Sector and company
07
August
VOS – Brief – [NONRATED] – 2Q24: Record quarter earnings result
In 2Q24, VOS reported a VND1.87tn revenue (+80% YoY). Significant ship depreciation in 2Q24 caused VND23bn gross profits loss, however, VND393bn pre-tax profits from oil tanker liquidation boosted NPAT to...
07
August
PVD – Earnings review – [BUY] – Solid core business in 2Q24
PVD’s 2Q24 revenue grew by 60% (VND2,254bn) with high day rates and high workload, NPAT-MI declined by 17% yoy but mainly due to the high base abnormal profit last year....
07
August
PNJ – Brief – [HOLD] – 2Q24: Sign of recovery
In 2Q24, PNJ reported a revenue of VND9,544bn (+43.2% yoy; 102% of our forecast), while NPAT rose to VND429bn (+28.4% yoy; 103% of our forecast). In 3Q24F, we think that...
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
Banking – Note – [Overweight] – 2Q24 sustained recovery
Aggregated 2Q24 PBT (27 banks) surged +22.6%yoy thanks to an improvement in total operating incomes (+15.8%yoy) for higher net interest incomes (+19.3%yoy) and OPEX management (2Q24 CIR’s 32% vs 2Q23...
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...
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
