A director at Vietnam Dairy Products Joint Stock Company bought 950,000 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 ov...
· Q2 2023 sales and net profit reached VND15,195 bn (+9.2% QoQ; +1.8% YoY) and VND2,198 bn (+18.4% QoQ; +5.5% YoY), respectively. The domestic market is the growth driver. Net profit rose at a higher pace than revenue, encouraged by 1) the downward trend of imported raw milk powder prices; 2) SG&A optimization; and 3) rising financial income. · We forecast 2H2023 net sales and NPAT-MI of VND33,419 bn (+7.3% YoY) and VND4,973 (+19.3% YoY), respectively. Assuming that prices of ...
Besides the downward trend of input costs, we suppose that the new sales strategy is another investment key point of VNM which should bring visibility to earnings growth in the long term. In the near-term outlook, the growth partly depends on the increase in the number of export orders. Under the advantage of strong cash flow and healthy capital structure, we believe that once the company shows signals of sales growth, it will create demand for the stock, especially institutional money. Combin...
In Q4 2022, VNM had net revenue of VND15,069 bn (or USD647 mn; -6.3% YoY; -4.7% QoQ), of which, both of domestic and overseas channel went down. Due to strongly rising input costs, the net profit margin dropped to the lowest level (12.4%) since the last decade, equivalent to VND1,869 bn (or USD79 mn; -18.7% QoQ; -15.5% YoY). 2022 net sales of VNM was VND59,957 bn (or USD2,540 mn; -1.6% YoY) and NPAT of VND8,516 bn (or USD360 mn; -19.2% YoY), completing 94% and 88% revenue and profit targets r...
In Q3 2022, Vinamilk posted net sales and net profit of VND16,079 bn (or USD684 mn; +7.7% QoQ; -0.7% YoY) and VND2,298 bn (or USD98 mn; +10.3% QoQ; -21.4% YoY), respectively. The positive signal taken from the performance is that domestic earnings has recovered. VNM regained market share in all key products (except formula powdered milk). We forecast Q4/2022 net revenue and NPAT-MI to reach VND 17,625 Bn (or USD 750 Mn, +9.6% QoQ, +11.4% YoY) and VND 3,054 Bn (or USD 130 Mn, +32.9% QoQ, +39.1...
· 1Q2022 NPAT Post-MI dropped to VND2,266 bn (-12.1% YoY), driven by the stronger-than-revenue growth in total costs, especially input costs. By the end-2021, the whole milk powder (WMP) price reached USD 3,867/MT (+20.5% YoY) before moving to roughly USD 4,757/MT (+9% YoY) in the beginning of Mar-2022. Therefore, 1Q22 profit margins sharply declined. · 2022 revenue and NPAT Post-MI of VNM are forecasted at VND64,564 (+6.0% YoY) and VND10,731 bn (+1.9% YoY), respectively, dri...
Although revenue growth is expected to recover well in 2H-FY21, we are still prudent about earning prospects in FY2021-2022 due to the input price hike, while new investment projects still need many years to create significant synergies on results and stock valuation. Therefore, we recommend to ACCUMULATE with a TP of VND 97,000 and total stock return of 14%. FY2021 estimated revenue and NPAT to be VND 60,891 Bn (or USD 2.6 Bn, +2.1% YoY) and VND 10,629 Bn (or USD 460 Mn, -4.2% YoY) respectiv...
We revise up our estimate by 7.5% for 2H-FY21 domestic revenue (VND 26,522 Bn, USD 1.1 Bn, +5% YoY) versus our previous figures (VND 24,665 Bn, USD 1 Bn, -1% YoY) as we have a more optimistic view about the company’s prospects in the second half as dairy demand in Ho Chi Minh City is improving. Brighter results in the second half will cushion the weak performance in the first half to help VNM maintain flat NPAT growth for the whole FY2021. Based on the 50%:50% valuation mix of DCF and PER, we ...
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....
In our 23-page strategy report, we look at investment ideas and highlight our favourite stocks. We also cover Vietnam and global macro as well as our July stock market outlook. In Q2 20, Vietnam’s GDP grew 0.24% yoy, better than consensus expectations as most industries recovered well after the “social distancing†period. Hence, we don’t expect companies’ results to be as bad as the consensus predictions. Despite that, there will be divergent results among sectors. Companies that have ...
The outbreak of Covid-19 in countries outside of China since mid-March resulted in an extreme reaction by financial investors globally, raising concerns of an upcoming economic crisis. In Vietnam, however, we think a liquidity crisis or debt crisis may not happen due to appropriate fiscal and supportive monetarypolicies from the government and the State Bank of Vietnam (SBV). The lockdown situation, not only in Vietnam, but also in countries that are Vietnam’s main trading partners could resu....
The decline in the demand of dairy products and the fluctuation of raw material prices negatively affects VNM’s earnings. However, we believe that VNM has adopted the right strategies that will boost its revenue in both domestic and export markets. In the long run, VNM is still a promising stock with a healthy financial structure, a low debt ratio (1.6%) and a large amount of cash. This will be the key catalyst for its M&A activities in order to expand its scale and increase its competitiveness ...
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...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.