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SSI Research estimates the fourth quarter of 2020 profit of 27 enterprises

SSI Securities Research Center (SSI Research) announced profit estimates of 32 businesses, of which 22 will have fourth quarter profit growth over the same period last year and 10 units decrease.

Companies expected to increase profits include ACB, VietinBank, Digiworld, FPT, Gemadept, Hoa Phat, Hoa Sen, Imexpharm, MBB, MSB, Mobile World Investment, Phuoc Hoa Rubber, Phu Jewelry and Gemstones. Nhuan, Sacombank, Century Fiber, Techcombank, Textile – Investment – Trade Thanh Cong, Vietcombank, Vinh Hoan, VIB, Vinamilk and VPBank.

On the other side, companies expected to have lower profits include ACV, Taseco Airs, PV Gas, HDBank, Vietnam Airlines, PV Drilling, SHB, TPBank, VEAM, and Viconship.

Asia Bank (HoSE: ACB): Estimated profit before tax in the fourth quarter and the whole year 2020 is 2,900 billion dong (up 52% ​​over the same period) and 9,400 billion dong (up 25% compared to 2019). These results all exceeded the estimate of SSI Research as well as the plan set out in the General Meeting of Shareholders, higher than 12% and 24% respectively. The unexpected factor of support can come from the bad debt collection and the profit from bond trading.

VietinBank (HoSE: CTG): Q4 pre-tax profit is estimated at 6,240 billion dong (up 87.6% over the same period). Accumulation of the whole year 2020, pre-tax profit is estimated at 16,600 billion (up 41% over the same period). This was driven by increased credit and deposit growth of 7.7% and 11%, respectively. The bank recorded net interest income growth of 18.5% YoY, net service fee income increased 12% YoY and foreign exchange interest increased 24%. At the same time, CIR decreased to 35% from 37.7% in 2019. NPL ratio fell to less than 1%. The provision for bad debt (LLC) increased to 130%.

Digiworld (HoSE: DGW): Q4 net profit is estimated at 80 billion dong (up 57% YoY). The results are very positive thanks to the contribution from Xiaomi continuing to gain more market share and revenue from the new contract with Apple (since the fourth quarter of 2020).

FPT (HoSE: FPT): Total profit before tax in October and November 2020 increased by 15.2% over the same period. Growth is estimated to be higher in December 2020 thanks to a low base in December 2019 due to year-end bonus expenses. Assuming that in December 2020, the company can maintain the growth momentum as in November 2020, the growth in December alone will reach 39% over the same period. Accordingly, profit before tax in the fourth quarter is estimated to increase by 19%.

Gemadept (HoSE: GMD): Trading has recovered since the third quarter, thanks to the pre-holiday high trading season and pent-up demand constraints after the gap. The recovery slowed down in the fourth quarter due to a container shortage that kept profits at a low level. However, due to low results in the fourth quarter of 2019, GMD estimates that pre-tax profit in the fourth quarter of 2020 will increase 30% over the same period, reaching VND 120 billion. Profit before tax for the whole year 2020 is estimated at VND 550 billion, down 22% compared to 2019.

Hoa Phat (HoSE: HPG): Estimated net profit of HPG in the fourth quarter continues to reach a new record of 4,600 billion (up 139% over the same period and 22% compared to the previous quarter). Sales volume of long steel, including construction steel and steel billet, increased 45% y-o-y to 1.49 million tons in the fourth quarter. In addition, it is estimated that the company can produce about 470,000 tons of hot rolled steel (HRC) in the fourth quarter.

Hoa Sen (HoSE: HSG): Estimated net profit in the first quarter of fiscal year 2021 (October 1, 2020 – September 30, 2021) is about VND 500 billion (up 176% over the same period). The company’s sales volume is estimated to increase 40% year-on-year to 540,000 tons, thanks to demand in both export and domestic markets. The company’s net profit was also supported by a 35% increase in HRC price.

Imexpharm (HoSE: IMP): In the fourth quarter, IMP’s revenue is estimated to increase slightly by 0.9% year-on-year, while net profit is estimated to increase 4.8%. Net profit margin fell by about 50 basis points compared to the first quarter – third quarter when raw material price (API) affected the company’s gross margin for the quarter. However, as in the previous quarter, the company continued to cut selling expenses by 10-15% year-on-year, helping net profit to remain on par with the previous year.

Military Bank (HoSE: MBB): At the parent bank, credit growth increased rapidly in the fourth quarter and nearly 23% year-on-year. Credit growth is estimated to recover at MCredit in the fourth quarter. However, according to observations, MBB often performs bad write-off in the last quarter of the year and this can also be done in the fourth quarter. The parent bank’s NPL ratio is estimated to be below 1% and LLC is estimated to increase by 150%. Accordingly, profit before tax is estimated to increase about 13-15% year-on-year.

Mobile World Investment (HoSE: MWG): Q4 net profit is estimated at 922 billion dong (up 7% YoY).

Phuoc Hoa Rubber (HoSE: PHR): In IV, PHR will continue to receive the next land compensation payments related to the Nam Tan Uyen 3 project. Therefore, the company’s pre-tax profit is estimated. mother reached VND 490 billion in the fourth quarter (compared with VND 10 billion of the same period).

Phu Nhuan Jewelry (HoSE: PNJ): Strong retail sales growth in the high season will continue to support profit growth. In October and November, PNJ recorded an increase of 7% in overall revenue over the same period (of which retail revenue growth of 19% and wholesale revenue decreased 17%) and profit after tax increased 11%. In the fourth quarter, PNJ is estimated to achieve net profit growth of about 15-20% over the same period.

