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FIDES (VIETNAM) Market Statistics 05/09 – 08/09/2023

FIDES (VIETNAM) Market Statistics 05/09 – 08/09/2023

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)
HSX1.42%1,053.021,037.01(52.96)
VN301.18%309.13410.71(8.71)
HNX2.58%116.9093.822.20
Upcom1.50%74.3543.51(0.75)

Source: Fiinpro

Sector Performance (HOSE + HNX, %)

Source: Fiinpro

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

Source: Fiinpro

News

Economy – Society

Macro

  • The Vietnam Manufacturing PMI moved back above the 50.0 no-change mark for the first time in six months during August. The Vietnamese manufacturing sector returned to growth during August as some signs of recovery in demand supported renewed increases in both new orders and production. Firms expanded their purchasing activity accordingly, but employment continued to fall marginally as firms were reluctant to take on extra staff given still fragile demand. (Source: S&P Global)

Public investment

  • 8M2023, public investment disbursement is estimated to reach $12.47bn, representing 39.6% of the full-year plan and 42.3% of the plan assigned by the Prime Minister. The disbursement using domestic capital and foreign capital reached $12.17bn (reaching 40.1% target) and $302mn (reaching 29.95% target), respectively. While 11 ministries and 23 localities recorded disbursement rates of over 40%, 33 ministries and eight localities saw disbursement rates of less than 25%. (Source: MoF)

ETF Rebalancing

  • In the Q3/2023 portfolio restructuring, VIX was added to the FTSE Vietnam Index and FTSE Vietnam All-Share Index while CTR was removed from the FTSE Vietnam All-Share Index. The changes will be applied after the close of business on Friday, 15 Sep 2023 and will be effective on Monday, 18 Sep 2023. (Source: FTSE Russell)

Company – Sectors

Banking

  • The Circular 06/2023 effective from Sep 1, 2023 allows customers to ask for a new loan to pay off an outstanding loan at another bank. Accordingly, BID and VCB offered promotions with preferential lending interest rates ranging from 6-8% (depending on the case) with tenors up to 30 years and the customers can use the same collateral at another bank.
  • As of 29 Aug 2023, credit growth is 5.33% ytd (+0.77% mom). The SBV insists that the weak credit growth is not attributable to the liquidity of the banking sector but results from objective factors such as business conditions, investment decisions, consumption and quality of borrowers. The SBV suggests 4 solutions to push credit growth, including: (1) pushing consumption, (2) cultivating C-bond and real estate markets, (3) improving corporate capital absorption abilities and (4) devising monetary – credit – interest policy. (Source: SBV)

Consumer finance

  • The asset quality of Vietnamese consumer finance companies (CFCs) is expected to remain under pressure in the near term amid a weaker economic outlook and increased willful defaults, which will likely keep credit costs high and may take some time to resolve, although more accommodative monetary policy since March 2023 should ease CFCs’ funding conditions. (Source: Fitch ratings)
  • F88, a Vietnamese consumer finance provider, has secured a private loan of $50mn from Lending Ark Asia Secured Private Debt Fund under the Hong Kong-based CLSA Capital Partner. In the first half of 2023, F88 posted a post-tax loss of $15.3mn, versus a post-tax profit of $1.9mn in the same period of 2022. (Source: F88)

Industrial park

  • The deputy PM approved investment in building infrastructure for the Luong Dien – Ngoc Lien Industrial Park in northern Hai Duong province. Total capex: $73mn. Total area: 149.9 ha. Location: Cam Giang district. Construction period: not exceed three years from the land handover. (Source: Government)

Fisheries

  • Aug 2023, seafood export sales is estimated to reach $846mn (-15% yoy), but this is the most minimal slowdown in the past 6 months.
  • 8M2023, export sales is estimated to reach $5.8bn (-25% yoy). By products: pangasius sales decreased by 34% yoy, shrimp sales decreased by 28% yoy, and other seafood products sales decreased by 15% yoy. By markets: Japan 28.5%, the United States 15%, South Korea 11%, and the EU 9%. (Source: VASEP)

Fertilizer

  • China has asked some fertilizer producers to suspend urea exports after domestic prices jumped, a move that’s likely to restrict supplies and boost costs for farmers in key buyers such as India. China is the world’s top producer and consumer of urea, and any significant decline in exports threatens to tighten supplies and push up global prices. Among the biggest export markets for the nation’s crop nutrients are India, South Korea, Myanmar and Australia. (Source: Bloomberg)

Auto

  • The Ministry of Finance rejected the proposal of the Ministry of Transport for a $1,000 subsidy for the purchase of electric vehicles, arguing that the state budget is still facing many difficulties while car buyers, especially electric cars, are in the upper class. (Source: MoF)

Telecommunication

  • It is expected that the auction of 5G broadband will be held in Nov-2023 and the licensing of 5G will be conducted by the end of 2023, leading to the commercial operation of 5G in 2024. (Source: Ministry of Information and Communication)

VPB (Vietnam Prosperity Joint Stock Commercial Bank)

  • VPB announced it would raise its FOL to 30% from the current 17.642%. The implementation time will be in accordance with the law and the equity issuance plan to Sumitomo Mitsui Banking Corporation (SMBC). (Source: VPB)

LPB (Lien Viet Post Joint Stock Commercial Bank)

  • The SBV issued Circular 11/2023/TT-NHNN specifying that within 7 days after VNPost decreases their ownership at LPBank to under 5%, all postal transaction offices of LPBank will be ineligible for receiving deposits. (Source: SBV)

GDA (Ton Dong A Corporation)

