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VPBank: High credit growth on strong capital base

VPB's 2021 consolidated PBT was roughly VND14,580bn (+12% yoy), completing 88% of the year's guidance, with the parent bank playing a leading role in growth while the unsecured consumer finance segment at FEC struggled in H2 21. Thus, the parent bank...
Rong Viet Tam
Tam Pham @ Rong Viet 14 March 2022

Vietnam 2022 investment strategy: Gearing up for the long-awaited recovery

The fourth wave of Covid-19 has severely impacted Vietnam's economic growth, especially in Q3 21. Monetary policies indicate that interest rates will be moving higher but there are divergences. This is according to Rong Viet's scenario of a 17% EPS g...
Rong Viet Lam
Lam Nguyen @ Rong Viet 4 January 2022

Orient Commercial Joint Stock Bank: Small bank with high growth

Transforming itself in terms of growth strategy and management in recent years, OCB is set to become a modern retail bank focusing on providing financial products and services to small and medium enterprises (SMEs) and high net worth individual custo...
Rong Viet Tam
Tam Pham @ Rong Viet 22 December 2021

VPBank: Catalysts for NIM improvement in coming quarters

In Q3, the parent bank saw resilient performance while FE Credit struggled with a loss. Small business and low-income customers will recover more slowly than other groups, leading to adjustments in our expectations for NIM and credit costs at both th...
Rong Viet Tam
Tam Pham @ Rong Viet 15 December 2021

PetroVietnam Fertilizer & Chemicals: Expect outstanding growth in Q2

Q1 revenue increased by 14.6% yoy but NPAT surged by 63% due to high selling price and lower interest payment. The target price one year out is VND26,100/share. Upside of 48%, corresponding to a Buy. Input gas price in Q1 increased 22% yoy, in line w...
Rong Viet Tam
Tam Pham @ Rong Viet 2 June 2021

Song Hong Garment: Rebound from a low base; high capacity expansion from 2022

Business recovers in 2021. Extraordinary income from recovering part of bad debt of New York & Company. The company recorded revenue of VND945bn (+1% yoy) and NPAT of VND92bn (+44% yoy). The bedding segment grow by 40% yoy, reaching VND700bn. Selling...
Rong Viet Tam
Tam Pham @ Rong Viet 25 May 2021

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