FIDES (VIETNAM) Market Statistics  06/05 – 10/05/2024

FIDES (VIETNAM) Market Statistics 06/05 – 10/05/2024

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)
HSX1.94%755.53774.76(123.19)
VN301.74%252.99317.81(104.11)
HNX3.27%89.6173.788.74
Upcom2.16%57.6435.30(3.74)

Source: Fiinpro

Sector Performance (HOSE + HNX, %)

Source: Fiinpro

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

Source: Fiinpro

News

Economy – Society

Macro

  • On 09/05/2024, the US Department of Labor showed the high number of jobless claim, reinforcing expectations that the US Federal Reserve will lower interest rates this year.
  • HSBC expects inflation to surpass the 4.5% ceiling in 2Q2024, but only for a very short period before it could calm to below 4% in 3Q2024. With recent increased pressure on the Vietnamese dong (VND), there have been concerns about whether this will prompt the SBV to raise interest rates. HSBC does not expect SBV to raise interest rates because increasing rates while credit growth is weak could adversely affect the nascent economic growth, and it is not a panacea to support the domestic currency. (Source: HSBC)

FDI

  • Lotte Card Co., South Korea’s No. 5 credit card issuer, has injected $68 million into its Vietnamese unit to expand its business in the Southeast Asian country.
  • Danish jewelry maker Pandora will break ground on its $150mn factory in Binh Duong (VSIP 3 IP) on 16/05/2024.
  • South Korea’s Doosan Group is interested in working with Vietnam Electricity (EVN) to develop the liquefied natural gas (LNG) Quang Trach 2 project and other renewable energy projects.
  • Tetra Pak announced an additional 97 million euros ($104.2 mn)  investment to further expand its packaging material production facility in the southern province of Bình Dương. This takes the total capacity investment to over €217mn. Tetra Pak’s expansion plans for the Bình Dương facility will include an additional production line which will be fully operational by 3Q2025.
  • The northern province of Yen Bai has permitted Erex, a leading Japanese company for renewable energy to pour between $100-120mn into a biomass power plant in Vietnam, it would be built in Bac Van Yen Industrial Park.
  • On 09/05/2024, The PM had a meeting with Samsung’s representative to discuss about the co-operations. Samsung’s representative announced that Samsung plans to invest about $1bn each year in Vietnam in the coming time, continuing to increase the number of Vietnamese businesses participating in the supply chain and promoting cooperation in human resource training. (Source: Government Media)

Exchange rate

  • The exchange rate on the commercial bank exchange rate has increased to VND 25,484 (+0.12% wow) and the interbank exchange rate also increased to VND 25,448 (+0.16% wow). It is likely that the SBV will soon resume selling USD on the interbank market. (Source: SBV)
  • Kim Quoc Steel + Foxcon bought $200mn from VCB, bringing the exchange rate around 25440-447, flat rate.

Company – Sectors

Banking sector

  • The value of non-cash payments has reached $9.89trn, equivalent to 23 times of 2023 GDP, fulfilling 90% of the SBV’s target for the non-cash payments value at end 2025 to reach 25 times GDP. (Source: SBV)

Brokerage sector

  • There were 110,622 retail accounts opened in Apr-24, increasing 388.7% yoy and decreasing 32.4% mom.
  • For 4M24, total new retail accounts were 512,291, increasing 217% yoy. (Source: VSDC)

Insurance sector

  • 3M24, direct written premium of life insurance reached $1.33bn (-11% yoy), resulted from the slowdown of 42% yoy in the number of new unit-linked insurance products. Total revenue from new life insurance premiums in the entire market in 3M24 is estimated at $215.59mn (-35% yoy). Leading in new life insurance premium revenue are BVH with $40.71mn, Dai-ichi with $32.9mn, Prudential with $30mn, Manulife with $21.5mn, and AIA with $12.87mn. Insurance payouts in 3M24 reached $505.4mn (+11% yoy). (Source: The Insurance Supervisory Authority)

Fertilizer sector

  • According to GSO, Vietnam’s export of fertilizers of all kinds in March reached 148,792 tons (-13.4% mom) with total value of more than $62mn(-13.5% mom). For 1Q24, Vietnam’s export of fertilizers reached 499,786 tons (+23.3% yoy) with more than $207mn (+13.1% yoy).
  • Notably, Vietnam’s fertilizers are being sought after China’s urea export ban in late 2023. Top 3 importers are: Cambodia, Korea, Philippines.
  • Korean Government said that China has temporarily stopped customs procedures for urea export shipments to Korea from Dec-2023. Korea’s urea inventory is sharply increasing imports from Vietnam, Japan and other countries besides China. (Source: GSO)

