Report

VSH – From loss to profit in 3Q2022

  • In 2Q2022, VSH posted revenue and NPAT of VND 661 bn (or USD 27.5 mn, +33% YoY) and VND 257 bn (or USD 10.7 mn, +90% YoY) due  to a growth of 5% YoY in volume and 26% YoY in ASP.
  • In 3Q2022, generated volume reached roughly 620 mn kWh, +87% YoY and 13% QoQ. Meanwhile, selling price in CGM surged by 60%YoY in 3Q2022 on an average basis. Hence, earnings in 3Q2022 are forecasted to be grow moderately  compared to that in 2Q2022.
  • Large hydropower plants continue to enjoyi favorable conditions to reserve more water to produce electricity until 1H2023 as La Nina is forecasted to prevail in 2022 according to NOAA. The  Thuong Kon Tum plant still has potential revision of contracted price (Pc) in the future that might be the catalyst in the long run.
  • Currently, VSH is trading as 9.7x, relatively lower than that of the 5-year average. Meanwhile, earnings in 2H2022 are forecasted to be higher than that in 2021. As a result, as of Oct 14th, 2022, we foresee that 22F P/E is going to be lower than currently

 

Provider
Viet Dragon Securities
Viet Dragon Securities

Viet Dragon Securities belongs to top 20 biggest securities companies in terms of chartered capital in Vietnam. With a qualified, dedicated and professional team, a widespread network, advanced technology, diversified products and services, and good relationship with local and foreign institutions, we provide a wide range of services and products to our clients both individuals and institutions, both local and foreign. We commit to provide our clients with promising investment opportunities and a comprehensive and professional financial investment services.

RongViet Research reports are diversified and abundant, along with in-depth analysis and performed by experienced, highly-qualified and knowledgeable teams. With the objectives of transparency, accurate and timely manner, RongViet believes that our products would always be important sources of information for customers/investors’ investment decisions.

Analysts
Thao Nguyen

Other Reports from Viet Dragon Securities

ResearchPool Subscriptions

Get the most out of your insights

Get in touch