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

Rong Viet Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

Power Construction JSC / Equity Bottom-Up

<ul><li>In Q1/2023, PC1 recorded net revenue and NPAT-MI of VND 1,505 bn (+2% YoY) and VND 14.7 bn (-89% YoY), respectively.</li><li>Despite the new contributions from the nickel project and Nomura IP, the low profit is reflected in (1) lower earnings contribution from hydropower plants, whose output plummeted by 59% YoY, and (2) higher interest expenses, which totaled VND 202 bn (+81% YoY).</li><li>For Q2/2023, we forecast net sales and NPAT-MI at VND 1,518 bn (+1% QoQ, +0% YoY) and VND 39 (+166% QoQ, -38% YoY), respectively.</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>

In Q1/2023, PC1 recorded net revenue and NPAT-MI of VND 1,505 bn (+2% YoY) and VND 14.7 bn (-89% YoY), respectively.Despite the new contributions from the nickel project and Nomura IP, the low profit is reflected in (1) lower earnings contribution from hydropower plants, whose output plummeted by 59% YoY, and (2) higher interest expenses, which totaled VND 202 bn (+81% YoY).For Q2/2023, we forecast net sales and NPAT-MI at VND 1,518 bn (+1% QoQ, +0% YoY) and VND 39 (+166% QoQ, -38% YoY), respectively.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.

PC1 - Cautious with Growth Expectations Ahead

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

Mirae Asset Securities

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.

<ul><li>We forecast a HoH recovery and YoY flat results in both revenue of VND5,358bn (+80% HoH, -0.1% YoY) and net profit of VND271bn (+3% YoY, 1H23: a loss of VND11bn) in 2H23.</li><li>It will be supported by the contribution of two new segments, including the Tan Phat nickel mining project and the industrial park.</li><li>These factors should be enough to make up for a 31% YoY decrease in revenue and a 29% YoY drop in gross profit of the power infrastructure construction segment.</li></ul><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>

We forecast a HoH recovery and YoY flat results in both revenue of VND5,358bn (+80% HoH, -0.1% YoY) and net profit of VND271bn (+3% YoY, 1H23: a loss of VND11bn) in 2H23.It will be supported by the contribution of two new segments, including the Tan Phat nickel mining project and the industrial park.These factors should be enough to make up for a 31% YoY decrease in revenue and a 29% YoY drop in gross profit of the power infrastructure construction segment.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.

Power Construction JSC No.1 - Walking Further for Raise

<ul><li>In Q1/2023, PC1 recorded net revenue and NPAT-MI of VND 1,505 bn (+2% YoY) and VND 14.7 bn (-89% YoY), respectively.</li><li>Despite the new contributions from the nickel project and Nomura IP, the low profit is reflected in (1) lower earnings contribution from hydropower plants, whose output plummeted by 59% YoY, and (2) higher interest expenses, which totaled VND 202 bn (+81% YoY).</li><li>For Q2/2023, we forecast net sales and NPAT-MI at VND 1,518 bn (+1% QoQ, +0% YoY) and VND 39 (+166% QoQ, -38% YoY), respectively. </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>

In Q1/2023, PC1 recorded net revenue and NPAT-MI of VND 1,505 bn (+2% YoY) and VND 14.7 bn (-89% YoY), respectively.Despite the new contributions from the nickel project and Nomura IP, the low profit is reflected in (1) lower earnings contribution from hydropower plants, whose output plummeted by 59% YoY, and (2) higher interest expenses, which totaled VND 202 bn (+81% YoY).For Q2/2023, we forecast net sales and NPAT-MI at VND 1,518 bn (+1% QoQ, +0% YoY) and VND 39 (+166% QoQ, -38% YoY), respectively. 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.

Thematic (Sector/Industry)

<ul><li>Ho Chi Minh City Development Joint Stock Commercial Bank (HDB), formerly known as HCMC Housing Development Bank, was established in 1989.</li><li>HDB was listed on the Ho Chi Minh Stock Exchange (HOSE) in late-2017 and began trading in early-2018.</li><li>By end-2Q23, HDB's total loan portfolio had surged by 8.7% YTD, reaching VND284tr (US$11.8bn). </li></ul><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>

Ho Chi Minh City Development Joint Stock Commercial Bank (HDB), formerly known as HCMC Housing Development Bank, was established in 1989.HDB was listed on the Ho Chi Minh Stock Exchange (HOSE) in late-2017 and began trading in early-2018.By end-2Q23, HDB's total loan portfolio had surged by 8.7% YTD, reaching VND284tr (US$11.8bn). 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.

Stock Recommendations (Vietnam Market) - September 2023

<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

Vietnam

Power Construction Joint Stock Company No 1 provides power grid project construction services. The Company constructs power operation systems and transmission networks. Power Construction serves customers in Vietnam.

Power Construction JSC (PC1 VN)

PC1 - Cautious with Growth Expectations Ahead

For Q2/2023, we forecast net sales and NPAT-MI at VND 1,518 bn (+1% QoQ, +0% YoY) and VND 39 (+166% QoQ, -38% YoY), respectively.

Rong Viet Securities

Power Construction JSC No.1 - Walking Further for Raise

We forecast a HoH recovery and YoY flat results in both revenue of VND5,358bn (+80% HoH, -0.1% YoY) and net profit of VND271bn (+3% YoY, 1H23: a...

Mirae Asset Securities

PC1 - Cautious with Growth Expectations Ahead

For Q2/2023, we forecast net sales and NPAT-MI at VND 1,518 bn (+1% QoQ, +0% YoY) and VND 39 (+166% QoQ, -38% YoY), respectively.

Rong Viet Securities

Stock Recommendations (Vietnam Market) - September 2023

Ho Chi Minh City Development Joint Stock Commercial Bank (HDB), formerly known as HCMC Housing Development Bank, was established in 1989.

Mirae Asset Securities

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