Tourism sector

  • In 4M24, international visitors to Vietnam reached 6.2 million (+68.3% yoy and +3.9% over the same period in 2019). Of which, the number of international passengers traveling by air reached 5.2 million (x1.6 times yoy). Key tourist markets:
  • Korea: 1.6 million (+49.6% yoy, accounting for 26% of total international visitors)
  • China: 1.25 million (+394.9% yoy, accounting for 20% of total international visitors)
  • Taiwan: 418 thousand visitors, America: 301 thousand visitors, Japan: 235 thousand visitors. (Source: GSO)

Aviation sector

  • According to the Civil Aviation Authority of Viet Nam, domestic airlines recorded 165-170 aircraft in operation, a decrease of 40-45 aircraft compared to last year’s average. This mainly comes from the fact that engine manufacturer Pratt & Whitney (PW) recalled the PW1100 engine for inspection and repair, which takes 140-160 days. These engines are being used on some A321NEO aircraft operated by Vietnam Airlines and VietJet Air, leading to some aircraft having to stop operating in 2024-2025.
    • Airlines announced they could not find planes to rent because the Airbus A321 rental price doubled compared to 2019; Boeing B-787 rental price is currently at $370,000/month (x2.3 compared to 2019). The gap between supply and demand will continue during the summer peak season, leading to pressure on domestic flight ticket prices.
    • Under the direction of MoT, the Civil Aviation Authority of Vietnam has just established a team to inspect ticket sales, declaration and listing of air ticket prices of airlines from the beginning of the year until now. The delegation consisted of 10 people led by Mr. Do Hong Cam – Deputy Director of the Department of Aviation. The delegation will take the test for 3 days, from 07/05 to 09/05/2024. (Source: CAAC)

Agricultural, forestry and fishery

  • In Apr-2024, export turnover is estimated to reach $5.14bn (+17.9% yoy). Accumulated in 4M24, total export turnover reached $19.06bn (+23.7% yoy).
    • Segment breakdown:
  • Crop products: export value reached $10.44bn (+32.5% yoy)
  • Livestock product: export value reached $152mn (+3.6% yoy)
  • Seafood product: export value reached $2.68bn (+4.2% yoy)
  • Forest product: export value reached $5.18bn (+22.8% yoy)
  • Export markets:
  • US: accounts for 20.1% (+25.7% yoy).
  • China: accounted for 18.9% (+15.1% yoy).
  • Japan: accounted for 6.9% (+9.6% yoy). (Source: Ministry of Agriculture and Rural Development)

Water sector

  • Binh Duong’s final draft master plan guides for water capacity to double by 2030 which implies huge demand growth. Binh Duong has set its water capacity to rise to 1,500,000 cubic meters per day (cbm/day) by 2030 vs 760,000 at end-2023. This implies a CAGR of 10.7% over the next seven years.
    • The water tariff increases of 5% p.a. to be approved at the end of 2024 represents a slight upside in water sector. According Chairman of BWE, the water tariff hike proposal of 5% p.a is expected to be approved at the end of this year. (Source: Government Media)

Energy sector

  • VCCI proposed that every client (including Citizens and Corporates) can buy renewable energy without EVN regarding to the recent DPPA. This is due to MoIT build drafted Decree DPAA based on 2 scenarios, through the national grid and separate transmission lines. This may stimulate ESG investment, especially rooftop solar power.

Oil sector

  • Saudi Aramco has increased the official selling price of all the grades of oil it exports to Asia, with June delivery of Arab Light being $0.90 more expensive.
    • The move pushed international oil prices higher as it raised expectations for stronger demand during the summer. According to Reuters, this move also spread to Europe. (Source: Bloomberg & Reuters)
    • PetroVietnam has announced two new discoveries, which include:
  • Rong oil field (Cuu Long basin, Vietnam’s southeast): Preliminary oil production of 6,300 barrels per day (b/d) with additional reserves of 16.5 million barrels.
  • Bungar Aster oil field (PM3 Ca Mau basin Vietnam’s Southwest): Preliminary oil production of 2,100 b/d with additional reserves totaling 84 million barrels. (Source: Government Media)

Autos sector

  • New Energy Holdings (NEH), a subsidiary of Tasco Auto, has just issued a document on May 6th, 2024, announcing the cessation of all BYD automotive distribution projects. The reason cited is that changes in NEH’s business strategy are no longer compatible with the investment plans for the BYD automotive distribution network from China. Just a few days ago, NEH had announced personnel recruitment for the opening of BYD dealerships in the Vietnamese automotive market, with plans to open 15 BYD dealerships simultaneously in June 2024. Moreover, many dealerships were reportedly nearing completion in both Ho Chi Minh City and Hanoi. (Source: New Energy Holdings)

