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Year 2018

LPB – Update – 20180306

Company Note 179

The current low funding utilization rate creates headroom for high loan growth in the coming years. NIM will continue rising on the back of strong retail lending growth. We reduced our provision expense projections for FY18-FY20 as we expect that…


Year 2018

PAN – Visit note – 20180302

Company Note 186

Through rigorous M&A activities in recent years, PAN Group (PAN) has transformed from a mundane services company to a prominent agriculture and food conglomerate in Vietnam with a portfolio of brands. We just had a meeting with PAN’s managers, who…


Year 2018

MBB – Update – 20180227

Company Note 173

A plunge in FY18 provision expense will boost earnings growth. NIM expansion will continue in FY18 but at a slower pace than in FY17. MBB is looking to push fee income through bancassurance and internet/mobile banking. High loan growth to…


Year 2018

GENCO 3 – IPO Results – 20180213

Company Note 161

The Genco 3 IPO auction on February 9th, 2018 was not wellreceived by investors. Given its high leverage and unfavorable short-term prospects, this should have come as no surprise. Nonetheless, we did a little post-mortem of the IPO to dig…


Year 2018

KDH – Visit Note – 20180212

Company Note 158

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…


Year 2018

LTG – Earnings Update – 20180209

Company Note 230

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…


Year 2018

PLX – Earnings Update – 20180208

Company Note 159

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…


Year 2018

GENCO 3 – IPO Note – 20180208

Company Note 168

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…


Year 2018

MBB – Earnings Update – 20180207

Company Note 167

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…


Year 2018

VNGR – IPO Note – 20180207

Company Note 174

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… Protection Status