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Year 2023

Steel sector – Light at the end of tunnel

Sector note 140

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 211

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 278

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 123

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 150

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 227

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…


Year 2023

Industrial Property sector – The glass is half empty

Sector note 179

We see some positive factors for industrial property are fading due to arising challenges in 2023-24F. We still like BCM, PHR regarding their prospect of earnings growth and the reward from high cash dividend. IP market: Two major industrial hubs…


Year 2023

Food commodities sector – A mix bag in 2023

Sector note 167

We expect agricultural products and whole milk powder price to cool down in 2023F. However, we still see some commodity prices keep stay in high level such as sugar and rice. Our stock pick is BAF while LTG and SBT will…


Year 2023

Basic chemicals sector – The start of a down cycle

Sector note 259

We expect that discretionary demand of Vietnam‘s export chemical markets such as the China and the U.S will soften further into 2023F. We expect the NP of basic chemicals companies to slow down due to weaker demand amid the global…


Year 2023

Wood & wooden products sector – More challenges ahead

Sector note 130

Wood & wooden products (W&WP) 2023 outlook remains weak following sluggish demand in both U.S and EU markets. We expect W&WP companies to recover in 2024 thanks to cooling down the U.S mortgage rate and improving home supply in the…