External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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Equity Bottom-Up

Dat Phuong JSC engages in the construction industry. Its activities include construction of transportation, irrigation, hydro power, power transmission line, and up to 35KV transformer station. The company was founded on March 12, 2002 and is headquartered in Ha Noi, Vietnam.

<ul><li>Dat Phuong Group JSC (DPG) reported 3Q24 revenue of VND744bn (-14.2% YoY) and NPAT of the parent of VND20bn (-35.5% YoY).</li><li>This brought 9M24 revenue to VND2,130bn (+5.1% YoY) and NPAToTP to VND126bn (+5.9% YoY), achieving 47% and 50% of fiscal year targets, respectively.</li><li>Construction and Hydropower remained the largest contributors of income, with the former accounting for 84% of revenue and the latter accounting for 59% of gross profit. </li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Dat Phuong Group JSC (DPG) reported 3Q24 revenue of VND744bn (-14.2% YoY) and NPAT of the parent of VND20bn (-35.5% YoY).This brought 9M24 revenue to VND2,130bn (+5.1% YoY) and NPAToTP to VND126bn (+5.9% YoY), achieving 47% and 50% of fiscal year targets, respectively.Construction and Hydropower remained the largest contributors of income, with the former accounting for 84% of revenue and the latter accounting for 59% of gross profit. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dat Phuong Group Joint Stock Company - Update - 9M24 Earnings Update

Nam Long Investment Corp operates in the real estate investment and development industry. The Company offers apartment buildings, villas, resorts, office buildings, and more. Name Long Investment serves customers throughout the Country of Vietnam.

<ul><li>Nam Long Investment Corporation (NLG) reported 3Q24 revenue of VND370n (+4% YoY) and NPAToTP of -VND52bn (-179% YoY).</li><li>This brought 9M24 revenue to VND827 (-46% YoY) and NPAToTP to VND16bn (-92% YoY), achieving 12% and 3% of fiscal year targets, respectively. </li><li>NLG began the handover of Akari Phase 2 on October 27, with 1,707 units ready to deliver. </li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Nam Long Investment Corporation (NLG) reported 3Q24 revenue of VND370n (+4% YoY) and NPAToTP of -VND52bn (-179% YoY).This brought 9M24 revenue to VND827 (-46% YoY) and NPAToTP to VND16bn (-92% YoY), achieving 12% and 3% of fiscal year targets, respectively. NLG began the handover of Akari Phase 2 on October 27, with 1,707 units ready to deliver. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nam Long Investment Corporation (NLG VN Equity - Hold) - 9M24 Earnings Update

Military Commercial Joint Stock Bank / Equity Bottom-Up

Military Commercial Joint Stock Bank offers commercial banking services.  The Bank provides services in the areas of personal banking, corporate banking, financial banking, and e-banking.  Military Commercial's services include savings accounts, money lending, money transfers, foreign exchange, and money markets.

Military Commercial Joint Stock Bank (MBB VN)

<ul><li>Military Commercial Bank (MBBank) reported total operating income (TOI) of VND38,850bn (+9% YoY).</li><li>Net interest income (NII) reached VND30,010bn (+2% YoY), while net fee income (NFI) stood at VND3,187bn (+21% YoY), accounting for 77% and 8% of TOI, respectively.</li><li>Income from FX and gold trading reached VND1,516bn (+65% YoY), contributing 3.9% to TOI. </li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Military Commercial Bank (MBBank) reported total operating income (TOI) of VND38,850bn (+9% YoY).Net interest income (NII) reached VND30,010bn (+2% YoY), while net fee income (NFI) stood at VND3,187bn (+21% YoY), accounting for 77% and 8% of TOI, respectively.Income from FX and gold trading reached VND1,516bn (+65% YoY), contributing 3.9% to TOI. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Military Bank JSC - NPL Rebound with Challenges Ahead

Nam Kim Steel Joint Stock Company manufactures and distributes steel products in Vietnam. Its products include hot-dip zinc-aluminum alloy coated steel products, pre-painted zinc and aluminum coated steel products, galvanized and black steel pipes, hot-dip zinc coated steel products, hot and cold rolled steel products, galvanized C purlin products, and color palettes. The company�s products are used in roofing types, including roof panel, wall sheeting, and gutter in the industrial and civil construction; rolling-door, roll-up door, and double sliding doors; office furniture, interior and exterior decoration, and handicrafts; spare-parts of automobile, motorcycle, and bike equipment; industrial electrical products and home electrical-appliance equipment; and mechanical products, equipment, and punching and forming home-appliances. Nam Kim Steel Joint Stock Company also exports its products. Nam Kim Steel Joint Stock Company was founded in 2002 and is based in Thuan An, Vietnam.

<ul><li>After a muted FY23 , Nam Kim Steel JSC (NKG) has seen a strong rebound in with 9M24 topline and profitability growth of 14% and 336% YoY, respectively.</li><li>As of Sep. 2024, the company delivered 684,200 tons of galvanized plate and steel pipe, up an impressive 27.6% YoY.</li><li>This growth aligns with a broader recovery in both export demand and domestic consumption, with 9M24 exports/domestic sales surging by 30%/22% YoY</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

After a muted FY23 , Nam Kim Steel JSC (NKG) has seen a strong rebound in with 9M24 topline and profitability growth of 14% and 336% YoY, respectively.As of Sep. 2024, the company delivered 684,200 tons of galvanized plate and steel pipe, up an impressive 27.6% YoY.This growth aligns with a broader recovery in both export demand and domestic consumption, with 9M24 exports/domestic sales surging by 30%/22% YoYContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nam Kim Group JSC - Getting Back in Shape

Thematic (Sector/Industry)

<ul><li>With the rise of renewable energy trend, the share of electricity production from fossil fuels has gradually declined, particularly coal and oil driven by the environmental and climate concerns and healthy risk associated with fossil fuels.</li><li>However, coal-fired power source is still the largest electricity production sources around the globe, accounting for 36% in 2023, decreased from 40% in 2005.</li><li>Natural gas kept a stable position in global power production, fluctuating around 22%-24%.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

With the rise of renewable energy trend, the share of electricity production from fossil fuels has gradually declined, particularly coal and oil driven by the environmental and climate concerns and healthy risk associated with fossil fuels.However, coal-fired power source is still the largest electricity production sources around the globe, accounting for 36% in 2023, decreased from 40% in 2005.Natural gas kept a stable position in global power production, fluctuating around 22%-24%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vietnam Electricity Sector (Neutral) - The transitions to low carbon electricity systems