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12/02

Year 2018

KDH – Visit Note – 20180212

Company Note 146

KDH has a convincing development pipeline of traditional products in the East of HCMC while its long-term prospects are underpinned by its massive land bank in the West of HCMC. Earnings will ramp up this year based on strong pre-sales…

09/02

Year 2018

LTG – Earnings Update – 20180209

Company Note 217

In 2017, LTG saw better-than-expected revenue growth (+11.6% yoy) driven by a strong recovery in its CPC and rice segments. The company’s net profit closely matched our forecast (+24.4% yoy) since gross margins were lower than our expectations. LTG is…

08/02

Year 2018

PLX – Earnings Update – 20180208

Company Note 147

PLX’s 4Q17 net revenue surged by 23.3% mainly due to the increase of petroleum output (+5.0% yoy) and the rise in global crude oil prices (+17.4% yoy) Interest expenses in 4Q17 increased by 57.1% yoy and 37.5% qoq, due to…

08/02

Year 2018

GENCO 3 – IPO Note – 20180208

Company Note 155

Genco 3 will hold an IPO auction on February 9th, 2018. The company is currently the largest power generation player in the market with a diversified portfolio of multi-source power plants. However, Genco 3 has high leverage and is highly…

07/02

Year 2018

MBB – Earnings Update – 20180207

Company Note 152

FY17 earnings were lower than our expectations, as MBB ramped up provisioning in 4Q. We are positive on MBB’s medium-term outlook because the bank completed provisioning for VAMC bonds one year earlier than planned, which might help its FY18 profit…

07/02

Year 2018

VNGR – IPO Note – 20180207

Company Note 160

VNRG, the largest rubber plantation operator in Vietnam, held its IPO auction on February 2nd, 2018. The company’s solid core operations will support earnings growth in the future. The IPO valuation was not cheap enough to draw the attention of…

07/02

Year 2018

LPB – Earnings Update – 20180207

Company Note 268

LPB posted strong earnings growth in FY17, albeit 7% below our expectations. Although the stock has rallied by 19% since January 2018, LPB still trades at a deep discount to peers. We will revisit our valuation and most likely revise…

07/02

Year 2018

GEX – Company Note – 20180207

Company Note 189

Vietnam Electrical Equipment Joint Stock Corporation (GELEX – GEX VN), through over 20 years of development, has become a leading conglomerate in the electrical equipment industry. GEX has also, through its subsidiaries, diversified into logistics and port services and made…

05/02

Year 2018

HSG – High volatility in input prices wreaking havoc on earnings -AGM NOTE

Company Note 294

HSG held its AGM last month. HSG’s poor performance in the previous fiscal year was one of the primary concerns expressed by its shareholders at the AGM. FY16-17 revenue grew strongly on the back of solid volume growth of +25.5%,…

24/01

Year 2018

PVOIL – IPO Note

Company Note 304

PetroVietnam Oil Corporation (PVOIL) is the second largest petroleum distributor, accounting for 20% of the domestic market as of 2016 PVOIL has a bright outlook in the next few years. It has ample room to grow and improve its profit…
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