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

Rong Viet Securities

External broker reports(aggregated public sources)

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DRC’s 2Q 2018 performance saw an improvement from a low base in 2Q 2017. However, we forecast that no significant breakthroughs would happen in 3Q 2018. Regarding 2018 outlook, NPAT is estimated to increase by 7.1% YoY to VND 178 billion, corresponding to EPS of 1,381 VND/share. Regarding the divestment of Vinachem, we expect that if the potential buyer is a car manufacturer, this event could become a positive driver for market sentiment and support stock price in the short term.We evaluate DRC price at VND 24,300/share and forecast a cash dividend of VND 1,000 per share in the following 12 months, which results in a -2% total return from the closing price on September 5th, 2018. We rate REDUCE for DRC.

DRC’s 2Q 2018 performance saw an improvement from a low base in 2Q 2017. However, we forecast that no significant breakthroughs would happen in 3Q 2018. Regarding 2018 outlook, NPAT is estimated to increase by 7.1% YoY to VND 178 billion, corresponding to EPS of 1,381 VND/share. Regarding the divestment of Vinachem, we expect that if the potential buyer is a car manufacturer, this event could become a positive driver for market sentiment and support stock price in the short term.We evaluate DRC price at VND 24,300/share and forecast a cash dividend of VND 1,000 per share in the following 12 months, which results in a -2% total return from the closing price on September 5th, 2018. We rate REDUCE for DRC.

[Results Update]DRC - Difficult to Reach a Turning Point

Frontier and emerging markets (Vietnam)

Dylan Waller

The sustainability of the VN Index’s Rise The VN Index surpassed 1,100 points at the end of last week, and has <a href="https://www.bloomberg.com/quote/VNINDEX:IND" target="_blank">returned 59%</a> in the past year, as of February the 23rd.  Strong performance during 2017 occurred due to significant PE expansion, as well as the strong EPS growth.  Moving forward, the main catalyst for Vietnam includes various IPOs and state divestments through 2018-2020, while the country’s healthy macroeconomic conditions will continue to support the market.  All of these factors…

The sustainability of the VN Index’s Rise  The VN Index surpassed 1,100 points at the end of last week, and has returned 59% in the past year, as of February the 23rd.  Strong performance during 2017 occurred due to significant PE expansion, as well as the strong EPS growth.  Moving forward, the main catalyst for Vietnam includes various IPOs and state divestments through 2018-2020, while the country’s healthy macroeconomic conditions will continue to support the market.  All of these factors…

Vietnam Update: Market Complexity Grows, yet the Attractive Economic Narrative Remains in Place

Equity Bottom-Up

DRC stock has depreciated owing to the poor performance of the business in the last two quarters. However, with sales maintaining steady growth, in which radial tires are the main driver, and rubber prices forecasted to stabilize at low price range, we hold the view that the performance of DRC would flourish from Q4 2017.Based on two valuation methods, DCF and PE, with adjustment to the estimation closer to DRC’s actual business results compared to the Company updates on July 14, 2017, we rate N…

DRC stock has depreciated owing to the poor performance of the business in the last two quarters. However, with sales maintaining steady growth, in which radial tires are the main driver, and rubber prices forecasted to stabilize at low price range, we hold the view that the performance of DRC would flourish from Q4 2017.Based on two valuation methods, DCF and PE, with adjustment to the estimation closer to DRC’s actual business results compared to the Company updates on July 14, 2017, we rate N…

