Company report
07
August
VHC – Earnings review – [BUY] – 2Q24 Earnings surpassing expectations
In 2Q24, VHC released a VND3,196bn revenue (+17.3% yoy/ +11.9% qoq), thanks to the resumption of all business segments. Notably, pangasius fillets revenue posted to VND1,724bn (+8.7% yoy/ +17.8% qoq)....
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...
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...
Featured Analysis
HAH – Brief – [NONRATED] – Earnings bottom are confirmed
HDG – Brief – [NONRATED] – NPAT boosted by drop in interest expenses
VJC – Brief – [NONRATED] – Strong core business, new supplying incoming
Seafood: Pangasius market – Indepth – [Overweight] – The tide is turning
VCB- Earnings review-[BUY]- Enhancing asset quality
POW – Earnings review – [HOLD] – Positive results from the low base
HVN – Brief – [NONRATED] – Debt write-off saved bottom line
