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Year 2022

FMC – Set for another good year – Initiation

Company Note 113

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…


Year 2022

VNM – 2022 AGM key takeaways – AGM Note

Company Note 103

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…


Year 2022

HDB – Let the good times roll – Initiation

Company Note 118

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…


Year 2022

ACG – Back to positive momentum – Initiation

Company Note 87

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…


Year 2022

SCS – On track for buoyant growth – Update

Company Note 75

SCS reported 1Q22 net profit (NP) of VND188bn (+36.6% yoy), in line at 26.4% of our full-year forecast. We expect FY22F NP to increase 25.9% yoy. In addition, capacity expansion plan and share dividend plan are strong catalysts in near-term.…


Year 2022

AST – The worst seems to be over – Initiation

Company Note 162

Taseco Air Services JSC (AST) owns the largest chain of airport retail stores in Vietnam, with 108 stores covering all of Vietnam key airports. We expect AST’s net profit to be back to growth trajectory from 2022F onwards following the…


Year 2022

KDC – Headwinds from edible oil price spike – Update

Company Note 120

 Cooking oil prices have elevated 27.2% ytd, weighing on KDC’s gross margin over FY22-23F. We expect KDC’s net profit to decline 7.6% yoy in FY22F before bouncing back 31.4% yoy in FY23F. Downgrade to HOLD rating with target price of…


Year 2022

MBB – Tap into digital banking – Update

Company Note 107

FY21 net profit surged 53.7% yoy to VND12,697bn, on the back of strong credit growth and NIM expansion. We estimate earnings to grow 28.5%/21.8% yoy over FY22-23F base on 20%/17.5% yoy of loan growth and 5.03%/5.11% of NIM. Reiterate Add…


Year 2022

PHR – Robust earnings growth in FY22F – Update

Company Note 106

In FY21, PHR’s revenue grew 19.3% yoy to VND1,950bn while net profit (NP) plunged 55.9% yoy to VND477bn, fulfilling 118.5% of our forecast. We expect FY22F net profit to rise sharply by 156.2% yoy thanks to VND898bn of land compensation…


Year 2022

NVL – Back to buy territory – Update

Company Note 117

In FY21, NVL’s net profit (NP) rose by 196.5% yoy thanks to a surge of 284.3% yoy in property deliveries, fulfilling 78.9% of our full-year forecast. We increase the average selling price of Aqua City, NovaWorld Phan Thiet and NovaWorld… Protection Status