Vietcap Daily - VN-Index ticks up 0.6% on Thursday - BID, BMP, CTG, HDG, NKG, NVL, QTP, VCB, VPB, VTP, BMI, BSR, BVH, DGW, DPM, GEX, GVR, HPG, KBC, MWG, PLX, POW, SIP, SSI, STB, TV2, VJC
  • 2024-05-03T00:00:00
  • Market Commentary

* New orders improve at fastest rate since August 2022 

* BID: Expecting new progress in private placement; YoY decrease in provisioning expenses supports Q1 earnings growth – AGM Note & Earnings Flash 

* BMP: Ambitious 2024G NPAT-MI guidance with 1% YoY decline from 2023’s record-high base; 99% cash dividend payout ratio for FY2023 – AGM Note

* CTG: NIM to improve with stable credit growth in 2024 – AGM Note

* HDG: AGM sets five-year strategy, Q1 results in line with our forecasts – Earnings Flash & AGM Note

* NKG: Solid 1Q 2024 earnings recovery, conservative 2024 guidance – AGM Note & Earnings Flash

* NVL: Reports Q1 2024 loss following H2 2023 profitability – Earnings Flash & AGM Note

* QTP: 2024F robust earnings outlook driven by low-production cost advantage – AGM Note

* VCB: Conservative earnings guidance amid challenging economic environment; Q1 2024’s results weaker than expectation - AGM Note & Earnings Flash  

* VPB: Strong profit guidance; expecting stable cash dividends in five years – AGM Note 

* VTP: Weak Q1 earnings due to lower-than-expected GPM despite improvement in revenue of core businesses – AGM Note & Earnings Flash

* BMI: Strong premium growth supports earnings - Earnings Flash

* BSR: Robust volume, but reduced profitability from lower crack spreads, trailing expectations - Earnings Flash

* BVH: Stronger-than-expected financial income drives earnings growth - Earnings Flash  

* DGW: Earnings miss projection due to weaker-than-expected GPM - Earnings Flash

* DPM: Strong urea sales volume, lower-than-expected input gas price drives NPAT-MI ahead of our forecast – Earnings Flash

* GEX: Recurring NPAT completes 18% of full-year projection, in line with expectation – Earnings Flash

* GVR: Profit declines YoY in Q1 mainly from lower compensation income despite improved core earnings – Earnings Flash 

* HPG: Earnings surge YoY from low base – Earnings Flash

* KBC: No land handovers lead to loss in Q1; substantial cash increase from customer deposits – Earnings Flash 

* MWG: Earnings beat forecast due to better-than-expected margins - Earnings Flash

* PLX: Resilient volume, increased regulated cost drives NPAT-MI up 73% YoY in Q1 2024 - Earnings Flash

* POW: Q1 NPAT completes 23% of full-year projection despite huge loss from NT2; slight upside potential evident – Earnings Flash

* SIP: Strong YoY growth in Q1 earnings, IP land sales, & cash inflows – Earnings Flash 

* SSI: Losing brokerage market share; strong earnings in Q1 2024 – Earnings Flash 

* STB: Low credit costs counteract weak NOII – Earnings Flash

* TV2: Consultancy, EPC, O&M segment to boost Q1 revenue and earnings – Earnings Flash

* VJC: Results meet our expectations on continued recovery of transportation business – Earnings Flash

* Market wrap: VN-Index ticks up 0.6% on Thursday

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Market wrap: VN-Index ticks up 0.6% on Thursday

The VN-Index ticked up 0.6% (+6.8 pts) on Thursday after closing for three days for a national holiday break. The index’s gain was primarily led by the consumer goods and technology sectors, while financial services was the sole lagging sector. In total, there were 268 gainers, 194 laggards, and 75 stocks that were unchanged. Total trading volume declined to USD566.8mn.  

* The leaders in consumer goods were beer brewer SAB (+4.0%), food & beverage conglomerate MSN (+1.2%), milk producer VNM (+0.6%), and fish filet exporter VHC (+2.6%). 

* In technology, FPT (+3.3%), CMG (+3.4%), SGT (+3.0%), and ST8 (+1.9%) surged. FPT was the top contributor to the index’s gain and has seen its share price increase by more than 14% in the last five trading days.  

* Other notable gainers were real estate companies BCM (+3.1%) and VHM (+0.9%), electricity company POW (+5.7%), electrical engineering company REE (+4.2%), retailer MWG (+1.3%), and GAS (+0.5%).  

* Financial services was the only lagging sector in the index. SSI (-1.4%), HCM (-2.6%), VND (-1.7%), and VCI (-1.4%) exerted the most downward pressure. 

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