FIDES (VIETNAM) Market Statistics  01/04 – 05/04/2024

FIDES (VIETNAM) Market Statistics 01/04 – 05/04/2024

Market Summary
 ChangeTrading VolumeTrading ValueForeign net buy/sell
 (%)Average daily trading volume (Mil. shares)Average daily trading value (Mil.USD)Net trading value (Mil.USD)
HSX-2.26%968.111,014.34(86.73)
VN30-3.02%300.10395.17(75.77)
HNX-1.20%116.51103.278.79
Upcom-1.00%58.4835.19(3.01)

Source: Fiinpro

Sector Performance (HOSE, %)

Source: Fiinpro

Foreign Top buy/sell (HOSE + HNX, mil.USD)

Source: Fiinpro

News

Economy – Society

Macro

  • S&P Global announced that Vietnam’s Manufacturing Purchasing Managers’ Index (PMI) fell below 50 in Mar-2024, with a result of 49.9 points after reaching 50.4 points in Feb-2024. As a result, the index signaled the end of a two-month period of improving business conditions in early 2024, but it also showed that overall operating conditions were stable. (Source: S&P Global)
  • The Ministry of Planning and Investment forecasts two growth scenarios for the 2024:
  • Scenario 1 predicts a 6% annual economic growth, slightly below the target.
  • Scenario 2 anticipates a 6.5% growth, slightly exceeding the target. They recommend opting for Scenario 2 due to favorable global and domestic conditions and suggest implementing new fiscal and monetary policies to achieve the highest growth rate possible. (Source: Ministry of Planning and Investment)

Retail sales of goods, services

  • The total revenue from the retail sales of goods and consumer service in March was estimated at $20.3bn (+0.5% mom and +9.2% yoy).
  • In 1Q24, the total revenue from retail sales of goods and consumer service was estimated at $61.3bn (+8.2% yoy). (Source: General Statistics Office)

Company – Sectors

Energy sector

  • Deputy Prime Minister Tran Hong Ha has just signed Decision No. 262/QD-TTg dated 01/04/2024, approving the implementation plan for the National Electricity Development Master Plan for the period 2021-2030, with a vision to 2050 (Electricity Master Plan VIII). (Source: Goverment)

Oil & Gas sector

  • The global price of oil rose Tuesday (02/04/2024) [NN1] to its highest level in seven months, propelled, in part, by concerns that mounting tensions in the Middle East could crimp supply.
  • PV GAS has entered into agreements to advance the gas-fired power project chain in Block B-Ô Môn. At the signing ceremony, PV GAS, alongside Petrovietnam and other parties, finalized contracts for gas transportation, connection, and operational services. Notably, the Block B gas transportation contract entails Petrovietnam hiring transportation contractors, including PV GAS, Petrovietnam, MOECO, and PTTEP, to transport gas from Block B to the shore, passing through the shore station in Kiên Giang and the onshore pipeline from Kiên Giang to Ô Môn (Cần Thơ). (Source: GAS)

Textile & garment sector

  • The US International Trade Commission (USITC) is conducting a global safeguard investigation on synthetic staple fibers made from polyester imported from Vietnam. (Source: The US International Trade Commission)

Tourism sector

  • According to Vietnam National Administration of Tourism, Vietnam has welcomed 4.6 million foreign tourist arrivals in 1Q2024 (+72% yoy and +3.2% compared to the same period in 2019 – pre-covid).
  • Notably, in terms of market: Korea with 1.2 million visitors (+52% yoy) and China with 890 thousand visitors (+535% yoy). (Source: Vietnam National Administration of Tourism)

Aviation sector

  • Pacific Airlines officially provided Bamboo Airways with ground services at Noi Bai airport from 01/04/2024. Previously, this airline had served Bamboo Airways at Tan Son Nhat airport. (Source: Pacific Airlines)

Fishery sector

  • According to VASEP, Vietnam’s fishery exports in 1Q24 are expected to surpass $2bn, an increase of 8% yoy. The US, Japan and China were the largest importers of fishery products, with exports to the US going up 16%, China 30% and Japan over 5%.
  • In March alone, fishery exports were forecast to reach $770mn, a minor rise of 1% yoy. (Source: VASEP)

