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

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

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

Equity Bottom-Up

<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

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

Rong Viet Securities

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<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

Power Construction JSC No.1 (PC1 VN)<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>

Power Construction JSC No.1 (PC1 VN)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 (PC1 VN/Buy)_Update_Real estate and wind power to lead FY22 earnings

Vietnam

PC1 Group is a Vietnamese multi-industry economic group operating in energy investment, EPC general contractor for electrical works, real estate, industrial parks, mining and mineral processing, electrical power construction, industrial production, and commercial business. The company designs and produces zinc-galvanized steel structures and provides consultancy services. Headquartered in Ha Noi, Vietnam, the company was founded in 1963.

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PC1 Group (PC1 VN)

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

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

Power Construction JSC No.1 (PC1 VN/Buy)_Update_Real estate and wind power to lead FY22 earnings

Power Construction JSC No.1 (PC1 VN)

Mirae Asset Securities

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