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19/09

Year 2022

Rice production – Rice on the rise

Sector note 31

We expect that rice prices likely under upward pressure following supply compression and India new export policies. Vietnam is well-positioned to ride on the rice prices uptrend. LTG, PAN and TAR should be added into watchlist under this theme. Rice…

25/08

Year 2022

Property Development & Investment – Better days are still some distance away

Sector note 80

We saw 1H22 sales volume strongly rebound in both HCMC and Hanoi, underpinned by the surge in new launches while selling prices cool down. We see demand outlook in 2H22 to be more challenging due to cost-push inflation, limited credit…

18/08

Year 2022

Textile & Garment – Feeling the heat from inflation

Sector note 62

The total export T&G value increased by 21.6% yoy in 1H22, fulfilling only 44% of the government’s guidance for 2022. Inflationary pains and FX loss will weigh on the performance of T&G enterprises in the next couple of quarters, in…

28/07

Year 2022

Meat production sector – Swine prices likely peak in 3Q22

Sector note 83

Average swine prices have accelerated since mid-Jun and is 45.4% higher than end-FY21, mainly driven by the rising Chinese hog prices. We expect swine prices to peak at VND80,000 in 3Q22F but then cool down in 4Q22F thanks to stable…

03/06

Year 2022

Banking sector – Inflection point in sight

Sector note 167

Banks still recorded robust profitability in 1Q22 given strong credit growth, robust fee incomes and well-controlled credit cost. We believe the recent market sharp correction has brought banking sector back to buy territory with intact outlook over FY22-23F. Top pick…

31/05

Year 2022

Meat production sector – When it rains it pours

Sector note 126

Feed costs have been accelerating following the Russia–Ukraine conflict, weighing on local meat producers. In 1Q22, live hog price improved 18.6% qoq but decreased by 30.7% yoy. We maintain our Neutral rating on the sector. Meat producers struggled in 1Q22…

31/05

Year 2022

Oil & Gas sector – Block B – O Mon kick-off is imminent?

Sector note 133

There are some signals that Block B field development project to be awarded FID (Final Investment Decision) in July 2022, setting a premise for this project chain to kick-off. Block B – O Mon chain will be a great growth…

27/05

Year 2022

Wood & Wood products sector – Strong show but headwinds on the horizon

Sector note 95

1Q22 aggregated revenue of listed W&WP companies increased 10.2% yoy, while 1Q22 aggregated NP soared 28.2% yoy. We forecast that W&WP companies’ GM might edge down 0.5% pts to 0.8% pts yoy in 2Q22F before staying flat in 2H22. Our…

26/05

Year 2022

Power sector – Power demand surge underpin sector outlook

Sector note 109

Under the April 2022 PDP8 draft, gas-fired and RE power continue to be embraced while coal-fired might step in its end of era after stop developing from 2030F. We believe in the strong recovery of thermal power in 2022 after…

13/05

Year 2022

Property Development & Investment – Increased headwinds weigh on outlook

Sector note 137

Sales activities might speed up while land bank acquisition activities will slow down, altogether to cool down the prices in the rest of 2022, in our view. We see increasing headwinds weighing on sector outlook, including: 1) rising interest rate…
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