VIC (Vingroup JSC)  

  • Vingroup conglomerate and Mitsubishi Corporation will strategically collaborate in urban development, infrastructure, as well as other areas.
  • VinFast collaborates with Cho Tot to allow users to exchange old gasoline motorcycles for new electric ones. (Source: VIC)

NVL (No Va Land Investment Group Corporation)

  • NVL proposed bondholders about the restructuring of $300mn (interest rate: 5.25%) due 2026 to be converted into ordinary shares of NVL. All 25 bondholders agreed with the above plan.
  • HoSE announced a list of securities ineligible for margin trading in the 2Q2024, NVL has been removed from this list, which means the stock will be able for margin trading. (Source: NVL)

ACB (Asia Commercial Joint Stock Bank)

  • CVC sold 48.9mn shares on 28/03/2024, cutting their ownership to 4.99% OS and no longer being a major shareholder of ACB.
  • DC sold 2.03mn shares on 02/04/2024, cutting their ownership to 4.9634% OS and no longer being a major shareholder of ACB. (Source: ACB)

HDB (Ho Chi Minh City Development Joint Stock Commercial Bank)

  • AGM documents key takeaways:
    • 2023 dividends: 10% cash and 15% stock dividends.
    • Target 2024: Credit growth of 24% yoy and deposit growth of 16% yoy. PBT of $635.7mn (+22% yoy). NPL <=2%. Dividends: 30%, cash dividends do not exceed VND1,500/share. (Source: HDB)

MBB (Military Commercial Joint Stock Bank)  

  • AGM documents key takeaways:
  • Total assets: +13% yoy. Credit growth: 15-16% (as per SBV approval). NPL <= 2%.
  • PBT: +6-8% yoy. Dividends: 10-20%.
  • Target customers: 30mn in 2024 and 40mn in 2029.
  • 2023 dividends: cash VND500/share and stock dividends 15%. (Source: MBB)

MBS (MB Securities JSC)

  • Q1.2024 revenue of $30mn (+101% yoy), NPAT of $8.5mn (+51% yoy), margin lending reached $290mn (+9% yoy), brokerage fee x2 yoy. (Source: MBS)

BMI (Bao Minh Insurance Corporation)

  • AGM documents key takeaways:
  • Sets 2024 target revenue of $272.71mn (+2.56% yoy) and  PBT of $15.12mn (flat yoy). DWP of $233.6mnn (+4.76% yoy)
  • 2023 dividends of 5% cash and 10% stock dividends. (Source: BMI)

MSN (Masan Group Corporation)

  • On 01/04/2024, the SSC has acknowledged receipt of its application for the private placement of convertible dividend preference shares (CDPS) related to a $250mn investment by Bain Capital, at a price of VND85,000 per share, which can be converted into common shares at a 1:1 ratio. Masan set to close this deal with Bain Capital on 22/04/2024.
  • MSN sets 2024 targets with revenue of $3.4bn – $3.6bn (+7.3% to +15% yoy) and NPAT of $90.2mn – $161mn (+31% to +115% yoy). MSN plans to issue a maximum of 143.1 million shares at a price not lower than book value; Expected time: in 2024 or before the FY2025 AGM; Lock up: 1 – 3 year.
  • MSN also considers two issuance plans: (1) new shares via private placement (up to 10% OS) and/or (2) dividend preference shares private placement. For the first 6 years, dividends: 0%. From the 7th year, fixed dividend: 10%/year.
  • ESOP issuance: maximum of 7.15 million shares at VND10,000 per share; Expected time: in FY2024 or first 4M in FY2025. Lock up 1 year. (Source: MSN)

VNM (Viet Nam Dairy Products JSC)

  • VNM sets 2024 target with revenue of $2.53bn (+4.4% yoy) and NPAT of $375.8mn (+4% yoy).
  • VNM pays FY2023 cash dividend at a ratio of 38.5% and has advanced 2 previous dividend payments, 3rd payment has a rate of 9.5%, ex-right date was 17/03/2024 and payment date is on 26/04/2024.
  • VNM will maintain this dividend policy for FY2024, 38.5% by cash. (Source: VNM)

