FIDES (VIETNAM) Market Statistics 08/04 – 12/04/2024 

FIDES (VIETNAM) Market Statistics 08/04 – 12/04/2024

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)
HSX1.71%714.00739.47(46.22)
VN302.14%271.09339.06(29.17)
HNX0.69%83.8669.528.03
Upcom0.62%46.3125.36(0.40)

Source: Fiinpro

Sector Performance (HOSE, %)

Source: Fiinpro

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

Source: Fiinpro

News

Economy – Society

Macro

  • EuroCham’s latest Business Confidence Index (BCI) reached 52.8 in the first quarter this year– its highest level since the third quarter in 2022. This positive trend underscores the European business community’s view of Viet Nam as a dynamic market with promising growth prospects. (Source: EuroCham)
  • ADB maintains its growth forecast for Vietnam with GDP projected to grow by 6% in 2024 and inflation stable at 4%. They stated that Vietnamese economy is showing positive signs, including the return of new orders and consumption since late 2023, whose momentum is expected to strengthen further this year. FDI, remittance inflows, the trade surplus, fiscal support is continuing, and a significant public investment program will also stimulate growth. However, weakening global demand due to slow economic recovery and the US’s delay in lowering interest rates, along with geopolitical tensions, could hinder the full recovery of Vietnam’s export-led growth this year. (Source: ADB)

Corporate bonds

  • There will be nearly $9.64bn of bonds due from now until the end of the year.
  • Accumulated from the beginning of the year, there were 14 private issuances worth $524.5mn and 2 public issuances worth $106.4mn. In which, real estate accounted for 66.2%, construction accounted for 11.1%, consumer accounted for 3.2%, and others accounted for 19.5%. (Source: VBMA)

Gold

  • The gold bar price reached a new peak of $3,400 per tael while the plain round rings price also increased to a new high of $3060 per mace. While this is the 3rd time gold price break its ATH, the arbitration of gold is still very active at traditional stores, leading to a supply short. Some gold stores in HCMC have run out of plain round rings gold.
  • The PM is also urging the SBV to issue the Decree to stop monopoly in gold bar production of SJC and to minimize the price gap between domestic and the world’s gold price via requirement for e-invoice in gold transaction and increase supervision of illegal gold trading. (Source: Government)

ETF balancing

  • HCMC Stock Exchange (HOSE) will conduct a review of its stock indexes for the second quarter of 2024 (2Q24), including portfolio struture adjustment of VNDIAMOND and VNFINSELECT and rebalancing of VN30 and VNFINLEAD. The revised index will be officially announced on April 15, 2024, and will take effect on May 3, 2024.
  • It is expected that MWG will be removed from the index for not meeting the PE ratio requirements while BMP will be included. Respectively, MWG is forecasted to be sold up to 50 million shares. (Source: VDSC)

Company – Sectors

Energy sector

  • Minister of the Ministry of Industry and Trade has just signed Decision No. 814/QD-BCT on April 9, 2024, regarding the establishment of a Drafting Board, Editorial Team to develop the Government’s Decree on the mechanism for direct electricity trading between power generation units and large electricity consumers (DPPA mechanism). (Source: MoIT)
  • The People’s Committee of Dong Nai province has just issued Decision No. 905/QD-UBND regarding the approval of the investment proposal and the investor for the 220kV power line project at Nhon Trach 3 Power Plant – branching at My Xuan – Cat Lai. The investor selected by the People’s Committee of Dong Nai province is the National Power Transmission Corporation (EVNNPT). (Source: Government)

Brokerage

  • Domestic individual investors opened 163,524 new accounts in March, increased by 44.5% mom and 315% yoy. It is also the highest level since November 2023. (Source: VSD)

Insurance market

  • 1Q24, direct written premium of $2.14bn (-4.8% yoy). Of which, life insurance premium of $1.35bn (-10.8% yoy) and non-life insurance premium of $783.6mn (+9.8% yoy). The Department of Insurance management and supervision expects 2024 direct written premium of $9.76bn (+7.19% yoy), of which non-life insurance makes up $3.19bn (+12% yoy) while life insurance contributes $6.56bnn (+5% yoy). (Source: GSO, Department of Insurance management and supervision)

NKG (Nam Kim Steel JSC)

  • Capital raising plan: 131.6 million shares for existing shareholders at ratio 2:1. Offering price: VND12,000/share.
  • Proceeds of $63.4mn will be contributed to Nam Kim Phu My Steel Sheet Co., Ltd. to invest in the Nam Kim Phu My Roofing Steel Factory Project in Ba Ria – Vung Tau province. (Source: NKG)

VHC (Vinh Hoan Corporation)

