GMD – Short-term headwinds but still a long-term play – Update

VHC’s 1Q22 net revenue/net profit surged 82.7%/318.3% yoy, fulfilling 29%/39% of our full-year forecasts, respectively. We expect FY22F revenue/NP to grow robustly 52.8%/77.9% yoy, riding on strong export demand and expanding gross margin. Upgrade to Add with a higher TP…

ACV posted VND701bn in 1Q22 net profit (+2.5% yoy), marking the first quarter of core business returning to positive growth since FY20. We lower FY22-24F EPS by 14.1%-7.0% following the longer-than-previous expectation of China’s zero covid strategy. Reiterate Add with…

1Q22 net profit (NP) plunged by 99.8% yoy to VND0.6bn due to lack of one-off income, making up only 0.05% of our full-year forecast. We project FY22F earnings up 19.4% yoy to VND1,259bn driven by one-off gains and strong property…