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Equity Bottom-Up

Imexpharm Pharmaceutical Jsc / Equity Bottom-Up

Imexpharm Pharmaceutical JSC is a pharmaceutical Company. The Company manufactures pharmaceutical products, traditional medicines as well as trades drugs, raw materials for medicine production, and medical equipment. Imexpharm also offers rental services of warehouse for medicine storage and produces and trades nutritious foods.

<ul><li>Net revenue and NPATMI were VND 491 bn (+2% YoY) and VND 62 bn (-20% YoY), respectively, achieving 21% and 18% of the annual plan.</li><li>Gross revenue of the ETC and OTC were VND 270 bn (+52% YoY) and VND 260 bn (-13% YoY), respectively.</li><li>The GPM decreased by 4 pps due to the depreciation expenses incurred by the IMP 4 factory (which became operational in 2H2023).</li></ul>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.

Net revenue and NPATMI were VND 491 bn (+2% YoY) and VND 62 bn (-20% YoY), respectively, achieving 21% and 18% of the annual plan.Gross revenue of the ETC and OTC were VND 270 bn (+52% YoY) and VND 260 bn (-13% YoY), respectively.The GPM decreased by 4 pps due to the depreciation expenses incurred by the IMP 4 factory (which became operational in 2H2023).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.

IMEXPHARM CORPORATION - Expect Profit Recovery in Second Half of 2024

Orient Commercial Joint Stock Bank / Equity Bottom-Up

Orient Commercial Joint Stock Bank operates as a bank. The Bank provides a variety of banking services including deposits, cards, insurance, consumer and business loans, remittance, factoring, electronic transfers, and internet banking. Orient Commercial serves customers in Vietnam.

Orient Commercial Joint Stock Bank (OCB VN)

<ul><li>Total opening income (TOI) grew more than 4%, led by a 5% YoY in net interest income growth.</li><li>Specifically, credit growth reached 2% YTD and NIM remained quite resilient, dropping by 20 bps to 3.8%.</li><li>Non-interest income sources, although flat compared to the same period last year, reflected the bank"s balancing efforts. </li></ul>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.

Total opening income (TOI) grew more than 4%, led by a 5% YoY in net interest income growth.Specifically, credit growth reached 2% YTD and NIM remained quite resilient, dropping by 20 bps to 3.8%.Non-interest income sources, although flat compared to the same period last year, reflected the bank"s balancing efforts. 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.

OCB - Regaining Growth Momentum After an Unfavorable Pause

Digiworld Corporation distributes information technology products. The Company offers laptops, desktops, projectors, printers, monitors, mouse, and speakers. Digiworld also provides maintenance services with the support of vendors.

<ul><li>The main market (Laptop, tablet, mobile phone) come to the mature landscape with 1- 5% YoY sales growth (supported by a replacing cycle and a price-class premiumization). </li><li>Based on their brand list, DGW’s market share in distributing these products, has already reached the limited level (20-30%) in the cauldron postion with FPT Synnex, PSD, Viettel distribution.</li><li>DGW has implemented its aggressive plans of penetrating in non-ICT market such as office equipment, home appliance, FMCG,… by adding new brands/ product category/ M&amp;A transactions, but still not creating the significant impact on its business results.</li></ul>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.

The main market (Laptop, tablet, mobile phone) come to the mature landscape with 1- 5% YoY sales growth (supported by a replacing cycle and a price-class premiumization). Based on their brand list, DGW’s market share in distributing these products, has already reached the limited level (20-30%) in the cauldron postion with FPT Synnex, PSD, Viettel distribution.DGW has implemented its aggressive plans of penetrating in non-ICT market such as office equipment, home appliance, FMCG,… by adding new brands/ product category/ M&amp;A transactions, but still not creating the significant impact on its business results.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.

Digiworld Jsc  - Aggressive Plan Needs to Be Proven

Vietnam Dairy Products JSC / Equity Bottom-Up

Vietnam Dairy Products JSC produces dairy foods. The Company produces milk, condensed milk, milk powder, yoghurt, ice cream and cheese. Vietnam Dairy Products also produces cookies, coffee and tea and bottled water.

<ul><li>Consolidated Q1 2023 sales of VND13,918 bn (USD592 mn, -7.6% QoQ; +0.3% YoY) is a mixture of lower domestic sales and stronger overseas sales.</li><li>Export sales have returned to positive growth after experiencing negative growth in 2022.</li><li>Profit margin narrowed due to high dairy raw materials costs and the surge of SG&amp;A expenses.</li></ul>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.

Consolidated Q1 2023 sales of VND13,918 bn (USD592 mn, -7.6% QoQ; +0.3% YoY) is a mixture of lower domestic sales and stronger overseas sales.Export sales have returned to positive growth after experiencing negative growth in 2022.Profit margin narrowed due to high dairy raw materials costs and the surge of SG&amp;A expenses.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.

VNM - Lower Input Costs Are Expected to Take Effect in 2023

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>In 1Q2023, NLG had revenue of VND 231bn from real estate products (USD 8.3mn, - 60% YoY), reflecting the difficulty of the market.</li><li>The revenue breakdown included VND 30bn from the handover of  12 units in Akari - FLora; VND 13bn from the handover of Southgate project;</li><li>VND 11bn from other projects (Flora Novia) and VND 67bn from other services (including service charge, rental fees). </li></ul>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.

In 1Q2023, NLG had revenue of VND 231bn from real estate products (USD 8.3mn, - 60% YoY), reflecting the difficulty of the market.The revenue breakdown included VND 30bn from the handover of  12 units in Akari - FLora; VND 13bn from the handover of Southgate project;VND 11bn from other projects (Flora Novia) and VND 67bn from other services (including service charge, rental fees). 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.

NLG - Being Patient: Preceding the Recovery

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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.