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20/05

Year 2022

NLG – Stay optimistic beyond the 1Q22 blip – Update

Company Note 60

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…

17/05

Year 2022

PVT – Earnings growth driven by new fleet – Update

Company Note 54

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…

16/05

Year 2022

PNJ – Attractive valuation from shinning business – Update

Company Note 61

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…

10/05

Year 2022

PVS – Strong recovery from core businesses – Update

Company Note 79

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…

06/05

Year 2022

STK – Growth intact despite more headwinds arise – Update

Company Note 70

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 71

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 115

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 59

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 90

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 120

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…
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