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

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

Duc Long Gia Lai Group Jsc / Equity Bottom-Up

Duc Long Gia Lai Group JSC is a diversified company. The Company mainly operates in processing wood products, granite stones, investing and producing electricity, mining and processing minerals, trading real estate, hotel and resort services, carrying out construction on civil and traffic works, and plantation of rubber trees.

<ul><li>We maintain our Buy rating for Gia Lai Electricity JSC (GEG), but lower our target price to VND13,600 (from VND14,100) by increasing WACC from 10.3% to 13.6%.</li><li>lthough we remain bullish on the company, GEG faces regulatory risk related to four offshore wind power plants under investigation by the Security Investigation Agency of the Ministry of Public Security, share dilution risk, and high debt burden.</li><li>In 9M24, cumulative revenue reached VND1,770bn (+11% YoY), with NPATMI at VND84bn (-3% 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>

We maintain our Buy rating for Gia Lai Electricity JSC (GEG), but lower our target price to VND13,600 (from VND14,100) by increasing WACC from 10.3% to 13.6%.lthough we remain bullish on the company, GEG faces regulatory risk related to four offshore wind power plants under investigation by the Security Investigation Agency of the Ministry of Public Security, share dilution risk, and high debt burden.In 9M24, cumulative revenue reached VND1,770bn (+11% YoY), with NPATMI at VND84bn (-3% 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.

Gia Lai Electricity JSC (GEG VN/Buy/TP: VND13,600) - Debt Burden Squeezed Out Revenue