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15/04

Year 2020

Manufacturing: Under the impact of Covid- 19 measures – Update

Sector note 623

Manufacturing dropped to record low in March and automobile manufacturers halted production since late-Mar. Other key export sectors to face strong headwinds from 2Q20, but there are still some shining lights Manufacturing sector showed a significant slowdown in both consumption…

21/01

Year 2020

Property Devt & Invt: Yet to recover – Update

Sector note 594

Ho Chi Minh City (HCMC) residential market (RE) was sluggish in 2019 with new condo supply falling 13.3% yoy and sales volume contracting 3.9% yoy. Hanoi residential market saw new condo supply hitting a five-year high, rising 21.9% yoy to…

21/01

Year 2020

Industrial Properties: The emergence of tier-2 cities and provinces – Update

Sector note 491

Vietnam’s industrial property (IP) sector still enjoys healthy growth on the back of solid positive economic outlook and manufacturing diversion. We see two trends in the sector: 1) ready-built factory (RBF) leasing is becoming the new profit growth engine of…

14/11

Year 2019

T&A Industry: More pain than gain from trade war – Update

Sector note 723

Good news is Vietnam gained market share in the U.S amid trade war tension, but more pain than gain. Listed T&A companies had a lacklustre performance in 9M19. In 9M19, only a few large listed T&A companies in our observation…

14/11

Year 2019

Property Devt & Invt: Vinhomes excites the market – Update

Sector note 637

In 3Q19, new supply volume for the Ho Chi Minh City (HCMC) condo market surged 107% yoy thanks to the Vinhomes Grand Park project. Meanwhile, Hanoi experienced sustainable growth in supply and transactions in both the condo and ready-built house…

04/10

Year 2019

Property Devt & Invt Industry: Envisage a rise in Southern sale volume – Update

Sector note 511

In 1H19, Hanoi market outperformed Ho Chi Minh City in terms of transaction volume, thanks to better supply of new large-scale projects. We expect the condo sales volume in HCMC to rise in 2H19F, supported by the successful launch of…

25/06

Year 2019

Banks Industry: Neutral outlook on the back of tightening monetary policy – Initiation

Sector note 561

We expect Vietnam banks to achieve 14-15% credit growth in 2019-20F. We see modest net interest margin (NIM) expansion in 2019F due to rising funding costs while non-interest income (non-II) should remain robust. We are Neutral on the sector but…

19/06

Year 2019

Property Devt & Invt Industry: Shining north, dimming south – Update

Sector note 524

In FY21, the bank sets targets of VND7,510bn (+29.4% yoy) in terms of profit before tax and 31.0% credit growth. We expect EPS to grow 18.9% CAGR over FY21-23F on a higher NII growth boosted by retail lending expansion, improved…

24/05

Year 2019

T&A Industry: Riding on the coattails of growing trade integration – Initiation

Sector note 492

Textile and Apparel (T&A): A vertically integrated industry that will strongly benefit from growing trade ties and escalating US–China trade war. A host of external factors will support the continued growth of Vietnam’s T&A export industry. Vietnam’s apparel retail market…

24/11

Year 2018

Chemicals – Initiation – 20181121

Sector note 661

We expect a VAT policy amendment in 2018F or 2019F to boost industry sentiment and lift the fertiliser producers’ gross margins from 2019F onwards. We project 2018-20F demand growth to return to the historical rate of 2-3% as the sector…