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

Equity Bottom-Up

Vietnam Container Shipping / Equity Bottom-Up

<ul><li>Although the general seaport sector has seen a gradual recovery, with significant support from both macro and industrial areas, we believe there remain dark clouds over the segment for 2024.</li><li>Thus, we maintain our Neutral rating for the Vietnam seaport sector.</li><li>Export-import value maintained the recovery trend when the decline narrowed gradually in 10M23, at US$557.9bn (-9.5% YoY; 8M23: -13.1% YoY). Of this, 10M23 export and import values reached US$291.3bn (-7.1% YoY; 8M23: -10% YoY) and US$266.7bn (-12.3% YoY; 8M23: - 16.2% YoY).</li></ul><div class="content-highlight">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.</div>

Although the general seaport sector has seen a gradual recovery, with significant support from both macro and industrial areas, we believe there remain dark clouds over the segment for 2024.Thus, we maintain our Neutral rating for the Vietnam seaport sector.Export-import value maintained the recovery trend when the decline narrowed gradually in 10M23, at US$557.9bn (-9.5% YoY; 8M23: -13.1% YoY). Of this, 10M23 export and import values reached US$291.3bn (-7.1% YoY; 8M23: -10% YoY) and US$266.7bn (-12.3% YoY; 8M23: - 16.2% YoY).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 Seaport Segment (Neutral) - Heading towards recovery

<ul><li>Revenue maintained, but profit margins down: In 2Q23, VSC’s revenue saw a modest increase of 4.5% YoY, reaching VND534.6bn.</li><li>Due to weak import-export activities, gross margin declined to 27.8% (2Q22: 34.7%; 1Q23: 29.7%).</li><li>Gross profit reached VND148.8bn (-16.2% YoY). As VSC increased its shortterm and long-term debt for Nam Hai Dinh Vu (NHDV) port acquisition, 2Q23 financial costs jumped to VND44.1bn (2Q22: VND0.5bn).</li></ul>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.

Revenue maintained, but profit margins down: In 2Q23, VSC’s revenue saw a modest increase of 4.5% YoY, reaching VND534.6bn.Due to weak import-export activities, gross margin declined to 27.8% (2Q22: 34.7%; 1Q23: 29.7%).Gross profit reached VND148.8bn (-16.2% YoY). As VSC increased its shortterm and long-term debt for Nam Hai Dinh Vu (NHDV) port acquisition, 2Q23 financial costs jumped to VND44.1bn (2Q22: VND0.5bn).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 Container Shipping JSC (VSC VN) - Signs of Improvement in 2H23

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

Rong Viet Securities

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<ul><li>Total container throughput decreased by 6% YoY to 237,000 TEUs.</li><li>In which, Green and VIP Green ports recorded 70,000 TEUs (-3% YoY) and 167,000 TEUs (-7% YoY), respectively.</li><li>Output growth is negative due to weakening trade flows of the whole world.</li></ul>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.

Total container throughput decreased by 6% YoY to 237,000 TEUs.In which, Green and VIP Green ports recorded 70,000 TEUs (-3% YoY) and 167,000 TEUs (-7% YoY), respectively.Output growth is negative due to weakening trade flows of the whole world.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.

VSC - Operational efficiency decreases when im-export context is not favorable

<ul><li>In 1Q23, Vietnam Container Shipping JSC (VSC VN) recorded revenue of VND467bn (flat YoY).</li><li>However, a drop in logistics and clearance demand led to cost increases and placed downward pressure on gross margin, which fell to 29.4% (versus 34.5% in 1Q22).</li><li>VSC recorded gross profit of VND136.6bn (-15.8% YoY).</li></ul><div class="content-highlight">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.</div>

In 1Q23, Vietnam Container Shipping JSC (VSC VN) recorded revenue of VND467bn (flat YoY).However, a drop in logistics and clearance demand led to cost increases and placed downward pressure on gross margin, which fell to 29.4% (versus 34.5% in 1Q22).VSC recorded gross profit of VND136.6bn (-15.8% YoY).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 Container Shipping JSC (VSC VN/Buy/TP: VND39,700) - Still a bargain

Frontier and emerging markets (Vietnam)

Dylan Waller

Nomadic Equity

Opportunity Overview Unlike <a href="https://www.smartkarma.com/entities/53" target="_blank" data-smartkarma-citation="entities:53">Vinacapital Vietnam Opp Fund Limited</a> , which only invests half of its assets in listed equity, <a href="https://www.smartkarma.com/entities/21013" target="_blank" data-smartkarma-citation="entities:21013">Vietnam Holding Ltd</a> focuses exclusively on listed equity.  This makes the fund a strong option for those desiring to utilize a fund of fund approach that focuses purely on value investing in listed equity, while conveniently being able to trade on London's AIM market.  The fund has returned <a href="http://www.bloomberg.com/quote/VNH:LN" target="_blank">13.1% in the past year,</a> and trades at a 15.14% discount, near its 52 week historical…

Opportunity Overview  Unlike Vinacapital Vietnam Opp Fund Limited , which only invests half of its assets in listed equity, Vietnam Holding Ltd focuses exclusively on listed equity.  This makes the fund a strong option for those desiring to utilize a fund of fund approach that focuses purely on value investing in listed equity, while conveniently being able to trade on London's AIM market.  The fund has returned 13.1% in the past year, and trades at a 15.14% discount, near its 52 week historical…

Vietnam Holding's Fund Returns 13%: Strong Pure Play for Listed Equity

Vietnam

Vietnam Container Shipping is a prominent logistics and port operations company based in Vietnam. It offers a comprehensive range of services including port operations, container handling, warehousing, and various transportation and logistics solutions such as freight forwarding, shipping agency, and inland transportation. The company was founded in 1985 and is headquartered in Hai Phong, Vietnam.

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Vietnam Container Shipping (VSC VN)

Vietnam Seaport Segment (Neutral) - Heading towards recovery

Although the general seaport sector has seen a gradual recovery, with significant support from both macro and industrial areas, we believe there...

Mirae Asset Securities

Vietnam Container Shipping JSC (VSC VN) - Signs of Improvement in 2H23

Revenue maintained, but profit margins down: In 2Q23, VSC’s revenue saw a modest increase of 4.5% YoY, reaching VND534.6bn.

Mirae Asset Securities

VSC - Operational efficiency decreases when im-export context is not favorable

Total container throughput decreased by 6% YoY to 237,000 TEUs. In which, Green and VIP Green ports recorded 70,000 TEUs (-3% YoY) and 167,000 TEUs...

Rong Viet Securities

Vietnam Container Shipping JSC (VSC VN/Buy/TP: VND39,700) - Still a bargain

However, a drop in logistics and clearance demand led to cost increases and placed downward pressure on gross margin, which fell to 29.4% (versus...

Mirae Asset Securities

Vietnam Holding's Fund Returns 13%: Strong Pure Play for Listed Equity

Opportunity OverviewUnlike Vinacapital Vietnam Opp Fund Limited , which only invests half of its assets in listed equity, Vietnam Holding...

Nomadic Equity

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