Sector report

• Sector in-depth
• Sector note
• Sector preview
• Sector review

21

November

Aviation – Note – [NONRATED] – Competition arises in the international market

In 3Q24, the aviation industry revenue (represented by HVN and VJC with 70- 80% of total scheduled seats) increased 9% YoY thanks to higher air traffic (+7% YoY), but lower...

Report (2)

15

November

Retail – Note – [NONRATED] – A run-up for the peak sales season

Despite the Yagi Typhoon impacts, we saw a continuing recovery of listed retailers/distributors in 3Q24. In 4Q24F, we believe that consumer spending would be stronger because of (1) the recovery...

Report (55)

15

November

Quant Note – 3Q24 wrap-up: On right track

NPAT-MI growth reached up to 27.9% yoy in 3Q24, and the positive growth chain continued expanding. Even though NPAT-MI growth in 3Q24 was higher than 2Q24's 15.6% yoy, it is...

Report (2)

11

November

Textile & Garment – Note – [Nonrated] – Signals of shinning prospect

In 3Q24, textile and garment turned more vibrate in both manufacturing and export activity. Particularly, clothing, fabric and yarn domestic production grew by double-digit in 3Q24, meanwhile, the exports of...

Report (4)

08

November

Banking – Note – [OVERWEIGHT] – 3Q24 strong growth from the bottom

Aggregated 3Q24 PBT (27 banks) surged +17.7%yoy from a low base 3Q23 thanks to net interest incomes’ strong growth (+17.9%yoy) and moderate growths of OPEX (+9.8%yoy) and risk provision expenses...

Report (7)

02

October

Power sector – Preview – [Neutral] – 3Q24F Preview: The comeback of Hydropower

We believe that the 3Q24F's earnings of the hydropower groups could benefit significantly due to the La-Nina phase impact. Besides, thermal power groups record growth thanks to an increase in...

Report (17)

02

October

Seafood sector – Preview – [Overweight] – 3Q24F Preview: A robust growth trajectory

We believe that the 3Q24F’s earnings for most enterprises in the sector could experience high growth due to the low base effect in 3Q23. Regarding the pangasius industry, VHC could...

Report (11)

02

October

Oil & Gas sector – Preview – [NEUTRAL] – 3Q24F Preview: low Gas, robust Drilling

The bright spot of Oil & Gas sector in 3Q24F is a robust Drilling segment, and PVD is the largest listed beneficiary. Meanwhile, natural gas may see a strong retreat...

Report (11)

30

September

Securities – Note- [NONRATED] – Circular 68 on non-prefunding

The main amendments of Circular 68 are largely centered on 1) allowing foreign institutional investors (FII) could be short of funds when placing a buying share order 2) the securities...

Report (12)