SAB (Saigon Beer – Alcohol – Beverage Corporation)

  • SAB sets 2024 target with revenue of $1.38bn (+13% yoy) and NPAT of $183mn (+7.6% yoy).
  • FY23 dividend at VND3,500/ share and already paid VND1,500 in February, the rest will be in July 2024.
  • FY24 dividend at VND3,500/ share. (Source: SAB)

DBC (Dabaco Group)  

  • DBC sets 2024 target with revenue of $1.02bn (+14% yoy, including internal revenue) and NPAT of $29mn (x29 yoy). DBC is also planning to raise at least $108mn to invest in: a soybean oil factory, a second farming complex in Thanh Hoa province, as well as to pay back debt for the existing farming complex (also in Thanh Hoa). There will be 3 rounds of issuance:
  • 12mn ESOP shares at VND 10,000/share with 12 month lock-up.
  • 80.67mn shares at VND 15,000/share, no lock-up.
  • 48.4mn shares at minimum VND28,000/share (~20% of total share, after first 2 rounds of issuance) for strategic partner with 3 year restriction, expected execution time from 2024 to 2025.
    • If the above issuance plans are successfully implemented, charter capital will increase from $97mn to more than $153mn.
    • Nguyen Khac Thao (the CEO/Deputy Chairman) registers to sell 300,000 shares via order matching/put through from 03/04/2024 to 02/05/2024. Post transactions, he will hold 1.9 million shares (0.81% OS). (Source: DBC)

IDI (I.D.I International Development & Investment Corporation)  

  • Sets 2024 business guidance with revenue of $342mn (+18% yoy), NPAT of $11mn (x3 times higher than yoy).
  • IDI plans to pay FY2022 – FY2023 stock dividends at a ratio of 20%. (Source: IDI)

VHC (Vinh Hoan Corporation)  

  • VHC sets 2024 target with 2 scenarios:
  • Base case: Revenue $429mn (+7% yoy) and NPAT-MI $32mn (-13% yoy)
  • High case: Revenue $461mn (+15% yoy) and NPAT-MI $40mn (+9% yoy)
  • VHC plans to invest $37mn into collagen production, upgrading production capacity, and investing in cultivation projects.
  • VHC plans to pay FY2023 cash dividend at a ratio of 20%. (Source: VHC)

LTG (Loc Troi Group JSC)

  • Announced the audited financial statement with net profit decreased from $10.7mn to $0.7mn, equivalent to a decrease of 94%. (Source: LTG)

FMC (Sao Ta Foods JSC)

  • Sets FY24 target with revenue of $209mn (+2% yoy) and PBT of $13mn (+5% yoy). FMC plans to pay cash dividend 20%. The company plans to focus on deeply processed products and explore opportunities in the Chinese market.
  • FMC announced 1Q24 with revenue of $49.7mn, reaching 24% of FY24 sales target. In which, March revenue increased to $19.2mn (+32% yoy).
  • Specifically, finished shrimp production reached 2,000 tons (+174% yoy) and finished shrimp consumption was 1,693 tons (+42% yoy).
  • Production of finished agricultural products reached 112 tons (+47% yoy) and consumption decreased to 59 tons (-57% yoy). (Source: FMC)

PTB (Phu Tai JSC)

  • PTB announced the 2023 audited consolidated financial statements. Accordingly, this company had to make a provision of $1.7mn for receivables of $2.4mn from Noble House (equivalent to 70% of total receivables). Thus, General & administration expenses increased by 20.7% and NPAT decreased by 11.8% compared to the self-made financial report.
  • Cummulatively in 2023, Phu Tai recorded revenue of $225mn (-18.4% yoy), and NPAT of $10.4mn (-48.4% yoy). (Source: PTB)

TLG (Thien Long Group Corporation)

