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Year 2022

FPT – Steady growth on strong fundamentals – Update

Company Note 44

FPT’s 4M22 net profit rose 35.1% yoy, in line at 33.3% of our forecast. Unrealized revenue of newly global IT services contracts surged 40.3% yoy in 4M22 to VND9,018bn. Reiterate our Add call with a higher SOP-based TP of VND140,200…


Year 2022

PVD – Outlook intact despite bleak 1Q results – Update

Company Note 42

Jack-up utilisation rate and day rates are improving but have yet fully covered for drilling fixed costs, which led to net loss of VND56.2bn in 1Q22. We believe in stronger recovery in quarters ahead as current strong oil price environment…


Year 2022

VRE – The crowds are returning – Update

Company Note 50

VRE’s 1Q22 revenue and net profit fell 39% yoy/52% yoy to VND1,369bn/ VND377bn, in line with our forecast. We expect a strong recovery in a couple of next quarters to bring VRE’s earnings to surge 95.5%/64.6% yoy over FY22F/23F, respectively.…


Year 2022

HDG – Power portfolio gradually bearing fruits – Update

Company Note 40

Charm Villas project is the key driver for net profit growth during FY22-23F. We expect power segment to deliver 38.4% yoy growth in FY22F revenue with full-year operation of three renewable power plants. We reiterate our Add call with a…


Year 2022

VHC – Back to buy territory – Update

Company Note 47

VHC’s 1Q22 net revenue/net profit surged 82.7%/318.3% yoy, fulfilling 29%/39% of our full-year forecasts, respectively. We expect FY22F revenue/NP to grow robustly 52.8%/77.9% yoy, riding on strong export demand and expanding gross margin. Upgrade to Add with a higher TP…


Year 2022

ACV – Welcome arrivals – Update

Company Note 46

ACV posted VND701bn in 1Q22 net profit (+2.5% yoy), marking the first quarter of core business returning to positive growth since FY20. We lower FY22-24F EPS by 14.1%-7.0% following the longer-than-previous expectation of China’s zero covid strategy. Reiterate Add with…


Year 2022

NLG – Stay optimistic beyond the 1Q22 blip – Update

Company Note 38

1Q22 net profit (NP) plunged by 99.8% yoy to VND0.6bn due to lack of one-off income, making up only 0.05% of our full-year forecast. We project FY22F earnings up 19.4% yoy to VND1,259bn driven by one-off gains and strong property…


Year 2022

PVT – Earnings growth driven by new fleet – Update

Company Note 36

1Q22 net profit (NP) rose 11.8% yoy to VND152.5bn thanks to the contribution of newly-acquired tankers, fulfilling only 18.2% our forecast. We expect PVT to keep rejuvenating its fleet in 2022, becoming the key driver for PVT to attain a…


Year 2022

PNJ – Attractive valuation from shinning business – Update

Company Note 40

1Q22 revenue and net profit grew robustly  of VND10,143bn (+46.6% yoy) and NP of VND721bn(+40.5% yoy), fulfilling 44.6% of our FY22F forecast. We expect net profit to accelerate 60.5%/24.1% yoy in FY22/23F. Reiterate ADD with TP of VND131,100. Market Price…


Year 2022

PVS – Strong recovery from core businesses – Update

Company Note 57

1Q22 net profit (NP) grew 49.5% yoy to VND216bn, higher than that of 30% yoy of 1Q21, coming in at 23% of our full-year forecast. We expect current high oil price environment to set the stage for PVS in negotiating… Protection Status