FIDES (VIETNAM) Market Statistics 04/12 – 08/12/2023

FIDES (VIETNAM) Market Statistics 04/12 – 08/12/2023

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)
HSX2.02%927.71844.69(162.12)
VN302.25%246.20288.89(113.02)
HNX2.18%128.75105.77(2.99)
Upcom0.61%54.9530.51(1.24)

Source: Fiinpro

Sector Performance (HOSE + HNX, %)

Source: Fiinpro

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

Source: Fiinpro

News

Economy – Society

Macro

  • HSBC Global research expects that Vietnam will maintain policy rate stable at 4.5% p.a. in 2024. While expecting exports have been recovering from 4Q23, they still maintain a cautious view on the manufacturing segment due to weak demands of major partners. (Source: HSBC)

International affairs

  • President Xi (China) will make an official visit to Hanoi between 12 Dec – 13 Dec 2023, which will be earlier than previously reported on 14 Dec – 16 Dec 2023.
  • China is Vietnam’s largest export market for agricultural, forestry and fishery products. It is expected that many trade promotion measures with China will be discussed. (Source: Bloomberg)

Corporate bond

  • November 2023, there are 35 private placement bond issuances with total value of $1.21bn (15 times yoy). Average coupon rate of 8.2% p.a. and average maturity of 6 years. 11M23, total value of C-bond issuance has reached $10.27bn (-1.6% yoy), including $1.21bn (+155.4% yoy) public issuance and $9.16bn (-15.8% yoy) private placement. (Source: VBMA)

Fiscal policy

  • The Government has asked the National Assembly Standing Committee for approval of an extension of the environment tax cut for fuel until the end of next year. The current environment protection tax rates are 50% lower than the tax bracket and these rates have been in effect since April 1, 2022 and will revert to these original levels on 31 Dec 2023 if the extension is not approved. (Source: Government)

Commodities

  • On 04 Dec 2023, spot gold jumped to a record high of $2,135.09 an ounce, while February gold futures also increased to $2,130.20 an ounce. The market is betting that the Federal Reserve could begin cutting interest rates by as soon as March 2024, even as central bank officials remained cautious. On the domestic market, the gold bar selling price has increased by 5.1% since November 2023.

Company – Sectors

Banking

  • Credit growth as of 30 Nov 2023 is 9.15% ytd (+0.77% since 23 Nov 2023). Regarding the $5.1bn package to social housing, banks have committed to 6 projects with expected disbursement of $81.8mn. (Source: SBV)

Brokerage

  • November 2023, the number of new account openings was 148,592 accounts (-11.4% mom), while 341,393 accounts were closed. Most of the closed accounts were recorded at MB Securities JSC (MBS), with 339,968 accounts, because the company is actively closing accounts with no transactions. At the end of November, there were a total of 7,252,743 securities accounts in Vietnam. (Source: VSD)

Energy sector

  • The PM announced a Resource Mobilisation Plan (RMP) to implement the political declaration on establishing a Just Energy Transition Partnership (JETP) between Vietnam and the International Partnership Group (IPG). The RMP provides further details on $15.8bn of finance that has been committed to the JETP, including $8.08bn being provided by IPG and $7.75bn by the Glasgow Financial Alliance for Net Zero (GFANZ). The PM set 3 priorities: (1) transmission grid projects, (2) storage battery and hydroelectric power plant projects and (3) develop offshore wind power projects. (Source: Government)

Fisheries

  • Vietnam’s seafood export turnover in November 2023 reached $840mn (+6% yoy) and 11M23 turnover was $8.27bn (-19% yoy).
    • Pangasius: November 2023 and 11M23 export value reached $164mn (+13% yoy) and $1.7bn (-26% yoy), respectively.
    • Shrimp: November 2023 and 11M23 export value reached $310mn (+4% yoy) and $3.2bn (-22% yoy), respectively. (Source: VASEP)

Aviation

  • From 01/03/2024, the ceiling price of domestic air tickets will be adjusted to increase by 50,000 – 250,000 VND/ticket/way compared to the old regulations, depending on the length of each route.
    • Flight routes with a distance of less than 500 km have a ceiling price of 1,600,000VND/ticket/way for socio-economic development routes and 1,700,000VND/ticket/way for other routes.
    • From 500 km to less than 850 km: ceiling ticket price is VND2.25mn (an increase of 50,000 VND)
    • From 1,000 km to less than 1,280 km: ceiling price is VND3.4mn (an increase of 200,000 VND)
    • From 1,280 km or more: ceiling price is VND4mn (an increase of 250,000 VND). (Source: Ministry of Transportation)

MSN (Masan Group Corporation)

  • Bain Capital, a leading private investment firm with AUM approximately of $180bn, agreed to increase its equity investment into Masan Group to $250mn from the previously announced $200mn. Transaction terms remain the same as per the initial agreement in October 2023. The proceeds will be used to strengthen the Company’s financial position and allocated to de-lever Masan’s balance sheet. (Source: MSN)

DXG (Dat Xanh Group JSC)

  • DXG announced the public issuance of 101.67 million shares for existing shareholders (ratio 6:1). Offer price: VND12,000/share. Subscription and payment: 21 Dec 2023 – 15 Jan 2024
  • Post-issuance, DXG will mobilize more than $50.2mn, which will be used to contribute capital to Ha An JSC (DXG’s subsidiary). (Source: DXG)

VJC (Vietjet Aviation JSC)

