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% yoy), of which US: 1.8% yoy; EU: -1% yoy, Japan: -0.4% yoy, and Korea: +0.3% yoy. Meanwhile, fiber and yarn (F&Y) export turnover sat at USD0.996bn (-3.8% yoy) in 2Q24, which was primarily impacted by gloomy demand in Chinese market. In our collection, 2Q24 aggregated revenue of 32 listed T&G and F&Y
companies sat at +4.3% yoy (VND19,747bn). Meanwhile, NPAT-MI soared by 85.6% yoy (VND631bn) thanks to the recovery of core business and VGT (the largest enterprise in sector) revives from the losses.
Featured Analysis
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
MWG – Brief – [HOLD] – BHX would open 50 – 100 stores in 2H24F
