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. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Vietnam Container Shipping Jsc / Equity Bottom-Up

<ul><li>Although the general seaport sector has seen a gradual recovery, with significant support from both macro and industrial areas, we believe there remain dark clouds over the segment for 2024.</li><li>Thus, we maintain our Neutral rating for the Vietnam seaport sector.</li><li>Export-import value maintained the recovery trend when the decline narrowed gradually in 10M23, at US$557.9bn (-9.5% YoY; 8M23: -13.1% YoY). Of this, 10M23 export and import values reached US$291.3bn (-7.1% YoY; 8M23: -10% YoY) and US$266.7bn (-12.3% YoY; 8M23: - 16.2% 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>

Although the general seaport sector has seen a gradual recovery, with significant support from both macro and industrial areas, we believe there remain dark clouds over the segment for 2024.Thus, we maintain our Neutral rating for the Vietnam seaport sector.Export-import value maintained the recovery trend when the decline narrowed gradually in 10M23, at US$557.9bn (-9.5% YoY; 8M23: -13.1% YoY). Of this, 10M23 export and import values reached US$291.3bn (-7.1% YoY; 8M23: -10% YoY) and US$266.7bn (-12.3% YoY; 8M23: - 16.2% YoY).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 Seaport Segment (Neutral) - Heading towards recovery

Thematic (Sector/Industry)

<ul><li>Overview: JSCB for Investment and Development of Vietnam (BIDV), formerly known as Bank for Construction of Vietnam under the MoF, was established in 1957.</li><li>BIDV has been put into operation under the model of a JSCB since 2012. I</li><li>t has been listed on HOSE since 2014. By the end of 2022, its outstanding credit reached VND1.98qa, accounting for over 12.87% of the total credit in the economy, making it the market leader in credit market share.</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>

Overview: JSCB for Investment and Development of Vietnam (BIDV), formerly known as Bank for Construction of Vietnam under the MoF, was established in 1957.BIDV has been put into operation under the model of a JSCB since 2012. It has been listed on HOSE since 2014. By the end of 2022, its outstanding credit reached VND1.98qa, accounting for over 12.87% of the total credit in the economy, making it the market leader in credit market share.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.

Stock Recommendations (Vietnam Market) - October 2023

<ul><li>Gradual recovery in export-import and clearance activities: Export-import value remained on a gradual recovery path in 8M23, at US$435.2bn (-13.1% YoY; 7M23: -13.2% YoY).</li><li>Of this, 8M23 export and import values reached US$227.7bn (-10% YoY; 7M23: -10.6% YoY) and US$207.5bn (-16.2% YoY; 7M23: -17.1% YoY).</li><li>Most of Vietnam’s key export products experienced significant declines in value, including: Electronics (-1.5% YoY); Phones (-15.4% YoY); Machinery (-10.3% YoY); and Textiles (-15% 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>

Gradual recovery in export-import and clearance activities: Export-import value remained on a gradual recovery path in 8M23, at US$435.2bn (-13.1% YoY; 7M23: -13.2% YoY).Of this, 8M23 export and import values reached US$227.7bn (-10% YoY; 7M23: -10.6% YoY) and US$207.5bn (-16.2% YoY; 7M23: -17.1% YoY).Most of Vietnam’s key export products experienced significant declines in value, including: Electronics (-1.5% YoY); Phones (-15.4% YoY); Machinery (-10.3% YoY); and Textiles (-15% YoY). 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 Seaport Segment (Neutral) - On the recovery path

<ul><li>Revenue maintained, but profit margins down: In 2Q23, VSC’s revenue saw a modest increase of 4.5% YoY, reaching VND534.6bn.</li><li>Due to weak import-export activities, gross margin declined to 27.8% (2Q22: 34.7%; 1Q23: 29.7%).</li><li>Gross profit reached VND148.8bn (-16.2% YoY). As VSC increased its shortterm and long-term debt for Nam Hai Dinh Vu (NHDV) port acquisition, 2Q23 financial costs jumped to VND44.1bn (2Q22: VND0.5bn).</li></ul><p><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></p>

Revenue maintained, but profit margins down: In 2Q23, VSC’s revenue saw a modest increase of 4.5% YoY, reaching VND534.6bn.Due to weak import-export activities, gross margin declined to 27.8% (2Q22: 34.7%; 1Q23: 29.7%).Gross profit reached VND148.8bn (-16.2% YoY). As VSC increased its shortterm and long-term debt for Nam Hai Dinh Vu (NHDV) port acquisition, 2Q23 financial costs jumped to VND44.1bn (2Q22: VND0.5bn).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 Container Shipping JSC (VSC VN) - Signs of Improvement in 2H23

External broker reports(aggregated public sources), Rong Viet Securities

Rong Viet Securities

RongViet is proud to have a research team of experienced and trustworthy people whose works are at all time governed by the codes of objectivity, integrity and client's best interest.

Looking at relevant, up-to-date information from multiple perspectives with the support of intensive data and analyses, RongViet's research is effective, practical and widely used for investing purposes.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Total container throughput decreased by 6% YoY to 237,000 TEUs.</li><li>In which, Green and VIP Green ports recorded 70,000 TEUs (-3% YoY) and 167,000 TEUs (-7% YoY), respectively.</li><li>Output growth is negative due to weakening trade flows of the whole world.</li></ul><p><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></p>

Total container throughput decreased by 6% YoY to 237,000 TEUs.In which, Green and VIP Green ports recorded 70,000 TEUs (-3% YoY) and 167,000 TEUs (-7% YoY), respectively.Output growth is negative due to weakening trade flows of the whole world.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.

VSC - Operational efficiency decreases when im-export context is not favorable

Vietnam

Vietnam Container Shipping JSC offers port management, container warehousing and storage, cargo handling, freight forwarding and maritime brokerage, and inland transportation services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Vietnam Container Shipping Jsc (VSC VN)

Vietnam Seaport Segment (Neutral) - Heading towards recovery

Although the general seaport sector has seen a gradual recovery, with significant support from both macro and industrial areas, we believe there...

Mirae Asset Securities

Stock Recommendations (Vietnam Market) - October 2023

JSCB for Investment and Development of Vietnam (BIDV), formerly known as Bank for Construction of Vietnam under the MoF, was established in 1957.

Mirae Asset Securities

Vietnam Seaport Segment (Neutral) - On the recovery path

Gradual recovery in export-import and clearance activities: Export-import value remained on a gradual recovery path in 8M23, at US$435.2bn (-13.1%...

Mirae Asset Securities