Company Report

Revenue in the 4Q.2018 was VND1,560 bn, gaining by VND436 bn, equal to 39% QoQ. The company growth included: (1) Nearly VND285 bn revenue from mobile phones, accounting for 65% growth; (2) about VND69 bn from offic and increasee equipment (15.9% growth); (3) approximately VND87 bn (20% growth) achieved from laptops and tablets. In 2018, DGW recorded an impressive growth with revenue hitting VND 5,943 bn (+56% YoY), NPAT reaching VND109.2 bn (+39% YoY), which met the target of 126% and 108% for 2018. Mobile phone segment still had the highest proportion of the total growth. As compared to 2017, revenue from mobiles surged by 213% to VND2,355 bn, hitting 196% of the plan. Laptops & tablets and office equipment also surpassed the expected target with 104% and 111% of planned revenue in 2018. Operating cost increased since the company continued to invest and develop consumer goods industry. In 2019, DGW expects to raise 20% revenue, equivalent to VND7,150 bn, and 25% of NPAT

Revenue in 2018 was about VND8,000 bn, increasing by 50% yoy, 33% more than expected. This was achieved by boosting the production in Factory No.6 and No.7. The production was 86,500 tons, up by 14% yoy, revenue from packaging rose by 40% yoy, equal to VND 800 bn. NPAT is forecasted to reach VND200 bn, decreasing by 24% yoy, only completing 60% of the previous plan. The plunge in NPAT was triggered by: (1) gross profit margin went down due to the policy on cutting sales, raising competitiveness to boost the production in the two news factories No.6-7 to the maximum level. (2) The trade segment has not achieved the expected results because the contract on buying PP resin produced by Binh Son Petrochemical Refinery (BSR) was delayed due to prolonged procedures. (3) The key projects at An Phat Complex Industrial Park are not profitable. In 2019, AAA has set its business plan with positive prospect. In particular, the expected revenue is VND10,000 bn, up by 100% yoy and NPAT i

TNG’s main business are outsourcing, producing jackets and chinos under FOB convert and CMT for export market, . The company also have its own brand name - TNG fashion with over 40 stores nation while, mostly located in the North of Vietnam. Export market accounts for 96% of 2017 sales structure, in which 53% goes to EU and 33% to North America. TNG works with various famous brand names, among which Decalthlon brings the most revenue of 44.02%.  TNG is still in the process of expanding production to meet the free trade agreement, particularly EVFTA which is favourable to the company as its largest market is EU. The focus on large clients is to help the company improve its gross margin as well as increase its net profit margin as a substitute for regular CMT orders. In addition, TNG is aiming to affirm its position in the domestic market with its chain of TNG Fashion Store.  The company won the tiltle of one of the 30 most transparent listed companies on HNX 2016 and top

In Q1.2018, evenue of the company reached to 12.121 billion(+1% YoY). If excluded revenue from cow farms and sugar, the result may decreased 2% compared to a high Q1- 2017 base due to a weak consumption of dairy product in the North as a result of a long cold season. Also, we believe that this low pace in domestic dairy revenue growth was affected by the fact that high base in Q1.2017 was partly driven by sales in Q4.2016 to be transfered. Net profit declined to VND 2,683 bn, by 8% YoY, of which downward trend was partly owe to a reduction in export sales mainly to Iraq (which make up over 70% export market of VNM), whose internal situation still remains instable. The first quarter of 2018 witnessed a downtrend in the GPM, 45.3% compared to that of 48.2% in same period in 2017. This resulted from the contribution from the highmargin market dwindled (like Iraq) and the hit from sugar business while domestic’s GPM remain stable. Accordingly, in Q1 2018, Vietsugar incurred

In the first 6 months, PNJ achieved net sales of VND7,357 billion, up 34% y/y. Net profit after tax was VND 517 billion, an increase of 37% over the same period last year. Particularly, PNJ announced Q2.2018 consolidated financial statements with net sales of VND 3,217 billion, an increase of 37% over the same period last year. According to PNJ, the revenue growth factor is still mainly focused on gold jewelry retailing channel. PNJ's gross profit in the second quarter was nearly 583 billion dong, equivalent to gross profit margin of 18.1%, significantly higher than 17.1% in the second quarter of last year. This is also the second consecutive quarter PNJ reached gross profit margin of 18%. NPAT accordingly rise 40% to reach VND 180bn. As of the end Q2.2108, PNJ has a total of 298 stores with 17 newly-opened stores this quarter, meaning the company almost completes its FY2018 target of 300 outlets early. As shared by management boards, there is still room for stores expansi

