Vietcap Daily - VN-Index falls 1.3% as banking sector falters - ACV, BVH, CTD, CTR, DGW, DXG, DXS, GAS, GEX, GMD, GVR, HDB, HDG, KBC, NKG, PC1, PLX, PNJ, SAB, SSI, VIC, VJC, VNM, VTP
  • 2024-02-01T00:00:00
  • Market Commentary

* ACV: Large bad debt provision dents earnings once more - Earnings Flash
* BVH:  Premium growth outweighs systemwide level - Earnings Flash
* CTD: Q4 2023 EBIT improves QoQ; 2023 results trail forecast - Earnings Flash
* CTR: Growth continues to be strong in Towerco segment, broadly meets our expectation - Earnings Flash
* DGW: Earnings miss due to higher-than-expected operating expenses - Earnings Flash
* DXG: Scheduled handovers at Opal Skyline drive Q4 profit - Earnings Flash
* DXS: Net loss from affiliates drags Q4 earnings – Earnings Flash
* GAS: 2023 earnings in line with our forecast – Earnings Flash
* GEX: Weak Q4 & 2023 earnings due to VGC; downside risk to 2024F NPAT-MI projection – Earnings Flash
* GMD: Q4 core profit disappoints; Gemalink makes profit for FY2023 - Earnings Flash
* GVR: 2023 profits in line with expectations - Earnings Flash
* HDB: Robust NII supports earnings; strong credit & deposit growth - Earnings Flash
* HDG: Solid Q4 results; 2023 earnings in line with forecast – Earnings Flash
* KBC: 2023 profits below our forecast due to lower-than-expected IP land handovers – Earnings Flash
* NKG: Modest earnings in Q4 2023; FY2023 results trail our forecasts - Earnings Flash
* PC1: 2023 earnings disappoint due to nickel segment; significant downside risk to 2024 NPAT-MI forecast – Earnings Flash
* PLX: Gross profit per liter improves, 2023 NPAT slightly trails expectation - Earnings Flash
* PNJ: Robust Q4 results drive net profit advancing 9% YoY in 2023 - Earnings Flash
* SAB: Beer sales remain weak while gross margin stays at low level, broadly in line with our expectation - Earnings Flash
* SSI: Strong gains from FVTPL supports earnings growth - Earnings Flash
* VIC: Resilient property sales and retail leasing segments, plus Chairman’s grants, support 2023 earnings – Earnings Flash & Analyst Meeting Note
* VJC: EBIT trails our expectation; other income rescues the bottom line - Earnings Flash  
* VNM: Strong Q4 earnings growth from low base, in line with our expectation - Earnings Flash
* VTP: Service segment shows improvement, slightly beats our forecasts - Earnings Flash
* Market wrap: VN-Index falls 1.3% as banking sector falters


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Market wrap: VN-Index falls 1.3% as banking sector falters
The VN-Index fell 1.3% (-15.3 pts) on Wednesday to close the trading day at 1,164.3. The banking sector’s performance weighed on the market as all large-cap banks saw their share prices decline. There were 101 gainers, 393 laggards, and 62 stocks that were unchanged in the market. Total trading volume soared to USD953.6mn.  
* Banks VCB (-2.8%), BID (-1.6%), CTG (-1.9%), VPB (-1.5%), and TCB (-1.9%) were among the ten stocks that most negatively affected the index.  
* In real estate, VIC (-0.5%) and VHM (-1.2%) declined while VRE (-4.1%) and KBC (-2.3%) plunged. NVL (+1.5%) and DIG (+0.6%) posted gains.  
* The food & beverage sector saw major player MSN (-2.6%) sharply decrease while beer maker SAB (-1.6%) and fish exporter VHC (-1.6%) fell. Fruit producer HAG (-5.0%) plunged. Milk company VNM (+0.2%) modestly gained.  
* Other notable decliners were rubber producer GVR (-2.4%), GAS (-1.3%), steel maker HPG (-0.9%), and retailer MWG (-0.9%).


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