Give us your feedback

Company Note

Search by Date

06/05

Year 2022

STK – Growth intact despite more headwinds arise – Update

Company Note 49

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…

04/05

Year 2022

GAS – Riding on global energy price hike – Update

Company Note 54

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)…

29/04

Year 2022

GMD – Strong in all facets – Update

Company Note 88

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…

29/04

Year 2022

GMD – Strong in all facets – Update

Company Note 35

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…

29/04

Year 2022

MBB – A good start to the year – Earnings update

Company Note 68

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…

28/04

Year 2022

REE – Growing up with sustainability – Initiation

Company Note 98

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…

26/04

Year 2022

FMC – Set for another good year – Initiation

Company Note 89

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…

26/04

Year 2022

VNM – 2022 AGM key takeaways – AGM Note

Company Note 80

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…

26/04

Year 2022

HDB – Let the good times roll – Initiation

Company Note 90

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…

25/04

Year 2022

ACG – Back to positive momentum – Initiation

Company Note 68

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…
DMCA.com Protection Status