Stocks in the news VN (bwe.vn, ctr.vn, dgw.vn, kdc.vn, vci.vn) 09.03.22
BWE released its AGM materials that included 2022 NPAT guidance of VND750bn, which is 7% higher than its preliminary guidance and is based on a minimum water sales volume of 180 million cbm (+3% YoY) compared to our assumption of 12.5% YoY growth.
CTR released its preliminary January 2022 results with revenue and PBT jumping 27% YoY and 45% YoY to VND678bn (USD29mn) and VND38bn (USD1.6mn) respectively. Per management, all four key segments — operation, infrastructure leasing (‘towerco’), construction and system integration —contributed to this growth.
DGW released its AGM documents that target revenue of VND26.3tn (USD1.2bn; +25.4% YoY) and NPAT of VND800bn (USD35.1mn; +21.7% YoY). Despite representing 97% of our full-year NPAT forecast, we believe this guidance is optimistic. In our view, DGW has a track record of setting conservative guidance as its actual earnings results in 2017-2021 surpassed its targets.
Comment: Just have to adore the obvious pumping by brokers and the news. But one can consider this the VN version of Com7 today.
According to the documents prepared for the upcoming 2022 AGM, BoD targets its 2022 net revenue and PBT of VND14trl (+33.4% YoY) and VND900bn (+30.8% YoY), respectively. Moreover, KDC plans to pay 2022 stock dividend at the ratio of 10:1 and 2022 cash dividend of VND600/share.
Comment: From memory, despite the consistent earnings there were corporate governance issues surrounding this co back in 2018. Not sure what the latest developments are, but always liked the idea of the company.
According to the documents prepared for the upcoming 2022 AGM, BoD targets its total revenue of VND3.24trl (-12.6% YoY) and PBT of VND1.9trl (+2.7% YoY). Co. plans to pay 2022 stock dividend at the ratio of 10:3, expected in 2022. In addition, co. also proposes the plan to issue 2mn ESOP shares at the price of VND12,400/share. Such ESOP shares will be subject to 1-year lockup.
Comment: 2 things I love about VCI, their investment holdings, you have to go through their balance sheet to find them. And just imagine when Vietnam improves the market structure going from a pre funded market, to a more open structure, VCI will get all the international flows.