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FIDES (VIETNAM) Market Statistics 12/12 – 16/12/2022

FIDES (VIETNAM) Market Statistics 12/12 – 16/12/2022

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)
HSX0.06%791.25599.6677.48
VN30-0.09%263.37273.2713.99
HNX-1.85%99.5058.161.68
Upcom0.82%43.1122.31(0.17)

Source: Fiinpro

Sector Performance (HOSE + HNX, %)

Source: Fiinpro

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

Source: Fiinpro

News

Economy- Society

ADB: Vietnam’s economic growth forecast at 7.5% in 2022

  • The Asian Development Bank (ADB) raised its economic growth forecast for Vietnam in 2022 from 6.5% to 7.5%. ADB also revised inflation forecast for 2022 down to 3.5% from 3.8% as projected in Sep 2022.
  • Growth for 2023 was adjusted down from 6.7% to 6.3% as major trade partners weaken.
  • ADB also lowered its economic growth forecasts for developing Asia and the Pacific amid an increasingly negative global outlook. The regional economy is therefore set to grow by 4.2% in 2022 and 4.6% in 2023, slightly down from its September forecasts of 4.3% in 2022 and 4.9% in 2023.

Company- Sectors

VNM ETF

  • VNM ETF will increase the proportion of Vietnamese stock to 100%, equivalent to more than $100 mn to be poured in Vietnam stock market. Expected effective date is 17 Mar 2023.
  • Previously, VNM ETF’s NAV was $414 mn, of which Vietnamese stocks accounted for the largest proportion of 73.7%.

Stock market

  • VSD (Vietnam Securities Depository) adjusted initial margin for VN30 futures contracts from 13% to 17% starting from 15 Dec 2022. (Source: VSD)

Corporate bond market in 11 months 2022

  • In Nov 2022, there were five private bond placements worth $82.1 mn. In which: Masan Group (MSN) was the largest issuer with $72.34 mn, the others were BIDV bank (BID), Duc Trung Investment JSC, and City Auto Corp.
  • 11M2022, there were two international IPOs worth $625 mn conducted by Vingroup; 23 public offerings worth $451 mn, accounting for 4% total issuance value; and 420 private placements worth $10.33 bn, making up for 96%.
  • The total corporate bond issuance value in 11 months 2022 decreased by 56% yoy ($10.78 bn, of which corporate bonds issued via private placements decreased by 56% yoy ($10.33 bn) and public offerings decreased by 60% yoy ($451 mn).
  • Banks still led the market in terms of issuance value with $5.8 bn (accounting for 53.8% total), followed by real estate with $2.2 bn (accounting for 20.4%).
  • Since beginning of the year, corporate bonds issuers have redeemed $6.98 bn outstanding value (+32% yoy). VBMA said that $13.13 bn corporate bonds will mature in 2023. (Source: VBMA- Vietnam Bond Market Association)

Decree 65 amendment proposal

  • MoF is asking for opinions on the Draft amending Decree 65 on corporate bonds, key takeaways:
    • Postpone implementation until 1-Jan-2024 of: (1) new criteria for qualifying professional individual investor and (2) mandatory credit ratings.
    • Postpone implementation until 1-Jan-2024 of “shortening corporate bond distribution period of each offering from 90 days to 30 days”.
    • Outstanding bond issuers are allowed to ask for (1) 02-year extension in maturity and (2) a settlement with bondholders to convert a bond into loans or other assets.

Banking sector

  • The Banking Association proposes to the Governor of the SBV about setting the maximum deposit rates at 9.5% per annum in order to stabilize the deposit interest rate and ensure the liquidity of banking system.
  • SBV raised the preferred housing lending rates from 4.8% in 2022 to 5% in 2023.
  • SBV announced to quote USD/VND bid rate at 23,450 VND, effective from 15 Dec 2022. The action is expected to recover the FX reserve, which has been sold off roughly $29 bn ytd. The timing of policy change is feasible, catching the USD inflow from remittances in the upcoming Tet holiday.
  • SBV cut USD/VND ask rate by 50 VND to 23,780 VND on 16 Dec 2022. The ask price has been decreasing by 1,090 VND since its peak of 24,870 VND at the end of October.