PVT (Petrovietnam Transportation Corporation)

  • PVT recorded 1Q24 revenue of $100mn (+21.1% yoy); PAT of $12.2mn (+27.5% yoy), respectively accomplishing 28.8% and 40.3% of the full year targets. (Source: PVT)

GAS (PetroVietnam Gas JSC)

  • PV GAS received 3rd shipment carrying nearly 60,000 tons of LNG from Port Malaysia and started to transfer fuel sources for electricity production during the peak period. This fuel will be supplied to EVN’s power plants, EVEGENCO3 and other customers at the Vietnam’s Southeast. (Source: GAS)

VNM (Viet Nam Dairy Products JSC)

  • Domestic sales in April and 4M24 increased 10% yoy and 4% yoy, respectively. Meanwhile export sales rose 16% yoy in 4M24. Gross margin continued to improve thanks to cheaper input costs. (Source: VNM)

HAG (Hoang Anh Gia Lai JSC)

  • In 1Q24, revenue reached $49mn (-27% yoy). Of which, pig sales reached nearly $11.5mn (-48% yoy); Revenue from selling products and goods was nearly $1.8mn (-87% yoy); Revenue from service reached $0.8mn (-76% yoy). Notably, selling fruit brought in the largest revenue, reaching $34.8mn (+25% yoy).
    • Gross profit was at $19.6mn (+10% yoy). Gross profit margin 40%.
    • NPAT reached $8.5mn (-26% yoy). This is also the 12th consecutive quarter that HAGL recorded a net profit, from 2Q21. (Source HAG)

FMC (Sao Ta Foods JSC)

  • FMC has announced business results in Apr-2024 with finished shrimp production reaching 2,130 tons (+50% yoy). Meanwhile, the output of finished agricultural products remained flat, reaching 216 tons.
    • Consumption of finished shrimp reached 1,435 tons (+22% yoy). Consumption of finished agricultural products reached 42 tons (-55%yoy).
    • As a result, FMC’ overall sales in April 2024 reached $16.32mn (+17% yoy). (Source: FMC)

DCM (Petro Viet Nam Ca Mau Fertilizer JSC)

  • DCM reported urea consumption in Mar-2024 reached 144,920 tons (+94.9% yoy), of which domestic consumption reached 30,080 tons (-38.2% yoy), exports reached 114,840 tons (+347.7% yoy). NPK consumption in Mar-2024 reached 4,050 tons (+47.8% yoy).
    • Urea consumption output plan in Apr-2024 is 70,000 tons (+0.4% yoy). The NPK consumption output plan in Apr-2024 is 25,000 tons (+946% yoy). (Source: DCM)

QTP (Quang Ninh Thermal Power JSC)

  • 1Q24, the Company recorded a 7% increase in commercial electricity output over the same period, reaching 1.79bn kWh in the context of the strong El Nino phenomenon in the first months of the year, helping thermal power to be prioritized for mobilization. (Source: QTP)

DGC (Duc Giang Chemicals Group JSC)

  • Announced its business plan for 2Q24 with a consolidated revenue target of nearly $94.7mn (-0.3% yoy) and NPAT of $27.5mn (-20.6% yoy). (Source: DGC)

CAV (Vietnam Electric Cable Corporation)

  • Set out PBT for FY24 at $18.4mn (-14% yoy), and decided to delist CAV from HoSE. (Source: CAV)

HT1 (Vicem Ha Tien Cement JSC)

  • Announced 1Q24 revenue of $59mn (-12% yoy and -16% qoq) and net-loss of $1mn.
    • This result is mainly due to weak cement demand in the domestic and export market. HT1’s cement consumption decreased by 6% yoy and 22% qoq. Average selling price also decreased by 6% yoy and 6% qoq. (Source: HT1)

ACG (An Cuong Wood – Working JSC)

  • Chairman of ACG informed that at the beginning of the year, the company signed a contract for nearly $20 mn for door panels and kitchen cabinet panels. This year the company focuses on exporting to the US market, in addition to still selling to neighboring markets such as Cambodia and Laos.
    • Approved dividend plan of 8% cash payment.
    • FY24  target revenue of $149mn and net profit of $17.3mn (both are equivalent with 2023 results). 2024 dividend plan at least 15% (cash or dividend). (Source: ACG)