In Q2.2018 Pinaco's net sales reached VND798 bn, up 14.8% y / y and gross profit was VND 114.28 bn, up 20.2% over the same period, resulting from an increase in gross profit margin of 2.5 ppt. The key factor driving up GPM was the increase of 15% in battery price y/y. However, due to an irregular income of VN 25bn from the relocation of Gia Phu factory in Q2.2017 taking up almost a half of pretax profit, NPAT suffered a fall of more than 50% to VND 27.7bn this quarter, which if excluded would ease the decrease in pretax-profit to only 11.8%. Remarkably, SG&A expense/net sales ratio rose from 6% to 10% over the same period, which also hit net profit. As shared by PAC, due to intense competition, the company had to change its sales policy, boosting marketing activities, leading to higher selling expense and rising sales discount. Financial income - coming from interest income - decreased VND2.7 bn to VND12.5 bn. Meanwhile, financial expense - mainly borrowings and exchange l

In the first 6 months of 2018, Gemadept completed transfer of 51% stake in Hoa Sen - Gemadept Port (Profit of VND115 billion) which will be accounted for in Q3.2018 profit. Divesting 50.9% stake of Gemadept Logistics Holdings (Gained 1.356 billion) and 49% of Gemadept Shipping (Gained VND100 billion) to CJ Logistics in the first quarter of 2018 brought financial income to VND1,500 billion. However, the sale of logistics to CJ also reduced its Logistics Revenue to VND248 billion (-76.2%). Ports revenue increased due to new port launching Nam Dinh Vu Port in Hai Phong started operation in February 2018. With three other ports operating in Hai Phong namely Nam Hai Dinh Vu, Nam Hai and Nam Hai ICD, GMD solidifies its integrated logistics operations. Hai Phong is also one of the key industrial centers of Vietnam, especially import-export activities are bustlingly happening here. Profitability is improved by focusing on core business After transferring logistics activities to

The major business activities and functions of PVGas are the collection, storage, transportation and distribution of gas through its subsidiaries. In Vietnam, PVGas is the only unit assigned by Vietnam National Oil and Gas Group (PetroVietnam) to carry out the above activities. The main products of PVGas are dry gas, LPG, condensate, auxiliary activities for gas businesses such as gas & condensate transportation, gasoline and oil, office leasing, pipe production. steel and pipe coating. Crude gas after being collected from the gas fields will be transported to Gas Processing Plants to extract condensate and water and then treated with acid to separate sulfur and hydrocarbons such as Ethane, LPGs (Propane and Butane). After being processed, dry gas is mainly Methane. Dry gas can be liquefied (LNG) for transportation or compression (CNG) and delivered to the point of sale through high pressure piping. LPG is mainly used in civil use (12kg gas cylinders for civil use and 45kg

Net revenue of CVT reached VND1,448 bn, up by 22.8% yoy, which completed 85% of the business plan. Gross profit margin (GPM) hit 20.1%, sliding 3.7% YoY as the output price declined and the input cost rose with the depreciated cost from the new factory. EBT of the company was VND 209 bn, down by 3.7%yoy, which completed 80.5% of the plan. NPAT in 2018 was VND168.1 bn, deceasing by 3.3% yoy. CVT has a prudent business plan with 2019 revenue expected to reach VND1,700 bn, up by 10.6% yoy. EBT is expected to reach VND220 bn, gaining 5.26% yoy. The new product line, which is tiles absorbing soluble salt – micro crystal, has difficulties in penetrating the market. Amid fierce competition in the construction market, declining gross profit margin, and construction businesses heading towards affordable products to reduce cost, high quality products consumption will meet many obstacles. According to general statistics, the price of tiles sold tends to decrease by 2-3% compared to