External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>According to the Vietnam Electricity Corporation (EVN), electricity consumption increased by 6.3% YoY in 4M22.</li><li>Wind power was the biggest beneficiary, with a 500% YoY increase in April 2022 and 369% YoY increase in 4M22, in terms of volume.</li><li>Solar power output grew by 53% YoY in April 2022 and 6.6% YoY in 4M22.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

According to the Vietnam Electricity Corporation (EVN), electricity consumption increased by 6.3% YoY in 4M22.Wind power was the biggest beneficiary, with a 500% YoY increase in April 2022 and 369% YoY increase in 4M22, in terms of volume.Solar power output grew by 53% YoY in April 2022 and 6.6% YoY in 4M22.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vietnam Utilities: Strong Earnings Growth in 1Q22

Equity Bottom-Up

Refrigeration Electrical Eng / Equity Bottom-Up

Investment thesis Strong 1H21 results mainly from M&amp;A activities; not significantly affected by Covid19  Consolidated revenue for Refrigeration Electrical Engineering (REE) reached VND2,819bn, up 14.1% versus the same period in 2020, thanks to the merger of Vinh Son – Song Hinh Hydropower JSC (VSH – power segment) and TK Cong Company Limited (water segment – small scale, revenue +VND23bn).<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Investment thesis Strong 1H21 results mainly from M&amp;A activities; not significantly affected by Covid19  Consolidated revenue for Refrigeration Electrical Engineering (REE) reached VND2,819bn, up 14.1% versus the same period in 2020, thanks to the merger of Vinh Son – Song Hinh Hydropower JSC (VSH – power segment) and TK Cong Company Limited (water segment – small scale, revenue +VND23bn).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Refrigeration Electrical Engineering Corporation (REE VN/ Hold)

External broker reports(aggregated public sources), Rong Viet Securities

Rong Viet Securities

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<p>With strong experience in management in that sector and the company’s constructive attitude toward shareholders, we consider REE as an efficient way to get exposure to the power and water utilities sector. In 2018, the catalyst in this business segment will be the contribution from new associate companies including CHP and VCW, which account for 11% of its earnings. Meanwhile, VIID and SGR with expected earnings growth of 60% and 43%, respectively, would contribute 11% to the total NPAT of VND…</p>

With strong experience in management in that sector and the company’s constructive attitude toward shareholders, we consider REE as an efficient way to get exposure to the power and water utilities sector. In 2018, the catalyst in this business segment will be the contribution from new associate companies including CHP and VCW, which account for 11% of its earnings. Meanwhile, VIID and SGR with expected earnings growth of 60% and 43%, respectively, would contribute 11% to the total NPAT of VND…

[Result Update] REE - Effective Investments Continue to Drive Earnings Growth

Vietnam

Refrigeration Electrical Engineering Corporation is an electrical company. The Company manufactures, markets, and installs refrigerating systems for commercial and industrial purposes.

Refrigeration Electrical Eng (REE VN)

Vietnam Utilities: Strong Earnings Growth in 1Q22

According to the Vietnam Electricity Corporation (EVN), electricity consumption increased by 6.3% YoY in 4M22. Wind power was the biggest...

Mirae Asset Securities

Refrigeration Electrical Engineering Corporation (REE VN/ Hold)

Investment thesis Strong 1H21 results mainly from M&A activities; not significantly affected by Covid19  Consolidated revenue for Refrigeration...

Mirae Asset Securities

[Result Update] REE - Effective Investments Continue to Drive Earnings Growth

With strong experience in management in that sector and the company’s constructive attitude toward shareholders, we consider REE as an efficient...

Rong Viet Securities