Q2 2024-PetroVietnam Power Corporation (POW VN)
Consolidated net revenue of VND9,407 billion (about USD372 million, up +11.6%, YOY) and net Income of VND401 billion (about USD16 million, up +218.3%, YoY) which was an impressive result, especially compared disappointed results in Q1.2024. The earnings surprises were consequences of re-activated electricity generators after regular maintenance in Q1.2024. The company projected 2024 results with total electricity generated of 16.7 billion kWh, consolidated net revenue of VND31,736 billion, and profit after tax (including minority interest of VND824 billion. They also plan to put the Nhon Trach 3 project and Nhon Trach 4 project into operation later this year and mid-2025, respectively. POW VN closed at VND13,600 per share on 29 July 2024, down -11.1% from its recent high of VND15,300 per share in late June and early July.
Q2 2024 - PetroVietnam Ca Mau Fertilizer JSC (DCM VN)
The company reported positive results in Q2.2024 with consolidated net revenue of VND3,863 billion (about USD153 million, up +17.4%, YoY) and net income of VND569 billion (about USD22 million, up +96.9%, YoY). According to the attached explanation, the company recorded non-operating income of VND176 billion (about USD7 million) which mostly had come from revaluation gains of a recently closed acquisition of Korea - Viet Nam Fertilizer Limited Company which has been owning a USD60 million (about VND1,518 billion) factory. The target company generated profits for its owner instantly after a month of operation and may contribute 60,000-70,000 tons of NPK fertilizer in 2024 (about 33%-39% projected total NPK production of the parent company and its subsidiaries). DCM VN closed at VND37.950 per share on 29 July 2024, down -6.8% from its all-time high of VND40.700 per share in early July.
Q2 2024-Airports Corporation of Vietnam (ACV VN)
In the Q2 earnings call, ACV reported total revenue of VND5.535 billion (up +12%, PcP) and Earnings After Tax stood at VND3,228 billion (up +24%. PcP). The significant improvement in earnings is attributed to significant savings in corporate management fees. The stellar performance also extends to ACV stock (UPCOM), with a 75% increase YTD and a all time high at VND135,300 per share on June 14th. And at current market price, ACV is Vietnam's 3rd largest market cap listed company at VND250,567 billion. ACV VN closed at VND117.500 per share (down -3.7%, 1M, and up +68.6%, 6M).
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