Research Center

1Q22 revenue and net profit grew modestly 12.9% yoy and 8.8% yoy, respectively, below our full year forecasts. We revise down FY22F/23F net profit forecast by 6.9%/16.9% due to lower-than-our-expectation 1Q22 results. We reiterate ADD but revise TP down to…

1Q22 net profit (NP) rose 68.9% yoy to VND3,429bn, fulfilling 29.8% of our full-year forecast. The current coal supply shortage is likely to open opportunities for gas-generated electricity mobilization in some months ahead. Reiterate ADD at unchanged target price (TP)…

GMD reported 1Q22 net profit (NP) of VND274bn (+86.1% yoy), in line at 27.2% of our full-year forecast. We expect NP to increase at CAGR of 23.0% in FY22-26F thanks to new investment plans to ride on Vietnam’s vibrant seaport…

GMD reported 1Q22 net profit (NP) of VND274bn (+86.1% yoy), in line at 27.2% of our full-year forecast. We expect NP to increase at CAGR of 23.0% in FY22-26F thanks to new investment plans to ride on Vietnam’s vibrant seaport…

1Q21 net profit grew 20.3% yoy to VND4,546bn following strong loan growth and higher NIM, forming 28% of our full year forecast.. MBB will likely acquire a struggling institution that is subjected to special supervision by State bank of Vietnam…

REE, a leading multi-utility holding company, will sustainably benefit from the country utilities consumption growth. We see the company’s aim to expand its exposure to renewable energy (RE) will drive the earnings growth since 2022F going forward. Initiate coverage on…

FMC is one of the largest shrimp exporters in Vietnam, accounting for nearly 5.3% of Vietnam’s shrimp exports turnover in 2021. We expect FMC’s net profit to grow at 18.8%/23.3% yoy in FY22/23F thanks to strong export demand and better…

FY22F business plan was approved by the AGM with VND64,070bn (+5.0% yoy) in revenue and VND9,720bn in net profit (-7.7% yoy). Investors’ question at VNM’s AGM mainly revolved around its expansion strategy in overseas market, input material price, and growth…

HDB is a retail-oriented bank focusing on unmet-financial-need segment i.e. rural population, which makes up more than 50% of its loan book. We expect HDB will keep delivering a strong net profit growth of 24%/22% yoy in FY22-23F based on…

ACG is the country largest engineered wood manufacturer with about 55% market share. We expect earnings to soar 29.7%/28.7% yoy over FY22-23F thanks to the recovery of residential property market and a boost in export markets. We initiate coverage on…