PXS – No sudden movements in core business activities

Petroleum Equipment Assembly & Metal Structure JSC (PXS – HSX) announced the business results for Q2/2016 without many changes compared to plan. Accordingly, revenue and profit after tax achieved VND 431 billion (-28.0% yoy) and VND 42 billion (-11.84% yoy) respectively.

CTD – Remarkable growth observed in 1H2016

CTD has just announced Q2/2016 business performance, which sees substantial growth in major figures. Ctd recorded Q2 Revenue and NPAT growth rates of 80% and 151% yoy respectively. Regarding the first half of 2016, the rates are 85% and 177% compared to 1H2015 respectively.

NCT - Company report introduction dated 20/07/2016

Noi Bai Cargo Terminal Services JSC (NCT-HSX) is the leading provider of air cargo services at Noi Bai Airport. The firm has leveraged on its established services quality and Vietnam Airlines support to set up a wide network of clients making up 60% market share at Noi Bai. The expansion of current MNCs projects (Samsung, LG display, Canon, Nokia) and new FDI inflow expect to sustain the 12-15% annual growth in air cargo in Northern Vietnam going to FY2020. However, NCT’s earnings outlook in short term would face headwinds with new joiner ALS in 2015.

NCS (Upcom) - Benefits from the growth of Vietnam Aviation Industry

Noi Bai Catering Services JSC (NCS-Upcom) was founded by equitizing Noi Bai Catering Service Enterprise in 2004. Company’s core businesses are providing in-flight meals and related services for airline companies. Vietnam Airlines – the holding company – owns 60% of shares, and Southern Airport Services JSC (SASCO) owns 10% of shares. Below is a brief information on NCS ’s prospect:

SKG – Maintain the impressive business results

Superdong Fast Ferry Kieng Giang JSC (SKG – HSX) announced business results for Q2/2016. SKG maintained efficient core business activities with impressive results when revenue and profit after tax achieved VND 103 billion (+12.3% yoy) and VND 65 billion (+19.4% yoy) respectively. The growth rates compared to last quarter (Q1/2016) are +18.4% and +20.1%.

PVT- 1H2016 earnings update and 2016 outlook rating

Under the theme of expanding refinery capacity domestically and rising fuel consumption greatly supporting oil tanker activity. We, hereby, would like to give investors updates on the 1H2016 performance and the whole year business outlook of PetroVietnam Transportation JSC (PVT-HSX).

Brief update about Tay Ninh Rubber JSC (HSX – TRC)

Recently our analyst had a meeting with the representative of Tay Ninh Rubber Jsc (HSX – TRC) in order to update about the latest earnings result and company outlook.

ETC access strategy - Raising the factory’s standard

Due to technological limitations, Vietnam pharmaceutical enterprises can produce generics drugs only. Generics drugs, when bidding into ethical channel (ETC), will be classified into five tiers and will compete with other drugs of the same tier only:

Tier 1: medicines produced by manufacturers that meet EU-GMP or PIC/S in countries that belong to the ICH (USA, Japan, EU), and Australia

Tier 2: medicines produced by manufacturers that meet EU-GMP or PIC/S in countries that do not belong to the ICH and Australia. Indian companies account for the biggest part of the group, follow by companies from other Asian countries like Taiwan and Korea. There are only a few Vietnam enterprises in this group (Bidipharco, Pymepharco).

Tier 3: medicines produced by manufacturers that meet WHO-GMP, recognized by MoH.

Tier 4: medicines that have bio-equivalence, recognized by the MoH.

Tier 5: Others.

PHR - Q22016 Earnings Update

Phuoc Hoa Rubber Joint Stock Company (PHR - HSX) announced earnings results for the first 6 months. Accordingly, the results are lower than analyst’s expectation. Specifically, in 1H2016, production and purchasing volume reached 9,000 tons, down by 2% over the same period, meanwhile, the demand was good, sales volume reached 10,800 tons, up 8.4% compared to the same period. Because the ASP decreased by 13%yoy, revenue of finished goods slightly decreased by 5%yoy, corresponding to VND316 billion. Profit before tax was estimated at about VND55.7 billion, down 16% yoy and completed 44.3% the 2016’s plan.

VNP – Waiting for a stronger movement in the long term

Since late 2014, most of the plastic firms have benefited from the sharp decrease in material input prices. However, the performances of a few businesses like Vietnam Plastic Corporation (Upcom: VNP) bucked the overall trend. VNP’s main businesses are trading PVC, PET, PP, PE nuts, which are raw materials used to produce plastic pipes and packaging. Currently, the Company’s average annual quantity is about 20,000 tons of plastic of all kinds, accounting for 5% of the total supply of the whole market. Being a major supplier of large plastic domestic businesses, including BMP and NTP, however, its spreading investment activity has resulted in losses during the past three years. However, the recent process of restructuring is pulling VNP back after a long difficult period.

HDG – Hado Centrosa marks a spectacular return

Last week, our analyst had a meeting with representatives of Ha Do Group (HSX – HDG). Once an contruction unit under the Ministry Defense, HDG’s ability to access the military’s land bank at promising locations is a huge advantage over other property developers. HDG currently has a pipeline of 7 projects in Hanoi and HCMC and one 75-hectare residential area in Laos. While the electricity and leasing segments continue to bring steady profits and cash inflows, the coming of (1) Hado Centrosa Garden (Z756) (2) Ibis Hong Ha and (3) Hado Parkview promise to put the Company back on its growth track after a slow year of 2015.

SJD: 6M2016’s business update

In the first six months of the year, El nino negatively affected the production of Southern hydropower plants including Can Don Hydro Power Joint stock company (HSX:SJD). In particular, we did update that except Na Loi (a Northern hydro power plant), both three remaining plants (Can Don, Ry Ninh II, Ha Tay) would probably not reach their volume target.