[Result Update] DRC - Getting Through Difficult Times

Institutional Sales at Bao Viet Securities, BAOVIET Securities

Institutional Sales at Bao Viet Securities

The 1st Established Securities House in Vietnam

BAOVIET Securities

Bao Viet Securities Joint Stock Company (BVSC) is one of the leading and most prestigious securities companies in Vietnam, providing professional financial and investment services for domestic and foreign individuals and institutions, investment funds and banks. BVSC is a member of Bao Viet Holdings, the leading financial &amp; insurance conglomerate under the control of Vietnam’s MOF. During its 13 years of development, as the first securities company in the Vietnamese stock market, BVSC has continuously increased its financial capacity, strengthened its operations and developed a modern information technology system in order to improve the quality of service and become a leading brokerage company in Vietnam. BVSC has received a number of awards and recognitions from foreign and local prestigious institutions. In advisory activities, with highly experienced experts who were educated at foreign and local prestigious universities, BVSC was honored to receive the “Outstanding M&amp;A Advisory Firm” Award in 2011 and 2012, granted by the Securities Investment newspaper and the Ministry of Planning and Investment. BVSC was also recently named Best Equity House and Best Brokerage House in Vietnam in 2016 by Global Banking; Finance Review. Mergers and acquisitions (M&A) deals under BVSC consultancy were also selected as the most typical deals in the market. BVSC has also upheld its position among the top 10 securities companies by brokerage market share on the HSX and HNX. Notably, BVSC is among the three biggest bond brokerage houses in the market.

Insight Overview Overall, we are optimistic about some measures that the government is taking to reach its GDP growth target, although we still project that growth will only reach 6.3-6.5%, below the target of 6.7%.  This growth may be supported by increased credit growth, and further easing measures from the SBV during H2 2017 (supported by the recovery of CPI during Q2 2017).  Some noteworthy events from this month include the launch of a derivatives market on August the 10th, and resolutions…

Insight Overview  Overall, we are optimistic about some measures that the government is taking to reach its GDP growth target, although we still project that growth will only reach 6.3-6.5%, below the target of 6.7%.  This growth may be supported by increased credit growth, and further easing measures from the SBV during H2 2017 (supported by the recovery of CPI during Q2 2017).  Some noteworthy events from this month include the launch of a derivatives market on August the 10th, and resolutions…

Vietnam Market Updates: Where the Rubber Meets the Road

Viet Capital Securities Joint Stock Company

Luan Nguyen

Vietnam’ s monopolistic airport operator is poised to be listed on Upcom next week. According Ha Noi stock exchange, Airports Corporation of Vietnam (ACV) will be listed on the Upcom exchange by November 21, 2016. The listing reference price in the first trading day is VND25,000 per share, which implies a market cap of USD2.4 billion based on the 2,177,173,236 shares outstanding.

Vietnam’ s monopolistic airport operator is poised to be listed on Upcom next week. According Ha Noi stock exchange, Airports Corporation of Vietnam (ACV) will be listed on the Upcom exchange by November 21, 2016. The listing reference price in the first trading day is VND25,000 per share, which implies a market cap of USD2.4 billion based on the 2,177,173,236 shares outstanding.

Airports Corporation of Vietnam - Riding the Boom of Passenger Traffic Growth

Vietnam

Danang Rubber JSC manufactures vehicle tires.  The Company produces tires for bicycles, motorcycles, automobiles, and trucks.

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Danang Rubber JSC (DRC VN)

[Results Update]DRC - Difficult to Reach a Turning Point

DRC’s 2Q 2018 performance saw an improvement from a low base in 2Q 2017. However, we forecast that no significant breakthroughs would happen in 3Q...

Rong Viet Securities

Vietnam Update: Market Complexity Grows, yet the Attractive Economic Narrative Remains in Place

The sustainability of the VN Index’s RiseThe VN Index surpassed 1,100 points at the end of last week, and has returned 59% in the past year, as of...

Dylan Waller

[Result Update] DRC - Getting Through Difficult Times

DRC stock has depreciated owing to the poor performance of the business in the last two quarters. However, with sales maintaining steady growth, in...

Rong Viet Securities

Vietnam Market Updates: Where the Rubber Meets the Road

Insight OverviewOverall, we are optimistic about some measures that the government is taking to reach its GDP growth target, although we still...

BAOVIET Securities

Airports Corporation of Vietnam - Riding the Boom of Passenger Traffic Growth

Vietnam’ s monopolistic airport operator is poised to be listed on Upcom next week. According Ha Noi stock exchange, Airports Corporation of...

Luan Nguyen

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