Son Tran

Rong Viet

Market Strat, Retail, Consumer  @ Rong Viet

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Phu Nhuan Jewelry: Q1 20 review and 2020 outlook

PNJ recorded 5% yoy sales growth and -4% PAT in Q1 20. The impact of this on profit is extreme, considering that 90% of gross profit for PNJ comes from the retail jewellery segment. This was caused by poor numbers in March as retail sales, the profit...
Rong Viet Son
Son Tran @ Rong Viet 16 April 2020

Vietnam investment strategy – April 2020: Looking at stocks for the long term

The outbreak of Covid-19 in countries outside of China since mid-March resulted in an extreme reaction by financial investors globally, raising concerns of an upcoming economic crisis. A slowdown of the economy will negatively impact companies’busine...
Rong Viet Lam
Lam Nguyen @ Rong Viet 7 April 2020

Phu Nhuan Jewelry: Conservative target for 2020 due to Covid-19 impact

In the latest AGM document published recently, PNJ set an unsurprisingly conservative target for 2020: 12% growth in revenue and 13% growth in PAT. This is in the context that the Covid-19 pandemic will significantly hit jewellery retailers as shoppe...
Rong Viet Son
Son Tran @ Rong Viet 19 March 2020

Vietnam investment strategy – March 2020

The spread of COVID-19 outside China has raised concerns for foreign investors in Vietnam, leading to net selling in equity and bond markets. Since most of Vietnam’s raw material supply come from China (more than 30%), the country’s ability to contro...
Rong Viet Lam
Lam Nguyen @ Rong Viet 5 March 2020

Imexpharm Pharmaceutical : 2019 bidding results and 2020 outlook

IMP’s stock has increased 10% since our Buy recommendation in December 2019. The prospect for Vietnam’s pharmaceutical industry is positive in the long term thanks to increasing spending on healthcare. However, it is not spread equally for all compan...
Rong Viet Son
Son Tran @ Rong Viet 4 March 2020

Mobile World: FY 19: Positive results; reiterate Buy

MWG posted positive FY 19 results, with revenue reaching VND102,174 bn (18% yoy), 2% higher than our forecast, and profit after tax reaching VND3,836 bn (+33% yoy), 1% lower than our forecast. Accounting for 82.5% of MWG’s revenue were smartphones (4...
Rong Viet Son
Son Tran @ Rong Viet 4 February 2020

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