Sector report

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03

January

Retail – In-depth – [NONRATED] – 2025 Outlook: Next Chapter

In 2025F, we think that the retail sector would generally have a positive prospect. (1) ICT-CE and Jewelry retailers would continue to recover due to the recovery of consumer demand....

Report (14)

27

December

Oil & Gas – In-depth – [NEUTRAL] – 2025 Outlook: LNG gains the spotlight

We strongly believe that LNG segment could be bright spot for Oil & Gas sector in 2025F. LNG consumption, led by the official run of Nhon Trach 3&4 LNG-fired power...

Report (32)

14

December

Seafood – In-depth – [NEUTRAL] – 2025 Outlook: Against All Odds

In 2025F, as consumer demand continues to revive in key export markets, we project the seafood industry to follow a recovery trend comparable to 2024. However, this may face short-term...

Report (14)

02

December

Housing property-Note-[NONRATED]-Pave the path to unknot

On the afternoon of November 30, 2024, the 8th session of the 15th National Assembly was held with urgency to conclude. The main topic discussed and approved was the draft...

Report (5)

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 (5)

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 (56)

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 (8)

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 (10)