ACV (Airports Corporation Of VietNam)

  • During Reunification Day – Labor Day holiday, ACV’s airports served 11,039 flights, including 4,118 international ones (+17.19% yoy). The flights carried nearly 1.8 million passengers, including more than 667,000 foreigners (+31.6% yoy). The amount of cargo transported through airports also increased both domestically and internationally, reaching 7,331 tonnes and 13,964 tonnes, up 18.81% and 7.61%, respectively.
    • Vietcombank, VietinBank and BIDV will lend ACV a syndicated loan of $1.8bn for 20 years to implement Long Thanh International Airport – Component 3 project (including essential works in the airport, total investment capital of $3.9bn). ACV is confident about abundant capital and still has room to borrow more, committing that the Long Thanh international airport will be implemented on schedule, going into operation in the 4Q26. (Source: ACV)
    • Vietcombank, VietinBank và BIDV sẽ cho ACV vay hợp vốn 1,8 tỷ USD trong 20 năm để triển khai dự án Sân bay quốc tế Long Thành – Thành phần 3 (gồm các công trình thiết yếu trong sân bay, tổng vốn đầu tư 3,9 tỷ USD). ACV tự tin về nguồn vốn dồi dào và vẫn còn dư địa để vay thêm, cam kết sân bay quốc tế Long Thành sẽ được triển khai đúng tiến độ, đi vào hoạt động trong quý 4/2026. (Nguồn: ACV)

HVN (Vietnam Airlines JSC)

  • In 1Q24, Vietnam Airlines reported revenue of $1.1bn (+19% yoy) and NPAT of $175mn. Revenue from international transport topped $543mn (+30.4% yoy, x3 higher than the lowest ever figure in 1Q21). (Source: HVN)

VJC (Vietjet Aviation JSC)

  • 1Q24, revenue reached $700.3mn (+38% yoy, achieve 27.1% year plan) and NPAT reached $21.2mn (+209% yoy, achieve 49.8% year plan).
    • Vietjet safely operated nearly 34,500 flights in 1Q24 (+10% yoy), transporting more than 6.3 million passengers (+16% yoy), of which 2.7 million international visitors (+61% yoy). All flights have an average seat utilization rate up to 87%. Besides, the amount of cargo transported reached 30.2 thousand tons (+104% yoy).
    • VJC opened 15 new international and domestic routes, bringing the total routes to 140. (Source: VJC)

TLG (Thien Long Group Corporation)

  • 1Q24, revenues of $31.8mn (-12% yoy) and NPAT of $3.5mn (-11.8% yoy). The weak revenues was attributed to the slowdown in domestic sales (-23.6% yoy) while the exports sales witness a recovery of 14.4% yoy. The GPM also witnessed a recovery to 42.92% from 40.01% (1Q23) thanks to the improvement of both domestic (from 48.07% to 51.44%) and exports sales (26.76% to 28.33%). The movement of labor cost of the company was in line with the decrease in SGA expense of 11% yoy. The NPM was flat at 10.9%. (Source: TLG)

BIC (BIDV Insurance Corporation)

  • 1Q24, direct written premium of $52.57mn (+1.4% yoy) and PBT of $5.81mn (+49% yoy). The performance was attributed to both core insurance business gross profit (+50.1% yoy) and financial income (+50.6% yoy). The combine ratio was improved slightly from 98.2% (1Q23) to 97.9% (1Q24). (Source: BIC)

MIG (Military Insurance Company)

  • 1Q24, direct written premium of $51.26mn (+7% yoy) and PBT of $3.79mn (+12.1% yoy). The robust result was attributed to the financial revenues (+28.9% yoy) while the core insurance business gross profit only improved slightly (+1.29% yoy). The combined ratio deteriorated from 97.7% (1Q23) to 98.2% (1Q24). (Source: MIG)

GEX (GELEX Group JSC)

  • The PID of Quang Tri Province has just announced that Sembcorp Solar Vietnam has obtained full conditions and compliance for re-purchasing its 100% stake in Gelex Quang Tri Energy LLC, a total 88 MW of wind power projects owned by GEX are Gelex 1, 2 and 3.
    • Specifically, Sembcorp Solar Vietnam will buy back 100% of Gelex Quang Tri’s equity capital with a value of charter capital of $5mn. The expected transaction value is $5.7mn. (Source: GEX)

PTB (Phu Tai JSC)

