HVG - Building a closed-end production line is the five-year priority

Today, RongViet Research has attended AGM of Hung Vuong Corporation (HVG).

PDB - Earnings leaps in 2015

Da Nang is one of the most typical cities having high growth in infrastructure as well as hotels and resorts in the recent years. For that reason, many building materials companies in the area ​​, including Pacific Dinco Corporation, achieved good business results in 2015.

PVT – Low oil prices is forming a clearer divergence across Oil & Gas segments

PetroVietnam Transportation Corp (PVT-HSX) has lately announced the 4Q2015 earnings report with consolidated revenue up 21.46% to VND1,675 billion and PAT (after minority interest) growing 60% yoy reaching VND154.7 billion. So, PVT has been able to maintain the pace of earnings growth over the past years put in the context of still difficult shipping sectors condition in general and low-oil prices challenge.

PGS – 2016 prospects with CNG divestment story

In 2016, PGS maintained the level of total output with ~235,000 tons of LPG (equaled to last year) and ~88 million m3 of CNG (+3.88% yoy). However, business result from PGS has not made any spectacular improvement due to the pressure from global crude market. For the whole year, revenue and profit after tax of the company both recorded a deterioration with negative growth rates, VND 5,952.76 billion (-21.04% yoy) and VND 112.89 billion (-17.40% yoy).

2015 non-life insurance sector overview: Double digit growth, stable loss ratio

After experiencing four consecutive years of declining from 2010 to 2013, the insurance market’s gross premium returned to positive growth in 2014. That recovery was attributed to the recovery of the overall economy and efforts to restructure operation of non-life insurance companies themselves. The MOF has estimates non-life insurance sector could record a 15% growth y-o-y by the end of 2015, equal to VND31,500 billion

Oil prices surged – psychological factors positively affected oil & gas stocks

Ending trading session on 24/01/2016 in ICE and NYMEX, future contract prices for Brent and WTI increased significantly to USD32.18/barrel and USD32.19/barrel respectively. The rates achieved 8.26% and 9.11% compared to last session. It pulled the crude prices out of the lowest level in 12 years which have maintained for a week (18 – 22/01).

NT2: Double advantages bring positive result in 2015

NT2 released its Q42015’s financial statements with acceptable performance. Accordingly, the fourth quarterly’s revenue and profit-after-tax (PAT) were VND1,708.3 bn (-4.1%, yoy) and c. VND450 bn (+26%, yoy) respectively. We would like to remind that from Sep 2015 natural gas price paid to Vietnam Petro Gas will be floated, instead of fixed-price as previous years. Due to natural gas market price has been lower than contracted price, Q42015’s sales were lower.

MAC – Which direction is right?

Maserco JSC (MAC-HNX) announced the 4Q earnings result late yesterday with revenue and PAT recording VND38.1 (+39% yoy) and VND5.04 (+45.6% yoy). So, for FY2015, the firm has seen impressive growth in PAT to VND14.4 billion (a 2.8 times growth to 2014's result) and 24% rise in revenue to VND135 billion.

LCG – Potential not yet confirmed by business performance

Yesterday, our analyst attended an analyst meeting of Licogi 16 JSC (HSX – LCG), where the Company revealed its business results for FY2015 as well as the guidance for FY2016. In the nine months to September, LCG reported VND45bn of net income, 100% of the annual NPAT guidance. However, the firm said it made only a third of that number for the whole year of 2015. The stock of LCG lost over 13% over the past 5 days.

DHA, KSB earnings update - Keep on growing

The fourth-quarter earnings season is about to pick off. Like many other listed enterprises, Hoa An JSC has just unveiled its over-expected performance in 2015. Accordingly, 2015’s revenues were VND201.51 billion, an increase of 17.8% compared to FY2014; net income rose significantly 190% to VND44.37 billion. If excluding extraordinary profit from the transfer Thuong Tan mine, the adjusted profit still climbed 155.1%. The positive earnings came from (1) consumption volume climbed 10.3% compared with FY2014, (2) the average selling price added 7% and (3) the Company tightened its control policy to avoid losses and enhance production efficiency.

GAS - Preliminary estimated results for 2015 and 2016 prospects

Today (22/1/2016), Rongviet Research participated in the analyst meeting hosted by PetroVietnam Gas Corporation (GAS – HSX).

In 2015, under the negative pressure from global crude oil prices, GAS achieved pessimistic business results with revenue and profit before tax at 63,454 billion (-13.84% yoy) and 11.220 billion (-37.64% yoy) respectively

DGW - 2015 Earnings updates

2015’s performance was not as expected due to sudden drop in Nokia’s revenue. Total revenue of 2015 was only VND 4,208 billion, 14% lower than 2014’s figure and only 78% his guidance. This poor result was mainly due to external factor, which come from Nokia’s strategy. Nokia’s revenue in 2014 accounted for over 50% total revenue of DGW. However, in 2015, Nokia changed his business strategy to focus on software development, instead of manufacturing devices as previous years. Therefore, there was less new Nokia cell phone models introduced to customers and his products also become less attractive to customers in Vietnam. As a consequence, DGW get trouble in generating revenue by distributing Nokia’s products. Moreover, in DGW’s 2016 guidance, he also did not account for Nokia revenue in his business plan.