DHG - 2Q earnings result update

In 1H2016, DHG recorded the growth of 15.2% and 14.5% in revenue and earnings after tax, respectively.  Particularly, selling expenses surged by 43% p-o-p as marketing activities were strongly promoted, focusing on three products: Naturenz, Hapacol, and Natto Enzym. The marketing strategies proved effective as sales of those products improved significantly in the first 6 months. Sale of Hapacol, Naturenz, and Natto Enzym gained 25%, 170%, and 84%, respectively.

PLC – Flexibility in business model minimized negative impacts from asphalt segment

Petrolimex Petrochemical Corporation - JSC (PLC – HNX) announced Q2/2016 business results which did not provide an optimistic picture in spite of improvement compared to last quarter. Q2 revenue and PAT achieved VND 1,137 billion (-36.2% yoy) and VND 70 billion (-45.2% yoy). Comparing to Q1/2016, revenue maintained stable with significant improvement in business efficiency with +78.4% qoq in term of PAT. In 1H2016, PLC’s total revenue was VND 2,308 billion (-35.9% yoy) with VND 109 billion in PAT (-41.6% yoy).

ITD – Company Report on 29/07/2016

• Attractive growth thanks to ITS segment
• ITS – future prospects are based on development of expressway network
• Solid experience and large market share in providing automatic toll collection
• Potential ITS projects in Ho Chi Minh City market

TCM - 2016Q2 earnings result update

Ending half a year, TCM recorded VND 1,571 billion in revenue (13% YoY and 46.5% of 2016 target) in which export sales accounted for 91%, equivalent to VND 1,317 billion (18.91% YoY). Despite of the growh in sales, the first half saw significant decreases in profitability ratios. Particularly, gross profit margin felt sharply from 16.08% to 12.22% while net profit plunged down 42% as compared to the same period last year to reach a low of VND 50.14 billion, accomplishing only 31% of 2016 target.

Pjitaco (PJT-HSX) – Small ship on the rise

Continuing the update series on Vietnam oil tanker sector, RongViet research would like to bring to investors’ consideration the stock of Petrolimex Joint stock tanker company (PJT-HSX).

PVS – Gloomy Q2/2016 picture

PetroVietnam Technical Services Corporation (PVS – HNX) announced Q2/2016 business result. Revenue and profit after tax achieved VND 4,809 billion (-36.0% yoy) and VND 393 billion (-29.1% yoy) respectively. Compared to the last quarter, both figured recorded positive growth at +8.3% qoq and +38.8% qoq.

Oil & Gas – Performance of gas industry gradually improved

In Q2/2016, global crude oil price reached USD 47.0/barrel, improved by +33.6% compared to Q1/2016. However, the decline over the same period in 2015 remained relatively high with the negative growth of -25,9% yoy. With a significant improvement compared to Q1/2016, oil prices are being sustained in equilibrium price level without much volatility when fluctuating around USD 45-50 for most of Q2.

TDH – Nearing a breakthrough

Our analyst attended yesterday a conference of Thu Duc Housing Development Corporation (HSX – TDH) at the Hochiminh Stock Exchange. We hold high regards for TDH’s recent efforts in replenishing its land bank and raising funds for its real estate projects. As the market for high-end and luxury apartments in HCMC saw significant contraction in Q2, we believe this is the right time for affordable housing developers like TDH to make a good rollout.  

HAH – 1H2016 earnings performance update

Hai An Transport and Stevedoring JSC just released its 2Q eanings results. In specifics, while 2Q revenue fell 10.4% yoy to VND109 bil, PAT managed to record VND36 bil (up 6.6%yoy). For the first six months of 2016, accumulated revenue was sligthly down 6.7% and PAT posted VND72 bil (equivalent to 2015’s corresponding figure). Given the industry backdrop of increasing port supply and the absence of extraordinary refridgerated cargoes this year, the earnings achieved above is encouraging.

HPG- Q2 Result: Remarkable

Ending half a year, HPG completed 55% Revenue and 95% NPAT annual targets. HPG thus raised NPAT target from VND 3,200 bn to VND 5,000 bn, which is considered careful taking into account HPG’s current market power in both production and consumption. Therefore, 2016 NPAT is expected to be exceed the budget.

PPC – 2Q2016 result update

Pha Lai Thermal Power Plant (PPC – HSX) today announced its 2Q2016 consolidated financial statements. Accordingly,  2Q revenue posted VND1,517 bn (-33% yoy) while NPAT recorded a loss of VND192 bn (6M2015 earnings was positive VND317 bn).

Quick comments on 1H2016 nonlife insurance sector

In the first quarter of 2016, the Insurance Supervisory Authority (ISA) reported that total gross premium of the industry was VND18,274 billion (+26% yoy). Nonlife insurance increased 17.36% compared to last year first quarter, equivalent to VND8,852 billion. Loss ratio (based on gross premium) was 29%, far lower than 37.17% of 1Q/2015 as companies had to pay for damage incurred from riots in Binh Duong, Ha Tinh, Dong Nai provinces and major loss payment of PVI for some breakdowns of Oil & Gas industry. In term of market share, PVI was still the leader with 21.29% market share. BVH, which held 17.83% was the runner-up. The next three positions were BMI (8.35%), PTI (8.13%) and PGI (6.57%).