Research center

Vietjet Aviation - Full report

06/05/2019 11:14:00 AM
Founded in 2007, with the first flight taking off in 2011, after 7 years of operation, VJC has become the second biggest aviation company in Vietnam. In 2018, VJC ranked second in terms of market share (40.1%), after Vietnam Airlines with 43.1%. Revenue in 2018 of passenger transport reached VND 25,031 billion, up by 48.5% yoy, CAGR in four years hits 44%. VJC’s strategy turning to stimulate operation in the international market is very potential with CAGR reaching 138.6% in 2014-2017. Low operating cost can be considered a strong competitive advantage thanks to young fleet age and low labor costs together with high aircraft operating efficiency. Revenue of the ancillary segment in 2018 hit VND 8,370 billion, gaining 52.8% yoy, four-year CAGR was 63.1%. Focusing on international markets will boost ancillary growth due to higher demand in the international market compared to the domestic market. 2018 revenue gained from aircraft sale was VND 18,512 billion, losing 6.2% yoy, four-ye

Vietjet Aviation - Full report

06/05/2019 09:06:00 AM
Founded in 2007, with the first flight taking off in 2011, after 7 years of operation, VJC has become the second biggest aviation company in Vietnam. In 2018, VJC ranked second in terms of market share (40.1%), after Vietnam Airlines with 43.1%. Revenue in 2018 of passenger transport reached VND 25,031 billion, up by 48.5% yoy, CAGR in four years hits 44%. VJC’s strategy turning to stimulate operation in the international market is very potential with CAGR reaching 138.6% in 2014-2017. Low operating cost can be considered a strong competitive advantage thanks to young fleet age and low labor costs together with high aircraft operating efficiency. Revenue of the ancillary segment in 2018 hit VND 8,370 billion, gaining 52.8% yoy, four-year CAGR was 63.1%. Focusing on international markets will boost ancillary growth due to higher demand in the international market compared to the domestic market. 2018 revenue gained from aircraft sale was VND 18,512 billion, losing 6.2% yoy, four-ye

Vietnam Market Outlook 2Q2019

02/05/2019 09:07:00 AM
Vietnam stock market saw positive performance with a strong growth in most of the 1Q before entering a sideways drift around 1,000 point threshold in the last two trading weeks of the quarter. The growth force of the market in the 1Q comes from the bottom-fishing demand of domestic investors and net-buying cash flow of foreign investors. Foreign investors have net-bought for two consecutive quarters in Vietnam stock market, which is in line with the trend of global capital flow running into emerging markets in the 1Q. If in early 2Q, the market receives many news from the AGMs and business performance in the 1Q, there will be less information in the second half of the quarter. Powerful drivers of the market still come from external factors such as the trade war, Brexit, the US yield curve, monetary policies and economic outlook of some major economies… In the basic scenario, external risks do not get worse, VNIndex is forecast to stay in a sideways drift and slightly decrease in ear

Dat Xanh Group - Update Report

29/03/2019 10:52:00 AM
Revenue and profit of DXG showed positive growth in 2018./ All business fields had stronger growth than in 2017./ Revenue from LDG projects gain damatic revenue for DXG.

Digiworld Corporation - Visit note 1Q2019

27/03/2019 03:43:00 PM
Revenue in the 4Q.2018 was VND1,560 bn, gaining by VND436 bn, equal to 39% QoQ. The company growth included: (1) Nearly VND285 bn revenue from mobile phones, accounting for 65% growth; (2) about VND69 bn from offic and increasee equipment (15.9% growth); (3) approximately VND87 bn (20% growth) achieved from laptops and tablets. In 2018, DGW recorded an impressive growth with revenue hitting VND 5,943 bn (+56% YoY), NPAT reaching VND109.2 bn (+39% YoY), which met the target of 126% and 108% for 2018. Mobile phone segment still had the highest proportion of the total growth. As compared to 2017, revenue from mobiles surged by 213% to VND2,355 bn, hitting 196% of the plan. Laptops & tablets and office equipment also surpassed the expected target with 104% and 111% of planned revenue in 2018. Operating cost increased since the company continued to invest and develop consumer goods industry. In 2019, DGW expects to raise 20% revenue, equivalent to VND7,150 bn, and 25% of NPAT

