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

<ul><li>Construction: After a surge of 40% in FY23, we forecast that the sector’s growth will slowly subside to a modest number in FY24, between 20% and 25%, and gross margin will remain stable, between 7% and 7.2%.</li><li>Hydropower: We forecast that the sector will remain intact or marginally decline by 5%. </li><li>Real estate: The revenue has not yet been incorporated into our forecast, as the hospitality segment is far from a recovery, in our view. </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>

Construction: After a surge of 40% in FY23, we forecast that the sector’s growth will slowly subside to a modest number in FY24, between 20% and 25%, and gross margin will remain stable, between 7% and 7.2%.Hydropower: We forecast that the sector will remain intact or marginally decline by 5%. Real estate: The revenue has not yet been incorporated into our forecast, as the hospitality segment is far from a recovery, in our view. 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 (DPG VN Equity - Hold) - Update - Sustainable Growth

<ul><li>Dat Phuong Group JSC (DPG) reported 3Q23 revenue of VND867bn (-1.5% YoY) and gross profit of VND95bn (-51.3% YoY). As of 9M23, revenue and gross profit reached VND2,026bn (-8.9% YoY) and VND367bn (-44.5%, YoY), respectively.</li><li>Despite the modest decrease in revenue, gross profit fell substantially, due to a steep contraction in the Energy sector.</li><li>Conversely, the Construction sector exhibited an opposite result.</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 3Q23 revenue of VND867bn (-1.5% YoY) and gross profit of VND95bn (-51.3% YoY). As of 9M23, revenue and gross profit reached VND2,026bn (-8.9% YoY) and VND367bn (-44.5%, YoY), respectively.Despite the modest decrease in revenue, gross profit fell substantially, due to a steep contraction in the Energy sector.Conversely, the Construction sector exhibited an opposite result.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 - Construction Sector Rebound

<ul><li>Dat Phuong Group JSC (DPG) reported 1H23 revenue of VND1,159n (-14% YoY) and gross profit of VND271bn (-41% YoY).</li><li>Gross profit fell substantially, due to the decline in revenue from real estate, a segment that accounted for 31% of gross profit last year.</li><li>As a result, NPAT of the parent fell considerably, to VND87bn from VND210bn (-58% YoY). Construction: In 1H23, DPG was awarded several contracts, mostly infrastructure projects, including bridges and expressways. </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 1H23 revenue of VND1,159n (-14% YoY) and gross profit of VND271bn (-41% YoY).Gross profit fell substantially, due to the decline in revenue from real estate, a segment that accounted for 31% of gross profit last year.As a result, NPAT of the parent fell considerably, to VND87bn from VND210bn (-58% YoY). Construction: In 1H23, DPG was awarded several contracts, mostly infrastructure projects, including bridges and expressways. 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.

DPG VN Equity - Update - Setting a Solid Foundation for 2024–2025

Vietnam

Tan Tao Investment & Industrial JSC operates and manages an industrial park. The Company is also involved in supporting activities, such as space and land rental to corporate clients, construction and electricity works, warehousing and other telecommunication related services, including data transmission and Internet service provider (ISP).

FECON Corporation is a construction company that specializes in foundation engineering and underground construction in Vietnam.

Becamex Infrastructure Development Joint Stock Company engages in development, construction, and operation of utilities facilities and infrastructure projects. The company is based in Vietnam.

Danang Housing Investment Development JSC offers construction services. The Company builds foundations; civil and industrial buildings; transportation and irrigation projects; power plants; and other projects.

Danang Housing Investment Development Jsc O (NDN VN)

Danang Housing Investment Development Jsc O

Vinaconex 25 JSC is a construction company.

Cotec Construction JSC offers construction services.  The Company build residential, industrial, commercial, resort, and educational projects.

Bao Thu Development and Investment Joint Stock Company engages in investing in and developing commercial infrastructure. The company develops industrial zone, port, and town infrastructure projects. It also produces construction materials, bricks, sand, and stones. The company was founded in 2008 and is headquartered in La Gi, Vietnam.

Power Construction Joint Stock Company No 1 provides power grid project construction services. The Company constructs power operation systems and transmission networks. Power Construction serves customers in Vietnam.

Viet Nam Construction and Import-Export JSC is a construction company that is developing a tourism complex.

Vietnam Construction & Import-Export (VCG VN)

Ha Do Group JSC offers construction services. The Company builds residential projects, power plants, and other projects.

Low Keng Huat (Singapore) Limited is a general building contractor and an investment holding company.  Through its subsidiaries, the Company manages projects and hotels, trades construction materials, invests in properties, and provides management services.

TAISEI ONCHO CO., LTD. designs and performs pipe engineering works.  The main services are air-conditioning and sanitary works for buildings and industries. The Company also provides reformation and maintenance works.  Taisei Oncho operates the business in Hong Kong, China, Vietnam, and Philippines.

ACKG Limited is a holding company established through merger of Oriental Consultants Company Limited. The Company provides consulting services related to urban infrastructure.  The Company's services include planning, researching, and designing for roads, tunnels, and bridgeworks.  ACKG also conducts research on earthquake-resistant construction.

Wee Hur Holdings Ltd provides building construction services and acts as the management or main contractor in construction projects for both private and public sectors. The Company's clients from the private sector include property owners and developers, and those from the public sector comprise government bodies and statutory boards.

YAMATO CORPORATION designs and builds air-conditioning and sanitation facilities such as clean room.  The Company also designs, installs, and sells environmental equipment such as waste disposal and sewage purifying systems for industrial and home usage.  Yamato, based in Kanto, constructs refrigeration facilities.

Hokkai Electrical Construction Co., Inc. constructs power transmission and distribution lines mainly for Hokkaido Electric Power Co., Inc.  The Company also installs electrical facilities such as air-conditioning systems in buildings and plants.  Additionally, Hokkai Electrical performs indoor wiring works.

Muhibbah Engineering (M) Bhd is an investment holding company which provides civil, marine, and structural engineering contract works.  Through its subsidiaries, the Company also manufactures engineering products and distributes and markets construction materials. Muhibbah also repairs and builds ship, produces and leases cranes, trades computer hardware, and invests in properties.

SPML Infra Ltd. is a construction and project management company.  The Company undertakes large-scale turnkey projects in the areas of water and power management, power distribution, infrastructure, and environmental projects.

Econpile Holdings Bhd is a specialist foundation and civil engineering contractor in Malaysia.  The Company's services include foundation and geotechnical works, civil engineering works, structure works and design and build packages.

YAMAURA CORPORATION is a general contractor.  The Company builds commercial, institutional, and residential buildings.  Yamaura also constructs infrastructure such as roads, water and sewage facilities, and flood control systems.  Additionally, the Company designs and manufactures industrial machinery mainly for power utilities.

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.

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Dat Phuong Group (DPG VN)

Dat Phuong Group Joint Stock Company (DPG VN Equity - Hold) - Update - Sustainable Growth

After a surge of 40% in FY23, we forecast that the sector’s growth will slowly subside to a modest number in FY24, between 20% and 25%, and gross...

Mirae Asset Securities

Dat Phuong Group Joint Stock Company - Construction Sector Rebound

Dat Phuong Group JSC (DPG) reported 3Q23 revenue of VND867bn (-1.5% YoY) and gross profit of VND95bn (-51.3% YoY). As of 9M23, revenue and gross...

Mirae Asset Securities

DPG VN Equity - Update - Setting a Solid Foundation for 2024–2025

Gross profit fell substantially, due to the decline in revenue from real estate, a segment that accounted for 31% of gross profit last year.

Mirae Asset Securities

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