[FiinPro Data] 75% companies report earnings, profit rises 16.6% YoY with signs of slowing down

Our FiinPro® Platform showed that 845 companies have reported earnings in the first nine months of 2018 as of November 7th, 2018, of which 86% made profit.

- The combined net profit of 9M/2018 of 845 enterprises, accounting for 86% market capitalization on 3 exchanges reached VND169 trillion, up 16.6% YoY (lower than 31.1% according to our latest announcement dated October 24th, 2018); fulfilling 74.1% of the 2018 target.

- The YoY growth rate in the last four quarters has trended to decrease on the whole market, the net profit growth slowed down steadily from 42.1% in Q4/2017 to 19.9% in Q1/2018 to 18.7% in Q2/2018 and to 9.0% in Q3/2018.

- Trailing EPS was VND2,090.3 - up 21.8% over the same period last year, average P/E is 15.4x. From a broader perspective, with more Q3/ 2018 financial reports available, the average EPS is lower and P/E is higher than those reported as of October 24th.

- Top 9M/2018 profit growth in 9M/2018 are AMV (9,286%), SRA (4,494%), SMA (3,961%), MBS (822%), VHC (152%), ACB (147%), VIB (175%), and EIB (142%).

- 143 enterprises (17%) completed their 2018 profit plan after 9 months, most outstanding are QNS (406%), HAG (230%), and VHC (167%).

- By sector: Banks, Financial Services and Industrial Goods & Services saw the highest growth in the first nine months of 2018 compared to the same period of 2017 (over 30%), although the growth momentum by quarter by quarter slowed down. Q2/2018 Banking sector rose 54% YoY, Utilities up 35%, Industrial Goods & Services up 45%.

- There were 17 listed banks releasing financial reports in 9M/2018 with a combined profit rose 38.9% YoY, down from 50% in Q2/2018.

- Top performers were VIB (175%), ACB (147%), EIB (142%) and TPB (109%).

- Loans and advances to customers in 9M/2018 of these banks rose 16.6% YoY and 11% year to date of which TPB, HDB and VCB increase 16.1%, 15.7% and 15.1% YTD respectively.

- Nonperforming Loan Ratio (NPL) tends to increase in Q3 in 13 out of 17 listed banks, for example, VPB’s NLP rose from 4.07% in Q2 to 4.7% in Q3, VIB’s NLP rose from 2.33% in Q2 to 2.5% in Q3, BID’s up from 1.49% in Q2 to 1.76% in Q3, and CTG’s up from 1.29% in Q2 to 1.36% in Q3.

- EPS growth in 2018: Speaking at FiinPro Talk 7, Mr. Thuan Nguyen Quang - CEO of StoxPlus has said:“ The banking sector is forecasted to continue to grow well despite the fact that banks are unlikely to reach a 17% credit growth cap. FiinPro data shows that analysts have the most optimistic view, forecasting the banking sector's EPS forecast to increase 42.1% by the end of 2018, while bank executives are more cautious with a forecast of 35.7% and StoxPlus’ forecast is 29.9% increase”.

- Net interest income from banking services increased by 27% yoy, 14 banks out of the 17 saw income from services rose positively in the period, of which the strongest growth was TPB (249%), followed by HDB (223%) and VIB (112%),  VBC up 33.7%, MBB (63%), VCB (33,7%) and TCB 25%).

For more data and information, please access FiinPro® Platform and download the detailed file here

We hope FiinPro® Platform's data updates will help you with your work. Should you need any help or support, please contact our Customer Care Department:

 

Do Thi Lan (Ms.)

E: lan.do@fiingroup.vn 

Tel: 024 3562 6962 (ext: 103)

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