A director at Refrigeration Electrical Engineering Corp bought 788,416 shares at 0.000VND and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors ove...
In 2Q2022, the company’s revenue rose by 24% YoY. The main driver was the power segment with a growth of 36% YoY compared to last year. Gross profit margin widen by 373 bps to 44% thanks to margin expansion from the power segment. NPATMI bounced by 56% YoY mostly driven by a doubling of the power segment. Regarding other segments, properties/M&E trading and service/ water rose by 22%/16%/6%. In 2022, we forecast revenue and NPATMI to be VND 7,963 bn and 2,319 bn (or USD 346 mn and USD 101 mn...
In 1Q2022, revenue reached VND 2,045 bn (or USD 89 mn), +73% YoY and +8% QoQ. NPATMI experienced a bounce of 67% YoY to VND 693 bn (or USD 30 mn), +67% YoY and -12% QoQ thanks to a doubling of the power segment in earnings term. Earnings from hydropower doubled compared to 2021. Outperformance from this group was due to favorable hydrological conditions and high selling prices in CGM. Wind power group grew by 62% YoY to VND 34 bn. REE entered a growth phase since 2021, hence its P/E has been...
Electricity volume in the first two months in 2022 grew 6.1% compared to that in 2021 on the back of the economic recovery. The thermal group benefits from high contracted volume and high selling price on CGM. Among those stocks in our coverage list, HND and QTP are coal thermal plants that will experience a high growth in contracted volume compared to 2021, and we also have positive view to those stock. Hydropower plants continue to benefit from hydrology conditions. Renewable energy grou...
In Q4 21, revenue/NPAT grew by 14% yoy/22% yoy to VND1,898bn (or US$83mn)/VND792bn (or US$34mn). This is a record-high thanks to one-off earnings in the real estate segment and the contribution from the power segment. For FY 21, NPAT reached VND1.854bn (or US$81bn), +14% yoy. NPAT in the power segment increased by 25% while other segments saw a decline. We reiterate our Buy recommendation on REE with a TP of VND84,300, an implied return in the next 12 months of 23% as of 15 February 2022.
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
We revise up our target price for REE because of its stable improvement during the year despite being directly affected by Covid-19. The new target price is VND54,000, equivalent to an upside of 19% compared to the closing price on 18 December. The most important reason to Accumulate and hold this stock is the persistent cash flow from the office leasing segment, especially the stability despite the impact of Covid. This is the premise for REE to continuously invest in public utilities to gen...
Vietnam's stock market increased sharply in August and became one of the best markets in the world as the VNIndex increased by 10.4% m/m. Looking back on the last few sessions of August, we notice that liquidity was rising in the last part of the month. This was different from the sudden liquidity rises in June and July the when market corrected at that time. By contrast, we found out that when the liquidity and the market are in the same direction, the market trend usually is maintained in t...
With the second wave of the coronavirus pandemic, economic recovery will take longer than we expected because of weaker domestic consumption. The second wave has negatively impacted consumer buying power and mobility. Since Vietnam is heavily dependent on exports, a global recession will result in decreasing manufacturing orders, dragging down production activities. However, there are supportive elements for the economy, especially the government’s support towards power infrastructure constru....
Foreigners were net sellers in August, the largest value since the beginning of the year. However, we think Vietnam is still attractive compared with other markets as macro indicators are in line with the government’s objectives. Moreover, while the ROE of VN-Index is high compared with peers, its PE is in the middle of the range. We believe a short-term sideways move of the stock market will create opportunities for investors to accumulate stocks that are independent of global trade issues.
With strong experience in management in that sector and the company’s constructive attitude toward shareholders, we consider REE as an efficient way to get exposure to the power and water utilities sector. In 2018, the catalyst in this business segment will be the contribution from new associate companies including CHP and VCW, which account for 11% of its earnings. Meanwhile, VIID and SGR with expected earnings growth of 60% and 43%, respectively, would contribute 11% to the total NPAT of VND 1...
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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