reports
- Hoai Trinh
MSH – Gearing up for a bumpy ride
Cumulative 9M22 revenue climbed but GPM plummeted to the lowest level in over eight years despite revenue climbing. On a positive note, financial income surged 66% YoY, owing primarily to a 103% increase in net FX gain and a 49% increase in net interest income. For FY23, we expect net revenue and NPAT-MI to be VND 5,146 bn/ USD 218.8 mn (-3% YoY) and VND 361bn/USD 15.4 mn (+2% YoY), respectively. Our assumptions are that (1) lower order volume compared to 2022 levels, (2) material costs to e...
- Son Tran
Analyst Pin-board MSH – High material cost to hurt gross margin in 202...
In Q1/2022, MSH achieved revenue and NPAT-MI of VND 1,291 Bn (+37% YoY) and VND 91 Bn (-2% YoY), respectively. Revenue growth was boosted by Nghia Hung Garment factory (SH10) into operation. However, gross margin fell to 14.7%, much lower than 22.8% in Q1/2021 because MSH mostly manufactures FOB level II (self-sourcing), hence it was hit worse than other manufacturers in the shortage of raw materials. MSH has set a revenue and PBT guidance of VND 4,900 Bn (+3% YoY) and VND 500 Bn (-8%...
- Son Tran
Analyst Pin-board MSH: Expectations on 2022 strong earnings growth are...
In 2Q-FY21, MSH recorded net revenue of VND 1,207 Bn (or USD 52 Mn, +27% YoY) and NPAT of VND 124 Bn (USD 5.4 Mn, +114% YoY), driven by (1) recovering global apparel demand and difficulties in rival garment producing countries, (2) expanding gross margin due to a product mix shift towards FOB orders, (3) the reversal of provision for doubtful debts. MSH is less affected by social distancing due to being located outside of lockdown areas. The company has enough orders until mid-2022. Despite hig...
- Tam Pham
Song Hong Garment: Rebound from a low base; high capacity expansion fr...
Business recovers in 2021. Increasing material prices and freight are short-term problems that drag down profit margins. New factory Song Hong 10 will be completed in November 2021 and will operate at full capacity from May 2022, raising total capacity by 20%. Song Hong 10 will focus on complex items, of which 50-60% are FOB orders. Extraordinary income from recovering part of bad debt of New York & Company. At the current market price, PER forward of 2021 and 2022 are 7.6x and 6.7x, respecti...
- Tam Pham
Vietnam textiles can win more market share in the US from China
The Covid-19 pandemic and the US-China trade tension has created a turbulent business environment for US fashion companies, resulting in changes in their sourcing strategies. Although Vietnam has strengths to attract orders, China remains the top supplier in the short term. However, the Xinjiang issue is going to be an opportunity for Vietnam, at the expense of China. [/wTUQ8yJslIuXQsahVyAMs2uITw1Tvlk0NVEDd1tA.png] VIETNAM APPAREL EXPORTS TO THE US SUFFERED THE LOWEST...
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