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

Ho Chi Minh Development Joint Stock Commercial Bank provides commercial banking services for retail and institutional customers. The Bank offers personal and car loans, overdraft, business financing, term deposits, current accounts, mobile banking, and online bills payment services. Ho Chi Minh Development serves customers in Vietnam.

<ul><li>In 1Q24, HCM City Development JSCB (HDB) experienced no growth in total assets but saw changes in asset composition.</li><li>The bank's total assets stood at VND602.6tr (US$23.6bn, +0.04% YTD), while credit growth increased by 6.1% YTD.</li><li>The main drivers of this credit growth were customer loans (+5.8% YTD) and the investment portfolio (+22.7% YTD). </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 1Q24, HCM City Development JSCB (HDB) experienced no growth in total assets but saw changes in asset composition.The bank's total assets stood at VND602.6tr (US$23.6bn, +0.04% YTD), while credit growth increased by 6.1% YTD.The main drivers of this credit growth were customer loans (+5.8% YTD) and the investment portfolio (+22.7% YTD). 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.

Ho Chi Minh City Development JSCB - Stay the Course

Deo Ca Traffic Infrastructure Investment / Equity Bottom-Up

Deo Ca Traffic Infrastructure Investment Joint Stock Company provides infrastructure construction services. The Company constructs, invests, and manages traffic tunnels, highways, and routes. Deo Ca Traffic Infrastructure Investment serves customers in Vietnam.

Deo Ca Traffic Infrastructure Investment (HHV VN)

<ul><li>BOT segment: we raised forecast revenue by 19%, from VND2,008bn to VND2,389, thanks to government approval for an average increase in ticket price of 15% at four BOT stations.</li><li>Consequently, gross profit rose by a further VND264bn.</li><li>Construction segment: We raised forecast revenue by 16.5%, from VND1,168 to VND1,361bn, due to the extensive backlog, as the segment continues to expand. </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>

BOT segment: we raised forecast revenue by 19%, from VND2,008bn to VND2,389, thanks to government approval for an average increase in ticket price of 15% at four BOT stations.Consequently, gross profit rose by a further VND264bn.Construction segment: We raised forecast revenue by 16.5%, from VND1,168 to VND1,361bn, due to the extensive backlog, as the segment continues to expand. 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.

Deo Ca Traffic Infrastructure Investment JSC - Focus on Organic Growth

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>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

Vietnam Joint Stock Commercial Bank For Industry and Trade / Equity Bottom-Up

Vietnam Joint Stock Commercial Bank For Industry and Trade accepts deposits and offers commercial banking services.  The bank offers corporate and consumer loans; insurance; securities and derivatives brokerage; lease financing; money transfer; credit cards; and other services

Vietnam Joint Stock Commercial Bank For Industry and Trade (CTG VN)

Vietnam Joint Stock Commercial Bank For Industry and Trade

<ul><li>By end-1Q24, the total assets of VietinBank (CTG) reached VND2,078tr (+2.2% YTD), with credit growth of around 2.7% (higher than the sector’s growth of 1.34%).</li><li>Specifically, the interbank balance saw the biggest increase, at 18.9% YTD, while lending to customers grew 2.8% YTD, driving credit portfolio expansion.</li><li>Meanwhile, the bank's liabilities also rose, up 2.1% YTD, to VND1,947tr. This growth was mainly driven by borrowing from the SBV, which surged by 111.5% YTD, and interbank borrowing, which rose by 7% YTD. These factors helped diversify funding sources, optimize capital costs, and provide greater flexibility in liquidity management. </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>

By end-1Q24, the total assets of VietinBank (CTG) reached VND2,078tr (+2.2% YTD), with credit growth of around 2.7% (higher than the sector’s growth of 1.34%).Specifically, the interbank balance saw the biggest increase, at 18.9% YTD, while lending to customers grew 2.8% YTD, driving credit portfolio expansion.Meanwhile, the bank's liabilities also rose, up 2.1% YTD, to VND1,947tr. This growth was mainly driven by borrowing from the SBV, which surged by 111.5% YTD, and interbank borrowing, which rose by 7% YTD. These factors helped diversify funding sources, optimize capital costs, and provide greater flexibility in liquidity management. 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 JSCB for Industry and Trade (CTG VN/Trading Buy) - A Slight Setback

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 FY23 revenue of VND3,181n (-27% YoY) and NPAT of the parent of VN484bn (-12% YoY), with condominium units from Akari accounting for the majority of the revenue (91%).</li><li>In 1Q24, the company reported revenue of VND204bn (-13% YoY) and NPAT of -VND77bn (- 1,200% YoY).</li><li>We forecast presales at approximately VND5,000bn–6,000bn, equal to 55%–65% of the company’s presales plan, thanks to a varied landbank that includes products that range from affordable to high–end and luxury. </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 FY23 revenue of VND3,181n (-27% YoY) and NPAT of the parent of VN484bn (-12% YoY), with condominium units from Akari accounting for the majority of the revenue (91%).In 1Q24, the company reported revenue of VND204bn (-13% YoY) and NPAT of -VND77bn (- 1,200% YoY).We forecast presales at approximately VND5,000bn–6,000bn, equal to 55%–65% of the company’s presales plan, thanks to a varied landbank that includes products that range from affordable to high–end and luxury. 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 - Build on Trust