Research Center

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…

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…

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…

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…

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…

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…

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…

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…

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…

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…