Non-financial groups lead growth
According to data from FiinTrade, as of July 30, 2024, 751 enterprises (representing 58.2% of the total capitalization value on HOSE, HNX and UPCoM) have provided estimated business results or announced financial statements for the second quarter of 2024. Of which, the growth in after-tax profit of 751 enterprises reached 29% over the same period in the second quarter of 2024, led by the growth of the non-financial group.
The financial group's after-tax profit continued the growth momentum of the first quarter with an increase of 25.1% in the second quarter of 2024. The non-financial group unexpectedly recorded profit growth that surpassed that of the financial group, reaching 33.1%.
Ms. Nguyen Thi Phuong Lam and the Strategy Board of Rong Viet Securities Company assessed that Vietnam's economy achieved a growth rate of 6.93% in the second quarter of 2024, exceeding the highest scenario set at 6.32%.
With this data, investors have every reason to expect that the second quarter business results of listed companies will have brighter colors. The estimated growth in after-tax profit is estimated at 13% compared to the previous year, implying an improvement in the net profit margin of listed companies compared to the same period.
"Industries with high contribution proportions to the revenue and profit structure of the VN-Index basket such as industrial production, retail and transportation have maintained sustainable growth momentum for four consecutive quarters. The financial services component as well as the capital mobilization situation of credit institutions increased by 1.50% compared to the end of 2023, combined with the credit growth of the economy reaching 4.45%, showing a bright color in the profit picture of the banking and financial services group.
In addition, although the increase is not high, the real estate sector is showing a fairly stable recovery in the past 3 consecutive quarters. It is expected that the business results of this industry group will begin to show recovery from the second quarter," the expert said.
Destination of cash flow in the second half of the year
Looking at the whole year of 2024, Mr. Nguyen Trieu Vinh - CFA, Deputy Investment Director of Vietcombank Fund Management Company (VCBF) - expects the profits of listed enterprises to recover strongly.
"For companies on the watch list, I forecast profits to increase by a median of 19.1% year-over-year. Meanwhile, the median profit plan for this year of companies in the VN30 basket is 15.6%," he said.
According to Mr. Nguyen Minh Hoang - Director of Analysis of Nhat Viet Securities JSC, the return of the IIP and PMI indexes are indicators of economic recovery. Most recently, the US market is increasing its certainty that the FED may lower interest rates in September.
This will support the Vietnamese economy, reduce exchange rate pressure and become more evident in the last 6 months of the year. The manufacturing, import-export and domestic consumption sectors will have a recovery in business results and become the destination of investment cash flow. In addition, the real estate market showing signs of warming will be a catalyst for the stock market.
Source: https://laodong.vn/kinh-doanh/kinh-te-phuc-hoi-loi-nhuan-doanh-nghiep-tang-truong-1375273.ldo
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