reports
- Thang Hoang
GEG – 2024 Earnings growth driven by wind power segment; lower interes...
• GEG posted Q3 2024 results as anticipated, with revenue reaching VND 1,770bn (+11% YoY; USD 70mn) but a net loss of VND 27bn (USD -1mn) due to a lower sales volume of wind farms. For 9M2024, GEG revenue of VND 1,770bn (+11% YoY; USD 70mn), while net profit reached VND 84bn (-3% YoY; USD 3mn). • We expect GEG's Q4 2024 earnings to improve, supported by reduced financial expenses from debt restructuring. Accordingly, we forecast 2024F revenue of VND 2,349bn (+9% YoY; USD 93mn) and NPAT-MI of VN...
- Phuong Nguyen
- Phuong Nguyen
Downtrend has not abated
• The current fall reflects unclear support signals, even though the market is near the 1,200-point support level. • It is expected that the market will continue to face downward pressure in the next trading session and may enter the oversold zone below 1,200 points to test the support momentum of cash flow.
- Hung Nguyen
SAB – The big wagon is inching slowly in the context of the increasing...
• SAB's Q3-2024 results continued a series of low growth in single digits with net revenue of VND 7,670 bn (-5.1% QoQ, +3.4% YoY) and NPAT-MI reached VND 1,119 bn (-10.3% QoQ, +7.2% YoY). • With great challenges from the industry context and the unattractive story of market share snatching, the current valuation of EVEBITDA (11x) is considered in line with the low growth prospects (single digits) in the coming years. • The point of note lies in the dividend distribution strategy, its dividen...
- Phuong Nguyen
- Hien Le
VHC - Export volume remains the key driver of growth momentum
Using a combination of DCF and SoTP methods, with a 50:50 weighting, we estimate a long- term price for VHC at VND 73,300, corresponding to a projected P/E ratio of 13.7x and 10.3x for 2024 - 2025, respectively. Along with a cash dividend of VND 2,000 / share, the total expected return is 2%. However, the stock could be valued higher with a greater risk tolerance. • Revenue and NPAT-MI are expected to sustain growth momentum. We project revenue to rise from VND 10,076 billion in 2023 to VND 17...
- Phuong Nguyen
- My Tran
- Trang To
MSB 3Q-2024 Update: Foreign exchange trading activities caused 3Q-2024...
3Q-2024 PBT reached VND 1.2 trillion, down sharply by -43.9% QoQ and -27.6% YoY due to (1) NIM (quarterly) narrowing by -20bps QoQ and -60bps YoY as funding cost increased, and (2) foreign exchange trading recorded a loss of VND 131 billion. • Accumulated 9M-2024 PBT to VND 4.9 trillion, completing 72% of the 2024 plan (VND 6.8 trillion). ROA and ROE ratios reached 1.5% and 13.2%, respectively. • Regarding asset quality, net bad debt formation (before write-off) has decreased in the last two q...
- Phuong Nguyen
- Phuong Nguyen
- Thach Lam Do
IDC – Expanding land bank to sustain growth
• For 9M2024, IDC reported revenue of VND 6.9 trillion (USD 274 million; +38% YoY), with industrial park (IP) land lease revenue reaching VND 3 trillion (USD 119 million; +52% YoY). During this period, the company recorded lease revenue for 88 ha, of which 46 ha were from MOUs signed in 2023, and 32 ha were from new contracts signed in 2024. • For 2024, IDC’s NPAT is projected to reach VND 2.2 trillion (USD 87 million; +57% YoY); EPS for 2024 is estimated at VND 6,600, with a maintained cash d...
- My Tran
CALM SEA BEFORE UNCERTAINTY
The growth momentum in the last quarter of the year still depends on exports and industrial production but at a slower pace of growth. The October PMI increased to 51.2 points, while the manufacturing industry recorded a growth rate of 8.8% compared to the same period last year. Service consumption has not improved in recent quarters, posing a challenge for recovery in the remaining two months of 2024. The manufacturing industry continues to be divided as sectors such as electronics and wood sl...
- Phuong Nguyen
- Phuong Nguyen
Foreign investor pressure
• The MA(200) region may still provide supportive impacts and help the market recover in the near future. • However, for the time being, caution is still necessary, and it is advisable to wait for clearer supply and demand signals in the exploration range of 1,250 – 1,260 points.
- Tung Do
VPB - Q3-2024 AM Update: Net Interest Income and Bad Debt Recovery Dri...
• Consolidated Pre-Tax Profit (PBT) for Q3-2024 reached VND 5.2 trillion (+66% YoY), falling about 7% below expectations. Cumulatively for the first nine months of 2024, consolidated PBT reached VND 13.9 trillion (+67% YoY), achieving 70% of the full-year forecast. • Key drivers contributing to PBT growth this quarter aligned well with expectations, including: (1) credit growth (8.7% consolidated and 10.4% for the parent bank); (2) a 90 bps YoY expansion in NIM to 5.8% from last year’s low base...
- Hung Le
SPEED UP TO FINISH THE PIVOTAL YEAR
We expect the market to bounce back positively in November, supported by impressive Q3 results that will bring valuations back to attractive levels. NPAT for HSX-listed companies rose 29% YoY, while trailing twelve-month EPS rose +9% QoQ and +16% YoY. Reflecting these results, VN Index's P/E ratio has adjusted from 14.7 to 13.4, its lowest pricing this year. Historical trading data over the past 7 years also shows that the market typically posts higher gains in the month following the earnings s...
- Phuong Nguyen
- Quyen Nguyen
- Phuong Nguyen
Reverse
• The signal crossing above the 200-day moving average (MA(200)) has helped the market reverse its position, but the 1,265-point zone may put short-term resistance pressure. • It is expected that the market will experience exploratory fluctuations in the 1,255 – 1,265-point zone in the near future, and the supply-demand dynamics in this zone will influence the next move.
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