  • 1Q24, revenue reached $57mn (+2% yoy) and NPAT reached $3.5mn (+44% yoy, achieved 24% year plan), this is mainly due to revenue from financing activity increased strongly 205%, while interest expense fell 31% yoy.
    • The wood segment will be the key growth driver in 2024, possibly up 20-25% yoy, with the recovery of orders for kitchen cabinets and dressing tables. PTB is also researching wood pellets, taking advantage of existing sources of scrap wood.
    • PTB confidently won the bid for the Long Thanh airport project due to the advantage of owning 2 granite quarries, which is able to meet requirements in terms of both quantity and quality. It is estimated that Long Thanh airport needs 500,000 m2 of paving stones, equivalent to 8% of PTB’s annual capacity. (Source: PTB)

DBC (Dabaco Group)

  • Approved the issuance of over 92.66 million shares (equivalent to $52.3mn) to increase capital. Of which, 12 million ESOP shares at VND10,000/share and over 80.67 million shares are offered to shareholders at a ratio of 3:1, at VND15,000/share.
    • DBC announced positive 1Q24 results with revenue of $128mn (+41% yoy) and NPAT of $3mn (compared to net loss of $13mn in 1Q23). (Source: DBC)

REE (Refrigeration Electrical Engineering Corporation)

  • Ms. Nguyen Thi Mai Thanh (Chairwomen), registered to buy 2.5 mn shares via order matching and put through from May 10 to Jun 7. Post transactions, she will hold 52.4 mn shares (12.8% OS). (Source: REE)

BWE (Binh Duong Water – Enviroment Corporation – JSC)

  • Ecorbit Co. sold 12 mn shares (6.22% OS). Post transaction Ecorbit will no longer be a shareholder of BWE (0% OS). (Source: BWE)

POW (PetroVietnam Power Corporation)

  • POW will test run Nhon Trach 3 in May, which striving for commercialize in November 2024. (Source: POW)

PAN (The Pan Group JSC)

  • 1Q24, revenue reached $136mn (+37% yoy, completed 23% year plan) and NPAT reached $6.6mn (+57% yoy, completed 19% year plan). GPM 18%.
    • Currently, PAN focuses on Japan, Korea, and China markets. (Source: PAN)

TNH (Thai Nguyen International Hospital JSC)

  • TNH plans to issue 15.2 million shares via rights issuance at a ratio of 100:13.8, expected execution time within 2024 after obtaining SSC’s approval. The expected proceeds are more than $6mn, of which $4.4mn to repay loans and $1.6mn to supplement working capital.
    • TNH posted 1Q24 revenue of $3.6mn (-12.8% yoy) and NPAT of $0.6mn (-39% yoy). (Source: TNH)

CMG (CMC Corporation)

  • CMC Corporation marks a new milestone with the official launch of CMC Korea. CMC Korea is a Korean entity with Vietnamese root. Its head quarter is in Seoul, solidifying its commitment to establishing a strong presence in the Korean market.
    • At this stage, CMG has a team of around 1,000 dedicated professional staffs for this market. With a vision to 2028, CMG aims to expand its workforce for this market to 2,000-3,000 employees.
    • This establishment of CMC Korea marks a pivot chapter of CMG’s global expansion strategy. (Source: CMG)

MWG (Mobile World Investment Corporation)

  • Dragon Capital bought roughly 8 mn shares of MWG. Post transaction, they increased their ownership to 7.46%.
    • The company just announced will dissolve 2 of its subsidiaries, which are 4Kfarm and Logistics Toan Tin. Both subsidiaries have a charter capital of $6.4 mn and $4 mn, respectively. In which 4Kfarm is already provision of $5.8 mn. According to MWG’s annual report, Logistics Toan Tin is in restructuring, implied to operate as a department of remaining related company of the Group, maximizing the value of each subsidiary. (Source: MWG)

VGC (Viglacera Corporation – JSC)

  • FY24 target NPAT of $44.4mn (-31% yoy), cash div for FY23 at 22.5%. In which the firm will focus on selling the remaining industrial lands such as Yen My, Phong Dien, Thuan Thanh, etc. And they point VGC will start constructing 8 new Industrial Parks, in which, Song Cong II (296 ha) and Doc Da Trang (288 ha) will be prioritized. (Source: VGC)

FPT (FPT Corporation)

  • On 09/05/2024, FPT and Nvidia marked a significant milestone in their collaboration to establish an AI factory in Vietnam with the arrival of the DGX H100 server system.
    • DGX H100 system arrived to Vietnam two weeks after the cooperation signing ceremony between two technology corporations in building an AI factory. A representative of FPT Smart Cloud, the unit in charge of project implementation, said this helps ensure the progress of technology integration and building supercomputers to serve the development of artificial intelligence. (Source: FPT)