  • Vinh Hoan approved additional capital contribution of $14mn to the subsidiary Vinh Phuoc Food Co., Ltd. Thus, the total capital of Vinh Phuoc Food will be $325mn (VHC 100%). (Source: VHC)

VIC (Vingroup JSC)

  • BOD approved to issue $321.3mn worth of bonds via private offering from Apr to Jun 2024. Term: maximum 24 months. Participants: professional investors. Not convertible, no warrants, no collateral. Purpose is to restructure Vingroup’s debt.
  • Previously, Vingroup issued $401.6mn worth of bonds to the public to lend to Vinfast. (Source: VIC)

TNG (TNG Investment and Trading JSC)

  • TNG was approved to issue $16.02mn corporate bonds via public issuance. Tenor: 48 months. Payment: quarterly. Coupon rate: 9.5% p.a. for the first 4 payments and floating rate in for others. The proceeds will be used for payments to employees and raw materials, services. Collateral: Dai Tu factory and 10mn common shares of Chairman. (Source: TNG)

AGG (An Gia Real Estate Investment and Development Corporation)

  • An Gia aims to launch The Gió Riverside apartment project (in Binh Duong) in 2024. The total investment of the project is nearly $240mn, with an estimated supply to the market of about 3,000 apartments/shophouses and the potential revenue reaching the expected $328mn. (Source: AGG)

FPT (FPT Corporation)

  • On 10 April 2024, FPT signed strategic partner agreement in collaboration with VIC to push green transition, especially software for Vinfast.
  • Smart electric car company VinFast – a member of Vingroup – will consider giving priority to using FPT’s automotive software technology services and information technology infrastructure and equipment supply services. (Source: FPT)

BMI (Bao Minh Insurance Corporation)

  • AGM docs key takeaway:
  • 2023 dividends: cash VND500/share and 10% stock dividends. Implementation time: 2Q2024.
  • 2024 target: direct written premium of $233.54mn (+4.76% yoy) and PBT of $15.12mn (flat yoy). (Source: BMI)

HPG (Hoa Phat Group JSC)

  • Mar-2024 Sales volumes:
    • Construction steel: 381,000 tons (+79.7% mom and +35.1% yoy)
    • Billet: 49,000 tons (+28.9% mom and +512.5% yoy)
    • HRC: 263,000 tons (-1.1% mom and +25.2% yoy)
    • Steel Pipe: 42,000 tons (+2.4% mom and -20.8% yoy)
    • Steel Sheet: 32,000 tons (flat mom and +45.5% yoy)
  • Sales volume increased in Mar-2024 mainly thanks to the domestic market, which is in the construction season, the export market also increased by 76% mom. As of Mar-2024, Dung Quat 2 project has completed over 50% of construction progress. It is expected that Phase 1 of the project will go into operation from 1Q2025.
  • On the other hand, steel prices on the world market have dropped deeply by about 15-16% ytd, HPG’s selling price has only decreased slightly by 1-2% ytd. (Source: HPG)

HVN (Vietnam Airlines JSC)

  • March revenue reached $6.69mn (exceeded more than 54% compared to plan).
  • 1Q24 business results were positive with revenue of $19.7mn (+42% yoy) and net profit of $0.4mn.
  • HVN sets a target in 2Q2024 with expected revenue of $42mn. (Source: HVN)

MIG (Military Insurance Company)

  • Prelim 1Q24, direct written premium of $52.21mn (+7% yoy) and PBT of $3.86mn (+12.1% yoy). The growth in the DWP was attributed to the growth of 24% in bancassurance channel and triple in the digital channel. In addition, MIG is also calling for strategic investors. (Source: MIG)

TCM (Thanh Cong Textile Garment Investment Trading JSC)

  • Prelim 1Q24, revenues of $39mn (+6% yoy) and NPAT of %2.5mn (+9% yoy), confirmed 85% 2Q24 orders and received 80% 3Q24 orders. The company is confident to achieve target revenues and NPAT. Jan – 2024, TCM and Eland Group (Korea) had an agreement to produce 10mn garments products (2 times yoy). (Source: TCM)

ACV (Airports Corporation Of VietNam)

  • 1Q24, the passenger volume through airports operated by ACV reached nearly 28 million passengers (+1% yoy and accounting for 23.7% of the yearly plan). Of which, international passengers reached nearly 10.5 million (+47.2% yoy) and domestic passengers reached 17.5 million passengers (-15% yoy), mainly due to the partial suspension of aircraft operations to fix engines and some domestic airlines reducing operating frequency to restructure.
  • Total cargo volume in 1Q24 reached 349,631 tons (+22.6% yoy and accounting for 26.3% of the yearly plan). (Source: ACV)

