Sector report
04
September
Seafood: Pangasius market – Indepth – [Overweight] – The tide is turning
We believe that the presence of large enterprises will strengthen the industry's value chain, minimizing risks in the nurturing process. Additionally, the rise in global demand for seafood, along with...
16
August
Quant Note – 2Q24 wrap-up: Somethings better
2Q24 is the third consecutive quarter that NPAT-MI has extended the chain of positive growth. Some positive signals of a recovery trend were shown in the general number of companies’...
14
August
Textile & Garment-Note-[Nonrated]-A first stage of restoration
In 2Q24, the consumer spending was still cautious that led to the slow resumption of textile and apparel products. Textile and garment (T&G) recorded the export value of USD8.4bn (+0.3%...
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...
19
July
POWER SECTOR – In-depth – [Overweight] – The Way of Water
In 1H24, nationwide electricity consumption reached 153bn kWh, +13% yoy. In our view, the growth drivers likely came from (1) El-Niño’s prolonged intense heat and (2) the economy's recovery. In...
15
July
STEEL SECTOR – In-depth – [NON RATED] – Building Momentum
In 5M24, the total sale volume of the steel industry is at 11mn tonnes, +15% yoy. We forecast the industry’s sales volume to maintain positive yoy growth. However, the growth...
09
July
Banking – In-depth – [Overweight] – On the path to recovery
With the economic recovery, 2H2024 credit demands could accelerate and grow higher than in 2023. NIM could regain improvement from 2Q24 and 2H2024 after slightly falling in 1Q24. Other integrated...
05
July
2H2024 Outlook – In-depth – A new peak?
Based on the recovery of the economy, especially the strong inflow of FDI into Vietnam in recent times, we believe that the upward trend will continue in the second half...
05
July
AVIATION SECTOR – In-depth – [Non-rated] – Turnaround year
sIn 1Q24, VJC and HVN’s transportation revenue went up despite negative air passenger growth, which resulted from (1) Vietnamese airlines’ expansion to the international market and (2) higher fares due...
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
