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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Thematic (Sector/Industry)

<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

Equity Bottom-Up

Vietnam Container Shipping Jsc / Equity Bottom-Up

<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

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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

<ul><li>In 4M23, Export-import value recorded a decrease, estimated at US$210.7bn (-13.6% YoY).</li><li>Of this, export and import values reached US$108.5bn (-11.8% YoY) and US$102.2bn (-15.4% YoY), respectively.</li><li>Export-import value has continuously declined since the beginning of 2023, reflecting weakening of consumption in main markets.</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>

In 4M23, Export-import value recorded a decrease, estimated at US$210.7bn (-13.6% YoY).Of this, export and import values reached US$108.5bn (-11.8% YoY) and US$102.2bn (-15.4% YoY), respectively.Export-import value has continuously declined since the beginning of 2023, reflecting weakening of consumption in main markets.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 - Update 1Q23 - Export-Import Activities

<ul><li>In 1Q23, Vietnam Container Shipping JSC (VSC VN) recorded revenue of VND467bn (flat YoY).</li><li>However, a drop in logistics and clearance demand led to cost increases and placed downward pressure on gross margin, which fell to 29.4% (versus 34.5% in 1Q22).</li><li>VSC recorded gross profit of VND136.6bn (-15.8% 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>

In 1Q23, Vietnam Container Shipping JSC (VSC VN) recorded revenue of VND467bn (flat YoY).However, a drop in logistics and clearance demand led to cost increases and placed downward pressure on gross margin, which fell to 29.4% (versus 34.5% in 1Q22).VSC recorded gross profit of VND136.6bn (-15.8% 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 Container Shipping JSC (VSC VN/Buy/TP: VND39,700) - Still a bargain

Vietnam

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

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Vietnam Container Shipping Jsc (VSC VN)

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