MSN (Masan Group Corporation)

  • VSD lower foreign ownership limitation of MSN from 49% to 46.326%. (Source: MSN)

PDR (Phat Dat Real Estate Development JSC)

  • FY24 target revenue of $116.1mn (+368% yoy) and NPAT of $35.3mn (+35.8% yoy).
  • Stock dividend of 15%. Implementation time: 2024. (Source: PDR)

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

  • FY24 target revenue of $600mn (+15% yoy) and NPAT of $38mn (+140% yoy). Stock dividend of 12%, fund raising plan at 5:1 new issuance to current shareholder at VND10,500 per share. (Source: VCG)

ANV (Nam Viet Corporation)

  • ANV sets 2024 target revenue of $200mn (+13% yoy), PBT of $14.4mn (x6 yoy) and NPAT of $12.2mn (x8 yoy). ANV plans to pay dividend at a rate of 5-10%.
  • In 2023, the Company was 100% self-sufficient in aquaculture feeds for farming and 100% of raw fish for processing factories. Of which, there are 10 lines of aquaculture feed factories with a capacity of more than 1,000 tons/day, 14 farming areas with a total water surface area of 152ha, nearly 600ha of Binh Phu farming and 4 processing factories with a total design capacity of 1,000 tons of raw fish/day. (Source: ANV)

SAS (Southern Airports Services JSC)

  • 2024 target revenue of $112mn (+8% yoy) and PBT of $14mn (+3% yoy).
  • SAS plans to pay cash dividends at a rate of 18.26%. Previously, the company advanced the first dividend at a rate of 8% in October 2023. (Source: SAS)

TRA (Traphaco JSC)

  • 2024 target revenue of $99.5mn (+7% yoy) and NPAT of $12mn (+6% yoy).
  • TRA plans to focus on high-quality modern medicines, and sales of this product group are expected to grow by 50%.
  • TRA will invest in research and production of medicines that are declared bioequivalent, First Generic medicine, and technology transfer products. In addition, the Smart Pharmaceutical Factory 4.0 in Hung Yen will be upgraded to EU-GMP. (Source: TRA)

DBD (Binh Dinh Pharmaceutical and Medical Equipment JSC)

  • DBD set 2024 target revenue of $78mn (+15% yoy) and NPAT of $13mn.
  • DBD plans to pay 2023 dividends in stock at a rate of 25%, expected payment time in 2Q24. If successful, DBD’s charter capital will increase by 25% to $37.5mn.
  • DBD plans to invest in the OSD – Non Betalactam factory (Nhon Hoi Economic Zone, Binh Dinh) with a total capital of $34mn, the production line of solid oral medications. The factory meets GMP-EU standards, capacity of 1.3 billion products/year (10 tons/year). (Source: DBD)

BAF (BAF Viet Nam Agriculture JSC)

  • 2024 target revenue of $222mn (+7% yoy). Of which, it is estimated that livestock farming and agricultural product trading will contribute about $136mn and $80mn, respectively.
  • NPAT is expected to reach $12.3mn, an increase of 10 times compared to the performance of 2023.
  • BAF plans to double the total herd at the end of 2024 compared to the end of 2023, bringing the total herd to 75,000 sows and 800,000 pigs. (Source: BAF)

HAH (Hai An Transport & Stevedoring JSC)

  • HAH intends to pay 15% stock dividends. (Source: HAH)

CTR (Viettel Construction Joint Stock Corporation)

  • CTR intends to pay cash dividend at 27.2%, for FY24, plan at 10-20%. (Source: CTR)

DBC (Dabaco Group)

  • Mr. Nguyen Khac Thao (CEO) sold 300,000 million shares on 04 April, reducing his holding to 0.81% (equivalent to 1,949,248 shares). (Source: DBC)

DGC (Duc Giang Chemicals Group JSC)

  • DC bought 150,000 shares on 05 April, raising their ownership to 5.0276% (equivalent to 19,093,000 shares). (Source: HSX)

DXG (Dat Xanh Group JSC)

  • DC bought 1.5mn shares on 05 April, raised their ownership to 11.1985% (equivalent to 80,708,171 shares). (Source: HSX)

FRT (FPT Digital Retail JSC)

  • DC bought 155,000 shares on 08 April 2024, raising their ownership to 9.0569% (equivalent to 12,339,300 shares). (Source: HSX)
  • VNS (VietNam Sun Coporation) Tael Two Partners Ltd (a major shareholder) registered to sell 1 million shares from 11 April to 09 May, to reduce its holding to 16.63% (equivalent to 11,281,610 shares). (Source: HSX)