VCSC Daily - Stocks sink as bank rally cools off - HT1, VCI, PNJ, DPM, GAS, KDF, STB, TCM, VCB
HT1: Gross margin compression and FX losses further hit Q3 bottom line. HT1 published disappointing Q3 2017 results. Revenue dropped 9% vs Q3 2016 to VND1.93 trillion (USD85.2 million) while NPAT-MI plunged 64% vs the same period last year to only VND93 billion (USD4.1 million). The weak bottom line was caused by 1) the already thin margin of outsourced cement sales was lower than we expected and 2) a surge in FX losses, as the EUR appreciated 14% this year as of end of September.