GTJASVN_VEA EquityReport_sale update_Dec2022

Research Center

08/12/2022

NPAT in Q3 2022 recorded a strong growth with VND 1,918 billion, up 55% YoY. For 9 months, NPAT reached VND 5,141 billion, up +31% YoY. VEA’s NPAT was contributed most by the income from joint ventures, which reached VND 4,615 billion, up +33% YoY, approximate to VND 4,972 billion in 2019.
Motorbike sales recover back to the highest point in 2019, meanwhile auto sales indicate strong growth compared to pre-Covid level.
Except Q1 2022, when most of the measures were maintained, starting in Q3, motorbike sales grew strongly to make up for the loss of sale in previous quarters. In 10 months, total motorbike sale reached to the point equivalent to 2019 level, with total of 1.93 million units sold, compared to approximate of 2 million vehicles in 2019, up + 26.4% YoY.
In 10 months 2022, Toyota sold about 74 thousand vehicles, Honda sold about 26.8 thousand vehicles and Ford sold over 19.5 thousand vehicles.

We recommend Buy for VEA stock. Our target price is VND57,300/share.

Danh sách báo cáo liên quan

GTHTSVN Research_Sector Report_Vietnam Industrial RE Sector Updates_Oct 1 2026_EN

02/10/2026

GTHTSVN Research_Sector Report_Vietnam Industrial RE Sector Updates_Oct 1 2026_EN (1) Vietnam Industrial Real Estate: 1H2026 Bright Spots and Strategic...

GTHTSVN_Research_Securities_Sector_Ahead_of_Market_Upgrade_EN

26/08/2026

The 2025-2026 period continues to mark a strong transformation for Vietnam’s securities sector, with simultaneous expansion in capital base, client base...

(EN) GTHTSVN_Sector Update_Consumer Sector Update 1H2026_21.08.2026

26/08/2026

(EN) GTHTSVN_Sector Update_Consumer Sector Update 1H2026_21.08.2026 Against the backdrop of heightened geopolitical tensions in the Middle East, Vietnam...

Contact

Stock index

Trade now

EN

VI

CN

Research Center