Sacombank (HoSE: STB): Estimated that the pre-tax profit of STB will be flat in 2020 at VND 3,200 billion. Accordingly, pre-tax profit in the fourth quarter is estimated to increase 17-19% over the same period.

Century Yarn (HoSE: STK): Demand for the company’s recycled yarn remained strong in the fourth quarter, thanks to increased orders of full-package production (OEM) types of clothing brands. sports like Nike and Adidas. The company expects the after-tax profit to fluctuate from 55 billion to 60 billion in the fourth quarter, equivalent to a growth rate of 3% – 13% over the same period.

Techcombank (HoSE: TCB): Q4 EBT is expected to reach 5,800 billion, up 24.2% year on year. Cumulatively, pre-tax profit in 2020 is estimated at 16,500 billion dong, up 28.5% over the same period. This was driven by about 23% year-on-year credit growth and improved NIM, especially as the bank cut deposit rates 300-350 bps for the year. Fee income surged strongly thanks to transaction services, bond issuance, asset distribution and management.

Thanh Cong Textile and Garment – Investment – Trading (HoSE: TCM): In October and November 2020, the company recorded a 9% decrease in revenue compared to the same period, but profit after tax increased by 41% thanks to Higher yarn prices and PPE sales with high gross margins support profitability. In the fourth quarter, it is estimated that the company will achieve an after-tax profit growth of about 20-25% over the same period.

Vinh Hoan (HoSE: VHC): Due to the higher price of raw fish compared to the end of the third quarter (about 13%), Vinh Hoan may revert a part of the provision made earlier (70 billion VND) due to the price reduction inventory. Therefore, it is estimated that the company will achieve double-digit growth over the same period with profits in the fourth quarter of 2020 (from a low level in the fourth quarter of 2019) and exceed the planned profit after tax of 2020. at a low level (800 billion VND).

VIB (HoSE: VIB): High credit growth (about 30% YTD) and stable asset quality are key features of VIB’s fourth quarter business results. The bank also benefits from low interbank interest rates, helping NIM to improve further in 2020 (reaching 4.3% as estimated by SSI Research). Therefore, the fourth quarter pre-tax profit is estimated to fluctuate between 1,700 – 1,800 billion dong (up 46 – 62% over the same period).

Vinamilk (HoSE: VNM): It is estimated that VNM will achieve net profit after tax growth of 15% YoY in the fourth quarter, while domestic revenue growth will continue to be at a single digit low. Internal after-tax profit growth will be supported by continued profit margins, as well as from a low level in the fourth quarter of 2019.

VPBank (HoSE: VPB): It is estimated that VPBank will reach a credit growth ceiling in 2020 (21.5%). However, lower NIMs and higher credit costs could cause fourth quarter pre-tax profit to increase only slightly by 2% yoy. For the whole year 2020, VPBank can achieve 20% profit growth, exceeding SSI Research’s estimate of 8.6%.

ACV (UPCoM: ACV): The company expects fourth quarter consolidated pre-tax profit to reach 700 billion dong, down 76% year-on-year. This is due to the fact that there is virtually no revenue from international passengers, which is the main driver of ACV’s revenue. For the whole year of 2020, the company is expected to achieve consolidated pre-tax profit of 2,300 billion VND, down 77% compared to 2019, due to a decrease of 43% in total passenger volume compared to the same period.

Taseco Airs (HoSE: AST): The company continued to experience difficulties due to the interruption of international air travel and the domestic market becoming the main source of revenue. However, the volume of domestic air passengers in the fourth quarter was still lower than that in 2019. The company estimated revenue of 68 billion VND (down 77% over the same period) and a loss of 25.4 billion VND in the fourth quarter. / 2020. It is estimated that in 2020, this enterprise will lose 54 billion VND.

HDBank (HoSE: HDB): Credit growth increased rapidly in the fourth quarter of about 25% compared to the beginning of the year. However, a slight decrease in NIM and higher credit provisioning could cause pre-tax profit to decrease by 10-11% y-o-y in the fourth quarter. SSI Research notes that in the fourth quarter of 2019, the bank has high results. In 2020, profit before tax may increase by 15-16% over the same period, about 1-2% lower than estimated.

PV Drilling (HoSE: PVD): There may be a slight loss in the fourth quarter due to lack of provision reversal, while the rig team operates below breakeven point.

SHB (HNX: SHB): Profit before tax in the fourth quarter reached about 660 billion (down 19% over the same period) and completed the pre-tax profit plan for 2020 approved by the shareholders’ meeting (profit before tax 2020 increase 8% over the same period). The bank accelerated provisioning to deal with all bad debts (except for SBIC related loans) in the HBB merger project, reducing bad debts and improving the NPL ratio.

VEAM (UPCoM: VEA): In the fourth quarter, estimated profit decreased by 11.5% year-on-year, due to a 12.8% decline in profit from an associate. This result is largely due to the decrease in profit and revenue of Honda Vietnam. However, business results have recovered strongly from the bottom in the third quarter, due to the automotive joint ventures with VEAM (Toyota, Ford) performed well in the fourth quarter, thanks to the support of Decree 57 /. 2020 / ND-CP and Decree 70/2020 / ND-CP.

Viconship (HoSE: VSC): Negatively affected by the shortage of containers in the world, the company lost 1-2 trips / week in the fourth quarter due to shipping lines navigating ships to China, where demand is very high. The fourth quarter’s pre-tax profit is estimated at VND 90 billion, down 19% over the same period compared to the high level in the fourth quarter of 2019. Profit before tax for the whole year 2020 is estimated at VND 330 billion, down 4% compared to 2019.

SSI Research estimates the fourth quarter of 2020 profit of 27 enterprises

Source: SSI Research.

Source: ndh.vn – Translated by fintel.vn

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