#loinhuanQ12026 #vinhomes #nganhang #chungkhoan # Kinhtevietnam #phanTichChuyenSau
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1️⃣ OVERVIEW: PROFIT STRUCTURE IS DOMINATED BY 3 BIG GROUPS
Look at the list:
3 main pillars:
* Real estate: Vinhomes, Vingroup
* Banks (accounting for ~50%): Vietcombank, VietinBank, BIDV, MB, VPBank, ACB, HDBank, SHB, LPBank
* Industry - energy - consumption: Hoa Phat, BSR, PV GAS, MWG, Vinamilk, FPT...
Important:
* The economy does not grow steadily
* It's growth in the wrong industry
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2️⃣ GROUP 1 - VINHOMES: "PLAYERS OF A DIFFERENT SYSTEM" (30,727 BILLION, +700%) ️
Vinhomes is far ahead of the rest:
* Nearly 3 times higher than top 1 banks
* Growth +700%
Reason:
* Record handover of large projects (backlog)
* There may be transfer deals
* Extremely high profit margin
But:
* Does not reflect current market demand
* Cyclical & mutant
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3️⃣ GROUP 2 – BANKS: “STABLE MONEY PRINTING MACHINE”
Top featured banks:
* Vietcombank: 11,803
* VietinBank: 11,139
* BIDV: 8,572
* MB: 9,628
* VPBank: 7,921
* ACB: 5,368
* HDBank: 5,355
* SHB: 4,656
* LPBank: 2,826
Characteristics:
* High profit but more stable than Vinhomes
* From:
* Credit growth
* Profit margin (NIM)
* Service fee charged
Important insights:
* Banks account for 50% of the total profits of the Top 20
* => The economy is heavily dependent on finance and credit
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4️⃣ GROUP 3 – INDUSTRY & ENERGY: STRONG RECOVERY
Representatives:
* Hoa Phat: 10,762
* BSR: 9,249 (+1,861%)
* PV GAS: 3,755
Highlights:
* Benefit from:
* Commodity prices (steel, oil)
* Industrial recovery cycle
Special:
* BSR increased +1,861% → reflects:
* Oil filter margin improved significantly
* Favorable oil prices
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5️⃣ CONSUMER & TECHNOLOGY GROUP: GROWTH SLOWLY
Businesses:
* Mobile World: 3,328
* Vinamilk: 3,014
* FPT: 2,804
Comment:
* No more hot growth
* Affected by:
* Weak purchasing power
* People tighten their spending
This is a group that reflects the current state of consumption