  • Announced 2M24 revenues of $18.9mn (-14% yoy) and NPAT of $1.7mn (-22% yoy), implying Feb-24 revenues of $9.2mn (-30% yoy, -4.6% mom) and NPAT of $1mn (-50% yoy, +33% mom). The weak revenues of TLG in 2M24 were attributed to the weak domestic sales (-26% yoy) while exports started to recover at 12% yoy thanks to recovery in OEM.
  • 2024 target revenues of $153.05mn (+9.77% yoy) and NPAT of $15.31mn (+6.69% yoy) and plans to pay 2,500 cash dividends and 10% stock dividends. (Source: TLG)

STK (Century Synthetic Fiber Corporation)

  • Approved the execution of the private placement of 13.5mn shares and announced the completion of ESOP issuance (1.11% OS). (Source: STK)

TNG (TNG Investment and Trading JSC)

  • AGM key takeaways:
  • 2023 dividends: 8% cash and 8% stock dividends.
  • 2024 target revenues of $302mn (+6% yoy) and NPAT of $12.5mn (+40% yoy). Dividend plan: at least 16% par
  • Capital raise plan: (1) 8% stock dividends and (2) issuance of 12.26mn shares to existing shareholders, ratio 10:1 at VND 10,000/share, no lockup. (Source: TNG)

BAF (BAF Viet Nam Agriculture JSC)

  • Approved plan of issuing 7.17 million ESOP shares at VND10,000/share. Expected implementation time is in the second quarter of 2024. (Source: BAF)

PAN (The Pan Group JSC)

  • PAN sets 2024 target with revenue of $592mn (+12% yoy), PAT of $35.4mn (+8% yoy). The company will pay cash dividend at a ratio of 5% for FY2023 and FY2024. (Source: PAN)

CTD (Coteccons Construction JSC)

  • CTD wins bid for The Campus – a new education, entertainment, and creative center in Nghe An. (Source: CTD)

VCG (Vietnam Construction And Import-Export JSC)

  • On 01/04/2024, Hanoi People’s Committee held a conference to announce the investment decision and present the Investment Registration Certificate for the Construction and Operation Investment Project of the infrastructure of Dong Anh Industrial Park. The Dong Anh Industrial Park project (Hanoi) covers an area of 299.45 hectares with a total investment of $300mn, led by Vinaconex. (Source: VCG)

REE (Refrigeration Electrical Engineering Corporation)

  • Platinum Victory PTE LTD bought 105,351 shares, raising their ownership from 34.89% to 34.93%. (Source: REE)

TV2 (Power Engineering Consulting JSC 2)

  • MoIT has sent a warning of default letter regarding Song Hau 2 Project, if it can not meeting the financial close condition before 30/06/2024, the government will cancel the project. (Source: TV2)

IDC (IDICO Corporation – JSC)

  • IDC sets 2024 target revenue of $350mn (+13% yoy), NPAT of $100mn (+22% yoy), in which they target to sell 145ha IP Land. (Source: IDC)

VJC (Vietjet JSC)

  • VJC announced FY2023 consolidated results with revenue of $2338mn (+45% yoy), consolidated PBT of $24mn.
    • Ancillary revenue and cargo transportation reached nearly $842mn (+60% yoy), contributing 39% of total air transportation revenue.
    • The balance of cash and cash equivalents as of 31/12/2023 reached $203mn (x2.7 times higher than yoy).
    • In 2023, Vietjet safely operated 133,000 flights, transporting 25.3 million passengers, of which more than 7.6 million international visitors (+183% yoy). Vietjet opened 33 new international and domestic routes, bringing the total number of routes to 125 (including 80 international routes and 45 domestic routes). (Source: VJC)

SGN (Saigon Ground Services JSC)

  • SGN sets 2024 target with revenue of $60mn (+3% yoy) and NPAT of $9.6mn (+6% yoy), plans to pay cash dividend at a ratio of 25% for FY2023.
  • Regarding the investment plan, SGN plans to spend nearly $7mn, of which:
  • $2mn: used at Tan Son Nhat International Airport (parking equipment, information technology and preparation work for Long Thanh International Airport)
  • $5mn: to invest in service equipment at Long Thanh International Airport in case the company wins the bid. (Source: SGN)