Company report
23
October
TCB – Earnings review – [HOLD] – Stronger retail loan disbursement
3Q24 PBT was up +23.5%yoy to VND7,214bn from a low base 3Q23, driven by (1) strong credit growth, (2) manageable operating expenses (-5.5%yoy, 3Q24 CIR’s 29% vs 3Q23 CIR’s 35%),...
23
October
FPT – Brief – [NONRATED] – 3Q24: Enhancing international presence
In 3Q24, FPT’s revenue and PBT continued to climb up to VND15.9tn (+15.6% yoy) and VND2.9tn (+19.9% yoy) respectively. For 9M24, signed revenue increased to VND25.1tn (+21.4% yoy) with 33...
23
October
CNG – Earning review – [HOLD] – 4Q24: On the recovery trajectory
In 4Q24, CNG recorded robust top-line growth of 42% yoy, coupled with qoq improvements in gross margin. Yet, high SG&A undermined the bottom-line. In 1Q25F, CNG will enjoy booming yoy...
22
October
FMC – Earnings review – [HOLD] – Absence of short-term growth impetus
In 3Q24, FMC released a revenue of VND2,845bn (+58.6% yoy) of which shrimp products revenue: +60.1% yoy (VND2,801bn). Particularly, the shrimp volumes reached at 8,919 tones (+32.3% yoy) and selling...
25
September
MWG – Brief – [HOLD] – BHX expanded after a long wait
In Aug 24, BHX opened 17 stores to increase the total number to 1,721 stores (+23 stores YTD), which is faster than the open of 2 – 3 stores in...
17
September
HAH – Brief – [NONRATED] – Earnings bottom are confirmed
For 6M24, HAH reported total revenue of VND1,653bn (+31% YoY) and NPAT-MI of VND171bn (-21% YoY), fulfilling 59% of the year earnings guidance. The latest data from Liner Analytics shows...
06
September
HDG – Brief – [NONRATED] – NPAT boosted by drop in interest expenses
In 2Q24, HDG recorded revenue of VND560bn, slightly down by 8% yoy due to the impact of declining revenue in both the real estate and energy segments. Besides, gross profit...
04
September
VJC – Brief – [NONRATED] – Strong core business, new supplying incoming
In 2Q24, VJC operated 35.7 thousand flights (+10.2% YoY), carried 6.8mn passengers (+1.5% YoY), and reported a VND16.2tn revenue (-2.3% YoY). VJC reported better earnings results than our forecast of...
30
August
VCB – Earnings review – [BUY] – Enhancing asset quality
2Q24 PBT rallied +9.0% yoy to VND10.1tn thanks to a decrease in operating costs (-9.4% yoy) and provision risk expenses (-40.3% yoy). Accumulated 1H24 PBT posted VND20.8tn, up +1.6%yoy, equalling...
Featured Analysis
Derivatives: Breakout Signal?
Market commentary: Maintaining the green territory
Market commentary: Positive performance
Market commentary: Positive performance
Derivatives: Dominated by green
REE – Brief – [NONRATED] – Profit gains through cost reduction
PNJ – Brief – [Non-rated] – Challenges still ahead
