 – Update

Company Note 82

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…