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Year 2023

Fishery sector – Weak demand stills weigh on outlook

Sector note 8

Aggregated NP of listed fishery exporters recorded a decrease of 74% yoy in 1Q23 caused by weaker demand in main export market and 1Q22 high base. We expect the U.S market to be key driver for the Vietnam seafood export…


Year 2023

Meat production sector – Confident but cautious

Sector note 29

Domestic swine price increased 10.9% mom in May, reaching the highest level since the beginning of the year. We expect meat producers to record better results from FY23F regarding higher average swine price and lower input cost. We keep BAF…


Year 2023

Infrastructure construction sector – Powered up by strong backlog

Sector note 39

Most of listed infra construction companies recorded positive revenue growth in 1Q23 and but their net margin dropped yoy mainly due to a lack of one-off gained profit and higher interest expenses. Expectations of strong public investment disbursement and high…


Year 2023

Power sector – Power development plan 8 – a turning point for the industry

Sector note 53

In 15 May 2023, the Power Development Plan 8 (PDP8) was officially approved, opening up a new chapter for Vietnam power sector. Under the strong energy transition scenario, large financial pressure to meet demand for power development. We see M&E…


Year 2023

Steel sector – Light at the end of tunnel

Sector note 67

Most of the listed steel companies recorded better 1Q23 net profit compared to the previous two quarters. China HRC steel prices have subdued 9% from the peak in mid-Mar 2023 and are expected to continue falling in the coming months…


Year 2023

Banking sector – 1Q23 results: difficulties emerge

Sector note 119

Aggregated PBT of 25 listed banks only increased 6% yoy in 1Q23 (1Q22 of +30% yoy). System credit grew 2.1% ytd at end-1Q23 – much lower than the same previous quarters of 5-6%. Banks’ asset quality deteriorated; system NPL ratio…


Year 2023

Banking sector – Comments on Circular 02-03/2023 and Draft to adjust Circular 41/2016

Sector note 168

SBV has announced Circular 02-03/2023, which allow banks to maintain debt group/reschedule principal/interest payments and buy back corporate bond. Draft to adjust Circular 41/2016 will recalculate the risk factor of risk-weighted assets for each kind of property loans. TCB, VPB,…


Year 2023

Meat production sector – Swine price shows positive signals

Sector note 57

Domestic swine price recovered 5.3% mom in Arp after decreasing 6th month in a row. We expect meat producers to record better results from FY23F regarding higher average swine price and lower input cost. Our stock pick is BAF while…


Year 2023

Power sector – Firing up thermal power

Sector note 90

We see gas-fired and coal-fired power using domestic coal to enjoy higher output mobilization under the weakening of hydropower in 2023F. We see the new development phase for RE market is being formed, prioritizing DPPA mechanism, but progress is still…


Year 2023

Banking sector – FY23F guidance: some positive surprises

Sector note 144

As of 11 Apr 2023, 15 commercial banks (CBs) have revealed theirs FY23F business plan. In general, most banks set for a higher credit growth limit than the 1st quota assigned by the SBV. 10/15 banks aimed for a lower… Protection Status