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. 

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Equity Bottom-Up

Century Synthetic Fiber / Equity Bottom-Up

Century Synthetic Fiber Corporation engages in the production and sale of synthetic yarns and knitting products in Vietnam. The company was founded in 2011 and is headquartered in Ho Chi Minh City, Vietnam.

<ul><li>Century Synthetic Fiber Corp (STK VN) is a textile company that concentrates on polyester filament products.</li><li>The company’s main products are virgin and recycled DTY, FDY, and POY.</li><li>STK currently operates two spinning factories (located in HCMC and Dong Nai provinces), with a total capacity of 63,000 tons/annum.</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>

Century Synthetic Fiber Corp (STK VN) is a textile company that concentrates on polyester filament products.The company’s main products are virgin and recycled DTY, FDY, and POY.STK currently operates two spinning factories (located in HCMC and Dong Nai provinces), with a total capacity of 63,000 tons/annum.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.

Century Synthetic Fiber Corporation - Gross Margin Widens

Phu Nhuan Jewelry JSC manufactures jewelry.  The Company retails through its own shops and also sells to wholesalers.

<ul><li>Phu Nhuan Jewelry JSC (PNJ VN) is the dominant jewelry company in Vietnam, with the largest distribution system and many well-known trademarks.</li><li>The company has a wide range of products, including gold, silver, and platinum jewelry. PNJ is one of 38 jewelry companies that are allowed to trade 24k gold bars in Vietnam.</li><li>The retail channel is the backbone of PNJ’s distribution system of 401 stores throughout the country.</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>

Phu Nhuan Jewelry JSC (PNJ VN) is the dominant jewelry company in Vietnam, with the largest distribution system and many well-known trademarks.The company has a wide range of products, including gold, silver, and platinum jewelry. PNJ is one of 38 jewelry companies that are allowed to trade 24k gold bars in Vietnam.The retail channel is the backbone of PNJ’s distribution system of 401 stores throughout the country.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.

Phu Nhuan Jewelry JSC - Gold Fever Supports Cashflows

PetroVietnam Power NhonTrach 2 / Equity Bottom-Up

PetroVietnam Power NhonTrach 2 Joint Stock Company engages in the production, transmission, and distribution of electricity in Vietnam. It manages, operates, and exploits combined cycle gas turbine power plants. The company is also involved in the construction and operation of power works; provision of support services for water transport; warehousing and storage of goods; transportation of goods through road and inland waterways; architectural and engineering, and technical consultancy related services; professional, scientific, and other technology services; and vocational education services comprising training of human resources in the management, operation, maintenance, and repair of thermal power projects. In addition, it engages in the wholesale of solid, liquid, gas, and related products; and wholesale of machinery, equipment, and other machine parts. The company was founded in 2007 and is based in Nhon Trach, Vietnam. PetroVietnam Power NhonTrach 2 Joint Stock Company is a subsidiary of Petro Vietnam Power Corporation.

<ul><li>We expect the current market price to fully reflect the 1Q adverse outcomes.</li><li>We maintain our target price at VND25,278 and recommend Trading Buy for NT2 thanks to the anticipation of bottoming out earnings in the upcoming quarters.</li><li>In 3M24, NT2 generated a total electricity output of 151.7mn kWh, with a contracted output (Qc) of 1.3mn kWh, compared to 1,074mn kWh and 1,040mn kWh respectively in 1Q23.</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 expect the current market price to fully reflect the 1Q adverse outcomes.We maintain our target price at VND25,278 and recommend Trading Buy for NT2 thanks to the anticipation of bottoming out earnings in the upcoming quarters.In 3M24, NT2 generated a total electricity output of 151.7mn kWh, with a contracted output (Qc) of 1.3mn kWh, compared to 1,074mn kWh and 1,040mn kWh respectively in 1Q23.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.

