FIDES (VIETNAM) Market Statistics 02/05 – 03/05/2024

FIDES(VIETNAM) Market Statistics  02/05 – 03/05/2024

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)
HSX0.95%562.46615.83(12.31)
VN301.22%200.84273.3528.04
HNX0.62%58.5447.740.41
Upcom1.15%30.6423.91(2.97)

Source: Fiinpro

Sector Performance (HOSE + HNX, %)

Source: Fiinpro

Top mua/bán ròng khối ngoại (HOSE + HNX, triệu USD)

Source: Fiinpro

News

Economy – Society

Macro

  • The Fed decided to keep the interest rates unchanged at 5.25-5.5% – the highest level in 23 years. The Fed stated that inflation is too high and the possibility of cooling down is not sustainable. However, the Fed also pointed out that they would not increase the interest rate in a near future.
  • The Government has proposed extending the cut in value-added tax (VAT) from 10% to 8% on specific groups of goods and services from July 1 until the end of the year to support business and production activities. Economic experts and lawyers support this proposal and emphasize the need to adjust the personal income tax deduction threshold to stimulate consumption and support economic growth.
  • The S&P Global Vietnam Manufacturing Purchasing Managers’ Index surpassed the neutral threshold of 50.0, reaching 50.3, up from 49.9 in Mar-2024. This suggests a slight improvement in the sector’s state, with new orders bouncing back solidly after experiencing a slight decrease the month before.

National Assembly

  • Mr. Tran Thanh Man was assigned in the National Assembly after Mr. Vuong Dinh Hue was dismissed as Chairman of National Assembly. On 02/05/2024, the National Assembly held an extraordinary meeting to dismiss Mr. Vuong Dinh Hue and assigned Mr. Man the Vice Chairman to manage activities of the National Assembly. (Source: Government Media)

Company – Sectors

Energy

  • MoIT finished drafted regarding the DPPA mechanism. Which is focusing on 2 main policies: direct electricity trading between power generating units and large customers through (1) separate transmission lines and (2) through the national grid.  (Source: MoIT)
  • The PM signed Decision No.5/2024/QĐ-TTg dated March 26, 2024, regulating the mechanism for adjusting the average retail electricity price. Electricity prices will be adjusted every 3 months starting from 15/05/2024.

DPM (Petrovietnam Fertilizer & Chemicals Corporation)

  • Released its 1Q2024 results with revenue of $132mn (+1% yoy) and reported net profit of $10.6mn (+2% yoy). Total urea sales volume reached 240 tons (+12.6% yoy) and ASP reached 9,800 VND/kg (+2.1% yoy). Noticed that input gas price had decreased to 9.79 USD/MMBTU. This results in a decrease in COGS, however the SG&A expenses surged 14.2% and 11.8% yoy, respectively. (Source: DPM)

CTG (Vietnam Joint Stock Commercial Bank for Industry and Trade)

  • 1Q24, credit growth of 2.8% ytd and deposit growth of 1.2% ytd. The credit growth was mostly attributed to the large corporate (+13.9% ytd) and FDI (+11.4% ytd) while retail and SME decreased by 0.2% ytd and 9.1% ytd, respectively. 1Q24 PBT of CTG increased to $245.17mn (+3.8% yoy) thanks to the robust increase in the NII (+18.7%), but partly being offset by the provision expense (+19.7% yoy). Asset quality witnessed a slight deterioration with NPL increasing to 1.35% (end 2023: 1.13%) and LLCR decreasing to 150.8% (end 2023: 167.2%). (Source: CTG)

VCB (Bank for Foreign Trade of Vietnam)

  • 1Q24, credit growth of -3.44% ytd and deposit growth of -3.47% ytd. 1Q24 PBT of $423.14mn (-4% yoy) due to the decrease of 30% in the FX trading profit and 53% in the bad debt recovery. Asset quality witnessed a slight deterioration with NPL increased to 1.26% (end 2023: 0.98%) but LLCR improved to 133% (at end 2023: 128%). (Source: VCB)

HDB (Ho Chi Minh Development Joint Stock Commercial Bank)

