Company report

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• Company note

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...

Report (30)

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...

Report (1)

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...

Report (10)

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...

Report (6)

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...

Report (1)

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...

Report (3)

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...

Report (3)

26

August

POW – Earnings review – [HOLD] – Positive results from the low base

In 2Q24, POW recorded revenue of VND9,407bn (+9% yoy). The primary growth driver of commercial output reached 4,825mn kWh, up 11% compared to the same period. In which, Vung Ang...

Report (2)

22

August

HVN – Brief – [NONRATED] – Debt write-off saved bottom line

In 2Q24, HVN carried 5.8mn passengers (+14% YoY) and reported a VND24.9tn revenue (+20% YoY). NPAT increased to VND1.0tn, however, excluding profits from the debt write-off in 1Q24 and 2Q24,...

Report (1)