  • On 05 Dec 2023, VJC approved the postponement of paying 2021 stock dividends to prioritize the execution of the stock private placement plan. VJC want to offer a maximum of 24.5mn shares to investors at a price of VND 100,000/share in 4Q2023 (4.5% OS).
  • The list of investors buying VJC shares in this issuance: Leadvisor Fund Management JSC (13.5mn shares), Amber Fund Management JSC (7.2mn shares) and Thanh Cong Fund Management Company Limited (3.8mn shares). The total expected offering value is $100.91mn. Of which, VJC will spend $70.63mn to pay deposits for buying aircraft and spend $30.27mn to pay rent for aircraft leasing and aircraft engine leasing units. (Source: VJC)
  • HDB, related to chairwoman, registered to sell 3.2mn shares from 11 Dec 2023 to 9 Jan 2024. Post transaction, they will cut their ownership to 1.39% (equivalent to 7,541,100 shares). (Source: HSX)

CTR (Viettel Construction Joint Stock Corporation)

  • CTR canceled the stock dividend of 21.51% plan and approved the cash dividend plan of 19.19%. (Source: CTR)

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

  • The SBV approved HDB’s capital raising plan by issuing 20mn ESOP shares. Post transaction, HDB will raise their charter capital to $1.21bn. (Source: HDB)

SBT (Thanh Thanh Cong – Bien Hoa JSC)

  • On 05 Dec 2023, SBT completed bond issuance of $20.6mn bonds with a tenor of 03 years, mature on 30/11/2026. This is a non-convertible bond, without warrants, without collateral.
  • The proceeds will be used to contribute capital to Bien Hoa Consumer Goods JSC, aiming to expand domestic and export market share of sugar products and products in the food, beverage, dairy & confectionery industries. (Source: SBT)

POW (PetroVietnam Power Corporation)

  • PV Power and PV DHC signed a credit contract with Vietinbank (CTG) and Vietcombank (VCB) to restructure Dakdrinh Hydropower’s previous AIIB long-term loan worth $67.15mn. (Source: POW)

FPT (FPT Corporation)

  • FPT acquired 80% stake in French IT consulting firm AOSIS. From the synergy with AOSIS, FPT expected to (1) expand its customer base and gain new business opportunities, and (2) enhance its consulting capabilities in the areas of data, cloud, and smart solutions for businesses focused in the aerospace, aviation, and transportation sectors. Moreover, FPT will add hundreds of IT experts from AOSIS who have deep understanding of the French and European markets to FPT. The four AOSIS offices will join FPT’s global network presence. (Source: FPT)

DGC (Duc Giang Chemicals Group JSC)

  • DGC approved the merger of Phosphorus 6 (PP6) into Duc Giang Lao Cai (DLC), increasing DLC’s charter capital after merging from $41.2mn to $56.2mn. (Source: DGC)

PVD (PetroVietnam Drilling & Well Services Corporation)

  • PVD announced the corporation with PT Jimmulya, winning the bid to supply jack-up drilling rigs to PT Pertamina Hulu Energi Offshore Northwest. Java (PHE ONWJ) in Indonesia.
  • PVD will provide the PV Drilling III jack-up offshore drilling rig for PHE ONWJ’s drilling campaign in Indonesia with a solid 3-year contract and 2-year optional extension. The drilling program is expected to start around the end of December 2024 or early January 2025. (Source: PVD)

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

  • IDI will build the fish processing factory No.3 with a total capacity of 500 tons/day for raw materials, increasing its total production 1,000 tons/day.
  • It is expected that the entire factory system will operate mainly on high-capacity solar power, making the most of clean resources and minimizing the cost of using grid-connected electricity. (Source: IDI)

HPG (Hoa Phat Group JSC)

  • November 2023, sale volumes:
    • Construction steel: 410,000 tons (+21% mom and +62.7% yoy)
    • Billet: 29,000 tons (+26.1% mom and +163.6% yoy)
    • HRC: 270,000 tons (-1.1% mom and +50% yoy)
    • Steel Pipe: 73,000 tons (+35.2% mom and +37.7% yoy)
    • Steel Sheet: 37,000 tons (+42.3% mom and +62.3% yoy). (Source: HPG)

TNG (TNG Investment and Trading JSC)

  • November 2023, revenues of $22.7mn (+10% yoy, -2.4% mom). 11M2023, revenues of $268.4mn (+4% yoy, reaching 97% target). (Source: TNG)

TDM (Thu Dau Mot Water JSC)

  • November 2023, revenue of $1.9mn (+12% yoy) and NPAT of $0.82mn (+10% yoy).
  • 11M2023 revenue of $22mn (+19% yoy) and NPAT of $11mn (+37.7% yoy). (Source: TDM)

TLG (Thien Long Group Corporation)

  • 10M23, revenues of $124.2mn (+0.76% yoy, completing 76% target) and NPAT of $14.2mn (-17.4% yoy, reaching 87% target), implying an October 2023 revenue of $10.8mn (+13.11% yoy and +0.51% mom) and NPAT of $0.8mn (+24.66% yoy and -10.57% mom). SGA continues to erode TLG’s profit (+9% yoy). The reason may be due to TLG’s expansion of Clever box stores for branding purposes, which has resulted in additional SGA costs. (Source: TLG)

TNG (TNG Investment and Trading JSC)

  • FIDES bought 40,000 shares on 01 Dec 2023, raising their ownership to 5.02% (equivalent to 5,700,976 shares) and became a major shareholder of TNG. (Source: HSX)

NKG (Nam Kim Steel JSC)

  • KIMC bought 1mn shares on 04 Dec 2023, raising their ownership to 5.2% (equivalent to 13.7mn shares) and became a major shareholder of NKG. (Source: HSX)

MWG (Mobile World Investment Corporation)

  • Mr. Nguyen Duc Tai, chairman, bought 110,000 shares from 08 Nov 2023 to 07 Dec 2023, raising his ownership to 2.408% (equivalent to 35,239,892 shares).
  • Mr. Tai registered to buy 500,000 shares from 12 Dec 2023 to 10 Jan 2024. (Source: HSX)