  • Raised its 2023 dividends plan from 25% (10% cash and 15% stock) to 30% (10% cash and 20% stock) at the AGM. 1Q24, credit growth of 5.8% ytd and deposit growth of 2% ytd. PBT increased to $159mn (+47% yoy) thanks to the robust performance of NII (+48% yoy). Asset quality witnessed a deterioration with NPL increased to 2.22% (end 2023: 1.79%) and LLCR decreased to 57% (end 2023: 65%). (Source HDB)

DCM (Petro Viet Nam Ca Mau Fertilizer JSC)

  • 1Q2024 net revenue reached $108 mn (+0.3% yoy) in which increased fertilizer business output offset the decrease in ASP. 1Q2024 NPAT reached $13.6mn (+52.2% yoy). Thanks to depreciation expenses of $11.5mn (-84% yoy) to offset an increase in fuel costs of $5mn (+7.7% yoy) mainly due to increased input gas prices. (Source: DCM)

HDG (Ha Do JSC)

  • Approved 2024 guidance with target revenue of $114mn (+0.24% yoy) and NPAT of $38.2mn (+12.24% yoy). 2024 Dividend of 5% cash and 10% stock dividend.
    • In the Energy segment, the company aims to reach renewable energy capacity (hydropower, wind power, solar power) of 1,000MW by 2029. Along with that, the company will invest in a clean water plant with a scale of about 100,000 – 150,000m3/day and night for daily life.
    • Regarding real estate, the Group will continue to complete investment procedures and exploit projects such as Hado Charm Villas, CC3 Dich Vong, Linh Trung… at the same time, promote M&A of real estate projects.
    • Enter new segment, financial investment, focus on maximizing idle capital for investment in financial products. (Source: HDG)

MWG (Mobile World)

  • 1Q2024, Sales reached $1.247 bn (+16% yoy), net profit reached $35.5mn (+4,195% yoy). BHX sales in 1Q2024 were $350mn (+44% yoy) implied each store generated VND1.8 bn/store/month (+45% yoy) which have reached break-even in company level. 1Q2023 BHX cumulative loss up-to $4.1mn (-70% yoy). (Source: MWG)

HBC (Hoa binh construction JSC)

  • Updated new fundraising plan, in which, private issuance to sub-contractors at VND10,000 per share, expected total amount of $29.6mn. And private issuance to current shareholder at VND10,000 per share, expected total amount of $80mn. (Source:HBC)

GEX (Gelex Group JSC)

  • Announced 1Q2024 revenue of $264.7mn (+4% yoy) and reported bottom line of $4.3mn (compared to a loss in 1Q2023). The divergence between the reported top and bottom line was mainly due to (1) higher financial income (+109% yoy, chiefly from a $3.6mn gain from securities investment), (2) no provision for trading securities vs $5.7mn in 1Q2023 (-31% yoy), and (3) surging gross profit margin (GPM) of industrial parks leasing to 51% from 38% in 1Q2023. (Source:GEX)

POW (PetroVietnam Power Corporation)

  • Released its 1Q2024 results with revenue of $248mn (-16% yoy) and NPAT-MI of $11mn (-48% yoy). The YoY decline in 1Q2024 revenue can be attributed to (1) an 11% YoY decrease in total sales volume, NT1 (-99% yoy), NT2 (-86% yoy), Hua Na (-40% yoy) and Dakdrinh (-34% yoy). Note that POW has not yet booked an insurance compensation for Vung Ang 1 in 2024. (Source: POW)

HAH (Hai An Transport & Stevedoring JSC)

  • Approved the stock dividend of 15% for FY23, and plan for FY24 with 10% cash and 10% stock dividend. Regarding investment plan for FY24, HAH will keep up with the current plan of constructing new two vessels 1,800 TEU (Bangkok Mark IV), the investment in Cai Mep Deport. Target FY24 NPAT of $11.6mn (-19% yoy). (Source: HAH)

TV2 (Power Engineering Consulting JSC 2)

  • Approved the investment of 10% in Ben Tre Biomass Power Plant, total capital raising for the project worth $18mn, capacity of 10MW. (Source: TV2)