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06

August

VNM – Brief – [HOLD] – 2Q24: Results of brand repositioning

In 2Q24, VNM reported net revenue of VND16,656bn (+9.6% yoy; 104% of our forecast) attributed to positive sales in both domestic and oversea markets. VNM’s blended gross margin rose to...

Report (2)

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)....

Report (1)

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...

Report (1)

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...

Report (1)

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...

Report (1)

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...

Report (1)

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.

Report (1)

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...

Report (2)

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...

Report (23)