Sector review
14
February
Aviation – Note – [Nonrated] – 4Q24: Aviation up on international travel
The overall air traffic grew 7% YoY in 4Q24 thanks to rising international travel, passenger numbers declined slightly by 1% YoY, international arrivals reached 4.88mn pax (+31% YoY). Airlines give...
13
February
Textile & Garment – Sector Note – [Nonrated] – On a growth track
In 4Q24, textile and garment sector continued a growth stance in both manufacturing and export activity. Particularly, clothing, fabric and yarn domestic production soared by a double-digit in 4Q24. Notably,...
10
February
Fertilizer – Note – [Nonrated] – Boost exports amid sluggish domestic demand
In 4Q24, fertilizer supply was tight, with demand concentrated in the Mekong Delta. Revenue for listed companies was stable at VND21,498bn (+2.5% yoy), but NPAT-MI dropped to VND1,494bn (-55.8% yoy)...
08
February
Banking – Note – [NEUTRAL] – Magnificent earnings growth
Aggregated 4Q24 PBT (27 banks) surged +19.6%yoy, supported by all elements: Net interest incomes with a moderate growth (+11.0%yoy), a significant growth in non-interest incomes (+32%yoy), controllable OPEX (remained CIR...
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...
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...
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...
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...
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%...
Featured Analysis
Derivatives: Selling signal?
Market commentary: Cash flow returning?
Derivatives: Maintaining the uptrend
Derivatives: Breakout session
Market commentary: Positive performance
Exchange rate pressure reignites ahead of reciprocal tariffs plan
Covered warrant: Capital flows support the market
