Analysis Center
05
August
QTP – Earnings review – [BUY] – 2Q24 NPAT a decline significantly to 35% yoy
In 2Q24, QTP recorded revenue of VND3,628bn (-2% yoy). The main reason comes from the output’s QTP in 2Q24, which is estimated to decrease slightly by 2,034mn kWh (-2% yoy)....
01
August
BID – Earnings review – [HOLD] – 2Q24 Solid earnings growth
BID posted positive business results with 2Q24 profit before tax of VND8,159bn, up 17%yoy thanks to 1) Higher operating incomes (+17%yoy) based on improvements in Net interest income (+10%yoy) and...
30
July
FMC – Earnings review – [HOLD] – Solid foundations overcome challenges
In 2Q24, FMC released a VND1,243bn revenue (+20.7% yoy), including revenue’s shrimp products soared by 21.1% yoy thanks to the strong resurgence of export volume, whilst shrimp's ASPs still faced...
25
July
NT2 – Earnings review – [HOLD] – NPAT improved, but outlook is not promising
In 2Q24, revenue NT2 recorded VND2,186bn, a sightly rise of 0.2% compared to the same period. The main reason comes from the improvement in the average selling price to VND2,132...
25
July
TCB – Earnings review – [HOLD] – Consistent recovery
2Q24 PBT grew +38.5%yoy to VND7,827bn from a low-based 2Q23 thanks to (1) improvements in operating incomes for both net interest income (+50.6%yoy) and non-interest incomes (+30%yoy) (2) controlled operating...
24
July
ANV – Brief – [NONRATED] – Earnings appear to be rebounding
In 2Q24, as our observation, NPAT-MI could show signs of bottoming out, but there has not been a significant improvement due to the glimmer selling prices.
22
July
ACB – Brief – [NONRATED] – Tighten cost to keep profit growth
2Q24 PBT grew +16%yoy (to VND5,598bn) thanks to controls in operating expenses and risks provision expenses, per our estimation. 1H2024 PBT rose +5%yoy to VND10,491bn, completing 48% of the 2024...
19
July
Power sector – In-depth – [OVERWEIGHT] – The Way of Water
In 1H24, nationwide electricity consumption reached 153bn kWh, +13% yoy. In our view, the growth drivers likely came from (1) El-Niño’s prolonged intense heat and (2) the economy's recovery. In...
19
July
FPT – Brief – [NONRATED] – 2Q24: Positive growth with highlights on AI
In 2Q24, FPT’s revenue and PBT continued to climb up to VND15.2tn (+22.1% yoy) and VND2.6tn (+20.1% yoy) respectively. Technology continued to be the driver with revenue of VND9.6tn (+30.5%...
Featured Analysis
Market commentary: Uptrend signal?
Aviation – Note – [NONRATED] – Competition arises in the international market
Derivatives: Piercing line pattern
Market commentary: Broad-based gains
Derivatives: Downtrend returns
Market commentary: Low liquidity
VCB – Earnings review – [BUY] – Maintaining asset quality