  • Ton Dong A (UPCOM: GDA) had its first trading day on 7 Sep with a current charter capital of $47.62mn. The reference price of VND 30,000/ share. GDA has similar businesses to NKG or HSG. (Source: HNX)

VNZ (VNG CORPORATION)

  • VNZ plans to issue more than 1 million ESOP shares, including 389,296 shares priced at VND 30,000 and 613,240 shares priced at VND 10,000. Lock-up: 1 year. Implementation time: 4Q2023-1Q2024. In addition, VNZ will also terminate the ESOP plan approved previously and cancel more than 1.76 million unexercised warrants. (Source: VNZ)

TLG (Thien Long Group Corporation)

  • 7M2023, TLG recorded revenues of $92.22mn (+1% yoy) and NPAT of $11.52mn (-22% yoy). Of which, export revenues accounted for $22.37mn (flat yoy). TLG explained that the weak sales performance was attributed to the weak stockpiling of goods at points of sale for stationery products and the gloomy global business conditions. The GPM remained at 44% (unchanged yoy) while the NPM decreased to 13% (from 16% last year) due to more investment in the sales workforce and marketing activities. (Source: TLG)

HPG (Hoa Phat Group JSC)

  • In Aug 2023, HPG sales reached 558,000 tons (flat mom and -11% yoy). Of which, construction steel reached 306,000 tons (+17.2% mom and -20.7% yoy) thanks to export sales of 98,000 tons (3.5 times mom and a new high in the past year).  HRC reached 241,000 tons (-17.2% mom and +3.4% yoy) amid the fierce competition. Sales of steel pipe and steel sheet reached 40,000 tons (-45.9% mom and -37.5% yoy) and 12,000 (-62.5% mom and -57.1% yoy), respectively. Billet accounted for 11,000 tons (+266.7% mom and +22.2% yoy).
  • 8M2023, HPG sales reached 4mn tons (-22% yoy). (Source: HPG)

TNG (TNG Investment and Trading JSC)

  • TNG recorded Aug-2023 revenues of $29.97mn (+3% yoy, -8% mom) and 8M2023 revenues of $201.08mn (+3% yoy, completing 71% full-year plan). (Source: TNG)

NVL (No Va Land Investment Group Corporation)

  • The Department of Natural Resources and Environment of Binh Thuan Province issued a document on switching to land lease price from annual to one-off payment for the NovaWorld Phan Thiet project. (Source: Binh Thuan province)
  • Novagroup, related to Chairman, was forced selling 141,688 shares, cutting their ownership to 20.801% (equivalent to 405,647,222 shares)
  • Diamond Properties JSC, related to Chairman, was forced selling  20,545 shares, cutting their ownership to 9,243% (equivalent to 180,251,191 shares). (Source: HSX)

VCG (Vietnam Construction And Import-Export Joint Stock Corporation)

  • VCG announced Aug 2023 NPAT of $6.26 mn and 8M2023 NPAT of $60.7 mn (exceeding 21% year plan).
  • Major contributor to business results is IP segment. For the building materials segment, the export market had strong growth, ceramic tiles increased by 134% and construction glass by 33% over the same period. (Source: VCG)
  • Pacific Holdings sold 39mn shares via matching from 9 Aug 2023 to 31 Aug 2023, cutting their ownership to 45.14% (equivalent to 241,254,129 shares). (Source: HSX)

MWG (Mobile World Investment Corporation)

  • Arisaig Partners (Asia) Pte Ltd sold 2.1mn shares on 30 Aug 2023, cutting their ownership to 5.88% (equivalent to 85,986,084 shares).
  • Mr. Doan Van Hieu Em, member of BoD, registered to sell 1mn shares. Post transaction, he will cut his ownership to 0.197% (equivalent to 2,885,958 shares). (Source: HSX)

DCM (Petro Viet Nam Ca Mau Fertilizer JSC)

  • Dragon Capital sold 850,000 shares on 28 Aug 2023, cutting their ownership to 4.99% OS (equivalent to 26,438,000 shares) and no longer being a major shareholder. (Source: HSX)

KDH (Khang Dien House Trading and Investment JSC)

  • VinaCapital sold 6.61mn shares via matching from 2 Aug to 30 Aug 2023, cutting their ownership to 2.54% (equivalent to 18,231,172 shares). (Source: HSX)

KDC (KIDO Group Corporation)

  • Star Pacific Pte. Ltd bought 1mn KDC shares on 28 Aug 2023, raising their ownership to 6.22% (equivalent to 16,008,000 shares). (Source: HSX)

VNM (Viet Nam Dairy Products JSC)

  • SIC, related party of the BoD member, registered to sell 985,000 shares via matching and/or put-through from 8 Sep to 7 Oct 2023. Post transaction, SIC will hold no VNM shares. (Source: HSX)

DXG (Dat Xanh Group JSC)

  • Mr. Luong Tri Tu, related to chairman, sold 3.7mn shares from 7 Aug to 5 Sep 2023, cutting his ownership to 0.113% (equivalent to 694,057 shares).
  • Mr. Luong Tri Thin, chairman, registered to sell 20mn shares from 11 Sep to 10 Oct 2023 via matching and/or put through. Post transaction, he will cut his ownership to 17.15% (equivalent to 104,890,948 shares). (Source: HSX)

PNJ (Phu Nhuan Jewelry JSC)

  • Mr. Dao Trung Kien, BoD member, sold 175,000 shares via put-through on 06 Sep 2023, cutting his ownership to 0.07% (equivalent to 229,710 shares). (Source: HSX)