reports
SMC Trading Investment JSC: 1 director
A director at SMC Trading Investment JSC sold 9,581,821 shares at 0.000VND and the significance rating of the trade was 90/100. 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 over the last two ...
- Tam Pham
SMC: Q3 could be the toughest quarter
Profits reduced by 82% yoy in H1 22 due to gross profit margin dropping 3% from 10.1% in H1 21 – a sharp increase in losses from exchange rate difference and high interest expense. Processing orders are weak and plans to invest in new factories are being delayed. In H2, we expect a loss in Q3 due to high-priced inventories before a recovery in Q4. HRC price seem to have bottomed in August, but is not likely to rally quickly in a short time, amid high uncertainties from the pandemic, geopoli...
- Son Tran
Analyst Pin-board SMC – Q3 Could be the Hardest Time of the Year
· Profits reduced 82% YoY in 1H2022 because gross profit margin dropped to 3% from 10.1% in 1H2021, a sharp increase in losses from exchange rate difference and high interest expense. · Processing orders are weak and plans to invest in new factories are being delayed. · In 2H, we expect a loss in Q3 due to high-priced inventories before a recovery in Q4. HRC price seem to have bottomed in August but is not likely to rally quickly in a short time, amid high uncer...
- Trinh Nguyen
- Tu Pham
Vietnam steel: Benefiting from the after-effects of the pandemic
STEEL EXPORTERS CAN SEIZE OPPORTUNITIES IN THE COATED STEEL SEGMENT Coated steel consumption in Europe and North America has been stronger in Q1 21 due to expectations that economies will recover with Covid vaccine rollout. Besides, flat steel prices are very different between Vietnam and these markets, leading to higher profitability for exporters. Many domestic producers will run their factories at full capacity until June to meet the robust demand. PUBLIC INVESTMENT IN INFRASTRUCTURE PROJE...
- Trinh Nguyen
- Tu Pham
SMC: Increasing steel price boosts net income to new peak in Q1
SMC’s business is becoming more sustainable as its coil service and production segments are playing a more important role and its trading risk is managed better. Besides, SMC has strong competitiveness owing to its high-quality services, diversified products, and presence in key areas. In the coil processing segment, SMC’s new contract of supplying coil service for Samsung shows it can meet high standards of product quality, material sources and on-time delivery. Investments in new coil proce...
- Son Tran
SMC - Increasing steel price boosts the net income to a new peak in 1Q
SMC’s business is becoming more sustainable as its coil service and production segments are playing a more important role and its trading risk is managed better. Besides, SMC has strong competitiveness owing to its high-quality services, diversified products, and presence in key areas. In the coil processing segment, SMC’s new contract of supplying coil service for Samsung shows it can meet high standards of product quality, material sources and on-time delivery. Investments in new coil processi...
- Tu Pham
SMC: Large investments in processing coil segment
SMC's performance in Q4 20 will be positive as hot-rolled coil (HRC) prices increased strongly by 18% qoq while its selling volume remained stable. We expect gross margin to reach 4.8%, and NPAT at roughly VND75bn in Q4 20. Due to the increasing demand for processed coils from machinery producers, SMC has a bright prospect this year. New factories in 2021 will help SMC increase its capacity in coil processing allowing the company to grow in the 2022-2023 period. However, SMC could grow at a s...
- Trinh Nguyen
Vietnam steel production and consumption in 8M 20 – Visible recovery
The total consumption in the Vietnamese steel market has been lower during the first eight months of 2020 compared to the same period last year, but monthly figures have showed improvement. All steel sub-segments went down in terms of sale volume in 8M 20 (Figure 1 in full report) compared to 8M 19, except for coated steel. Hot rolled coil suffered the strongest reduction while construction steel sale volume went down by nearly 6% for the first time since the global financial crisis in 2008. ...
- Tu Pham
SMC: Expect good performance in H2 20
We expect SMC’s performance in Q3 20 will be positive as hot-rolled coil (HRC) prices have surged in the quarter and because of the high selling volume in the June-August period. In Q3 20, SMC’s net income is likely to reach VND45bn, leading to a net income of VND90-100bn in 9M 20. Besides, owing to the high growth rate in the steel pipe segment and the new contract with Samsung, we believe that SMC will also maintain good performance in Q4 20. Hence, the company will fulfill its net income...
- Trinh Nguyen
- Tu Pham
SMC: Initiation – The worst is over and a turning point is on the ho...
SMC has a strong competitive advantage in the steel trading and manufacturing segments owing to its well-developed relationships with suppliers and customers, diversified products and presence in key areas. We like its ability to balance the interest between parties and then, increase its selling volume. Hence, the company has been maintaining a high sales volume growth rate, especially in the steel pipe segment. Over the 2000-2018 period, Vietnam’s steel consumption per capita was extremely ....
Ford Equity International Rating and Forecast Report
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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