Sector and company
01
November
HAH – Brief – [NONRATED] – Outstanding net profit growth
In 3Q24, HAH reported a VND1,129bn revenue (+19.1% QoQ, +63.0% YoY). 3Q24 gross margin (GPM) rose to 27.5% primarily through the hike in container rates, operating margin (OPM) and net...
01
November
VHC – Earnings Review – [BUY] – Industry-leading recovery performance
In 3Q24, VHC released a revenue of VND3,278bn (+21.5% yoy/ +2.6% qoq). Specifically, pangasius segment posted to VND1,912bn (+32.6% yoy/ +10.9% qoq). 3Q24 gross margin strongly sat at 17.6% (+7.1%p...
01
November
GAS – Brief – [NONRATED] – Retreat on the low season
GAS's 3Q24 revenue came in at VND25.3tn (-16% qoq, +14% yoy). Gross profit (GP) was accordingly at VND4.18tn (-13% qoq, +14% yoy), while gross profit margin (GPM) sits at 16.6%...
31
October
PVD – Earnings Review – [BUY] – Keep up the momentum
PVD’s 3Q24 revenue grew by 77% yoy (VND2,438bn, 104% of KIS forecast), attributed to high workload. NPAT-MI, accordingly, rose by 21% yoy to VND182bn, fulfilling 110% of our forecast.
30
October
QTP – Earnings Review – [BUY] – Waiting for new cycle
In 3Q24, QTP recorded revenue of VND2,386bn (-5% yoy,). The main reason comes from the output’s QTP in 3Q24, which is reported to decrease slightly compared to the same period...
28
October
ANV – Earnings Review – [BUY] – NPAT has gradually improved qoq
In 3Q24, ANV released revenue of VND1,341bn (+22% yoy/ +12.4% qoq). Pangasius segment (ANV’s core business) contributed VND1,310bn (+22.1% yoy/ +14.5% qoq). Gross margin was at 12.9% (+5.2%p yoy/ +0.05%p...
28
October
ACB – Brief – [NONRATED] – A muted earnings season
3Q24 PBT only grew -4%yoy (to VND4,844bn) due to a significant decrease in non-interest incomes (-43%yoy) despite a moderate growth of net interest incomes (+11%yoy). Non-interest incomes dropped by -43%yoy...
25
October
NT2 – Earnings review – [HOLD] – 3Q24 NPAT experienced robust growth
In 3Q24, revenue NT2 recorded VND1,711bn (+110% yoy) due to (1) the output grew significantly (+104% yoy) and (2) an improvement in the average selling price (FMP) in 3Q24 recorded VND1,207kWh...
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%),...
Featured Analysis
Derivatives: Piercing line pattern
Market commentary: Broad-based gains
Derivatives: Downtrend returns
Market commentary: Low liquidity
VCB – Earnings review – [BUY] – Maintaining asset quality
Covered warrant: Negative movements
Derivatives: Spinning top
