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Year 2023

VHM – Weathering the storm – Update

Company Note 11

VHM’s 1H23 revenue and net profit robustly grew by 364%/314% yoy, fulfilling respectively 74.5%/67.3% of our previous full-year forecast. In 1H23, the company posted impressive interest coverage ratio of 19.8x, far higher than the sector average of 4.4x, keeping default…


Year 2023

PVT – Fairly priced – Update

Company Note 47

1H23 net profit (NP) grew by 36.5% yoy to VND491bn thanks to increasing charter rates, fulfilling 56.5% of our full-year forecasts. PVT has been reaping sweet fruits of its rejuvenating fleet strategy amid surging global tanker charter rates. Downgrade to…


Year 2023

CTG – Positive results amid current headwinds – Update

Company Note 46

CTG’s 2Q23 total operating income (TOI) rose by 11.5% yoy, driven by a strong increase of ~28% yoy in non-interest income (non-II) Together with well-managed expenses, CTG’s NP reached ~VND5.2trn in 2Q23, prompting its 6M23 NP to fulfill 53% of…


Year 2023

HAH – Grasping the shipping industry’s recovery – Initiation

Company Note 120

HAH has the majority share in the container shipping industry of Vietnam, and by 2H23F, this sector is expected to be improved. We believe that HAH NP in FY23F might decline by more than 45% from the previous year’s high…


Year 2023

VIB – Accelerating credit expansion in 2H23F – Update

Company Note 172

VIB’s 2Q23 net profit (NP) rose by 7.4% yoy due to a higher NIM (+0.4% pts yoy). 1H23 NP rose by 12.3% yoy, fulfilling 47% of our forecasts. We expect 2H23F NP to reach VND4,700bn (+6.5% yoy) on accelerating credit…


Year 2023

KBC – Beating expectations on strong core business – Update

Company Note 136

1H23 net profit increased by over 15.x times yoy thanks to higher-than-expected handover IP land (around 128-130ha), fulfilling 130% of our full-year forecast. We believe the rebound of IP business will lead KBC’s net profit to growth at 30.9% CAGR…


Year 2023

BSR – Earnings to be more positive in 2H23F – Update

Company Note 136

1H23 net profit (NP) tumbled 76.2% yoy to VND2,970bn due to gross refining margin compress, meeting 37.6% of our full-year forecast. We believe in a better 2H23F ahead as diesel crack spread is ramping up again due to increasing demand.…


Year 2023

DGC – Back to growth trajectory in FY24F – Update

Company Note 141

DGC recorded 1H23 revenue of VND4,897bn (-35.9% yoy) and net profit of VND1,630bn (-47.8% yoy), fulfilling 44.8% and 45.2% of our forecast. We forecast DGC’s net profit to rebound in FY24F (+19.5% yoy) thanks to the demand recovery of semiconductor.…


Year 2023

HPG – In recovery mode – Update

Company Note 152

HPG released its 2Q23 results with net profit posted at VND1,460bn, a decline of 64% yoy but improved by 268% qoq. We believe HPG’s net profit (NP) will continue to recover in the upcoming quarters thanks to cheaper input costs,…


Year 2023

DGW – On the recovery path – Update

Company Note 129

DGW’s 2Q23 results show a recovery in both topline and bottomline compared to 1Q23 and inline with our forecast for FY23F. Follow signs of recovery of Vietnam, we believe that DGW’s business results will continue to grow and back to… Protection Status