An Phat Plastic - Visit note 1Q2019

27/03/2019 03:42:00 PM
Revenue in 2018 was about VND8,000 bn, increasing by 50% yoy, 33% more than expected. This was achieved by boosting the production in Factory No.6 and No.7. The production was 86,500 tons, up by 14% yoy, revenue from packaging rose by 40% yoy, equal to VND 800 bn. NPAT is forecasted to reach VND200 bn, decreasing by 24% yoy, only completing 60% of the previous plan. The plunge in NPAT was triggered by: (1) gross profit margin went down due to the policy on cutting sales, raising competitiveness to boost the production in the two news factories No.6-7 to the maximum level. (2) The trade segment has not achieved the expected results because the contract on buying PP resin produced by Binh Son Petrochemical Refinery (BSR) was delayed due to prolonged procedures. (3) The key projects at An Phat Complex Industrial Park are not profitable. In 2019, AAA has set its business plan with positive prospect. In particular, the expected revenue is VND10,000 bn, up by 100% yoy and NPAT i

TNG Investment & Trading - Update report

27/03/2019 03:38:00 PM
TNG’s main business are outsourcing, producing jackets and chinos under FOB convert and CMT for export market, . The company also have its own brand name - TNG fashion with over 40 stores nation while, mostly located in the North of Vietnam. Export market accounts for 96% of 2017 sales structure, in which 53% goes to EU and 33% to North America. TNG works with various famous brand names, among which Decalthlon brings the most revenue of 44.02%.  TNG is still in the process of expanding production to meet the free trade agreement, particularly EVFTA which is favourable to the company as its largest market is EU. The focus on large clients is to help the company improve its gross margin as well as increase its net profit margin as a substitute for regular CMT orders. In addition, TNG is aiming to affirm its position in the domestic market with its chain of TNG Fashion Store.  The company won the tiltle of one of the 30 most transparent listed companies on HNX 2016 and top

Vinamilk - Update report

27/03/2019 03:36:00 PM
In Q1.2018, evenue of the company reached to 12.121 billion(+1% YoY). If excluded revenue from cow farms and sugar, the result may decreased 2% compared to a high Q1- 2017 base due to a weak consumption of dairy product in the North as a result of a long cold season. Also, we believe that this low pace in domestic dairy revenue growth was affected by the fact that high base in Q1.2017 was partly driven by sales in Q4.2016 to be transfered. Net profit declined to VND 2,683 bn, by 8% YoY, of which downward trend was partly owe to a reduction in export sales mainly to Iraq (which make up over 70% export market of VNM), whose internal situation still remains instable. The first quarter of 2018 witnessed a downtrend in the GPM, 45.3% compared to that of 48.2% in same period in 2017. This resulted from the contribution from the highmargin market dwindled (like Iraq) and the hit from sugar business while domestic’s GPM remain stable. Accordingly, in Q1 2018, Vietsugar incurred

Phu Nhuan Jewelry - Update Report

27/03/2019 03:35:00 PM
In the first 6 months, PNJ achieved net sales of VND7,357 billion, up 34% y/y. Net profit after tax was VND 517 billion, an increase of 37% over the same period last year. Particularly, PNJ announced Q2.2018 consolidated financial statements with net sales of VND 3,217 billion, an increase of 37% over the same period last year. According to PNJ, the revenue growth factor is still mainly focused on gold jewelry retailing channel. PNJ's gross profit in the second quarter was nearly 583 billion dong, equivalent to gross profit margin of 18.1%, significantly higher than 17.1% in the second quarter of last year. This is also the second consecutive quarter PNJ reached gross profit margin of 18%. NPAT accordingly rise 40% to reach VND 180bn. As of the end Q2.2108, PNJ has a total of 298 stores with 17 newly-opened stores this quarter, meaning the company almost completes its FY2018 target of 300 outlets early. As shared by management boards, there is still room for stores expansi