PetroVietnam Power Nhon Trach 2 JSC - Bottoming Out Expectation on Upcoming Earnings

Petrovietnam Gas Joint Stock / Equity Bottom-Up

PetroVietnam Gas JSC transports, stores, and markets petroleum gas.  The Companies products include liquefied petroleum gas, dry gas, compressed natural gas, and liquefied natural gas.  PetroVietnam's services include gas gathering, gas importation, gas transportation and distribution, gas engine development and gas operation and maintenance.

<ul><li>Building upon the successful milestones achieved since late-2023, the project has demonstrated significant progress, with the finalization of GPSA, GTA, and GSA (for the O Mon I power plant) in March 2024.</li><li>The disclosed gas base price stands at approximately US$9.63/MMBTU, with a transmission tariff of US$1.53/MMBTU, as outlined in the previously-signed HOA.</li><li>In addition, the expiration of the LLOA for EPC#1, 2, and the pipeline in May 2024 necessitates the specified full version of these packages immediately. </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>

Building upon the successful milestones achieved since late-2023, the project has demonstrated significant progress, with the finalization of GPSA, GTA, and GSA (for the O Mon I power plant) in March 2024.The disclosed gas base price stands at approximately US$9.63/MMBTU, with a transmission tariff of US$1.53/MMBTU, as outlined in the previously-signed HOA.In addition, the expiration of the LLOA for EPC#1, 2, and the pipeline in May 2024 necessitates the specified full version of these packages immediately. 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.

PetroVietnam Gas JSC (GAS VN Equity/Buy) - Exploring Growth Opportunities in New Projects

Vincom Retail Joint Stock Company owns and develops shopping malls. The Company offers dining, apparel, gaming, theme park, and entertainment facilities. Vincom Retail serves customers in Vietnam.

<ul><li>On March 18, 2024, Vingroup (VIC) announced plans to divest up to a 100% interest in SDI Trading Development and Investment Company Limited.</li><li>SDI possesses a 99% stake in Sado Trading Commercial JSC, which in turn holds 41.5% of the outstanding shares in VRE.</li><li>Following this transaction, VIC will maintain an 18.4% stake in Vincom Retail JSC (VRE). </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>

On March 18, 2024, Vingroup (VIC) announced plans to divest up to a 100% interest in SDI Trading Development and Investment Company Limited.SDI possesses a 99% stake in Sado Trading Commercial JSC, which in turn holds 41.5% of the outstanding shares in VRE.Following this transaction, VIC will maintain an 18.4% stake in Vincom Retail JSC (VRE). 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.

Vincom Retail JSC (VRE VN/Buy/TP: VND32,100) - Strong Tailwinds Ahead

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

Century Synthetic Fiber Corporation - Gross Margin Widens

STK currently operates two spinning factories (located in HCMC and Dong Nai provinces), with a total capacity of 63,000 tons/annum.

Mirae Asset Securities

Phu Nhuan Jewelry JSC - Gold Fever Supports Cashflows

Phu Nhuan Jewelry JSC (PNJ VN) is the dominant jewelry company in Vietnam, with the largest distribution system and many well-known trademarks.

Mirae Asset Securities

PetroVietnam Power Nhon Trach 2 JSC - Bottoming Out Expectation on Upcoming Earnings

Please change this text!We maintain our target price at VND25,278 and recommend Trading Buy for NT2 thanks to the anticipation of bottoming out...

Mirae Asset Securities

PetroVietnam Gas JSC (GAS VN Equity/Buy) - Exploring Growth Opportunities in New Projects

The disclosed gas base price stands at approximately US$9.63/MMBTU, with a transmission tariff of US$1.53/MMBTU, as outlined in the previously...

Mirae Asset Securities

Vincom Retail JSC (VRE VN/Buy/TP: VND32,100) - Strong Tailwinds Ahead

On March 18, 2024, Vingroup (VIC) announced plans to divest up to a 100% interest in SDI Trading Development and Investment Company Limited.

Mirae Asset Securities