Oil & Gas sector

  • Petrovietnam (PVN) earned a revenue of $36.34 bn in 11 months 2022, a record high since its establishment in 1977. Exploited crude oil reached 9.91 mn tons (-0.6% yoy, completed 103% target year).
  • As of 16 Nov 2022, PVN has put 5 new oil wells into exploitation, beyond its 2022 target of 4 new oil wells.
  • Not including Nghi Son oil refinery, PVN’s petroleum production has reached 6.17 mn tons up to 23 Nov 2022, fulfilling the full year target.

Automobile sector

  • Vietnam vehicles sales in Nov 2022 reached 36,371 units (-0.5% mom, -6% yoy). Of which, domestically assembled cars accounted for 18,813 (-6% mom) and imported cars made up 17,558 units (+6% mom). Sale of passenger cars increased by 5% mom while sale of commercial vehicles and special-purpose vehicles decreased by 19% mom and 49% mom, respectively.
  • 11M2022, total vehicles sales reached 369,334 units (+43% yoy), of which: 289,678 are passenger cars (+63% yoy), 74,953 are commercial vehicles (+0.3% yoy) and 4,703 are special-purpose vehicles (-9% yoy). Domestically assembled cars accounted for 208,822 units +41% yoy) and imported cars made up 160,512 units (+46% yoy). (Source: VAMA)

Retail sector

  • IFC (International Finance Corporation) is considering an investment of about $20 mn into the GS25 convenience store chain in Vietnam to drive the chain’s network expansion until 2025.
  • GS 25 Co., Ltd. is a joint venture between Son Kim Group (70%) and GS Retail (30%), having been operating a Korean model convenience store chain in Vietnam since 2017. By the end of Nov 2022, GS 25 has 200 stores in Ho Chi Minh City and surrounding provinces.

FPT (FPT Corp.)

  • 11M2022: revenue of 1.67 bn (+23% yoy, completed 92.5% target year) and PBT of $305 mn (+22.5% yoy, completed 94% target year).
  • The technology segment: revenue reached $956.5 mn (+22.8% yoy) and PBT reached $141.4 mn (+25.9% yoy).
  • The telecom segment: revenue reached $569 mn (+16.1% yoy) and PBT reached $109.7 mn (+17.7% yoy).
  • The education segment remained robust, with revenue growth by 71.1% yoy and PBT growth by 24.2% yoy. (Source: FPT)

POW (PetroVietnam Power Corp.)

  • In Nov 2022, electricity sales volume reached 1.45 billion kWh (+69.7% yoy) and revenue of $117.4 mn (+92% yoy).
  • 11M2022, electricity sales volume reached 12.6 billion kWh (-7.7% yoy, completed 90.6% target year) and revenue of $1.08 bn (+9.6% yoy, completed 104.7% target year). (Source: POW).
  • For Dec 2022, POW sets a target of electricity output of 1,72 billion kWh and expected revenue of $118.7 mn. (Source: POW)

VHC (Vinh Hoan Corp.)

  • In Nov 2022, revenue of $38 mn (-2.1% yoy and -13.3% mom), of which: pangasius sales decreased by 22.2% yoy, by-products sales increased by 15.4% yoy and Collagen & gelatin sales increased by 19.2% yoy. EU market increasing by 26.1% yoy while US decreased by 13% yoy and China decreased by 60% yoy.
  • 11M2022: revenue of $544.9 mn (+58.8% yoy), of which: pangasius products ($347 mn, +50.1% yoy), by-products ($94 mn, +49.7% yoy), collagen & gelatin ($33.9 mn, +38.6% yoy). By market: US ($245.5 mn, +66.4% yoy), EU ($68.8 mn, +28.3% yoy) and China ($53.2 mn, +6.6% yoy). (Source: VHC)

CTR (Viettel Construction JSC)

  • 11M2022: revenue of $365 mn (+26.6% yoy, completed 99.9% target year 2022) and PBT of $22.3 mn (+22.98% yoy, completed 99.1% target year 2022).
  • Revenue growth was led by robust results of construction ($101 mn, +73.4% yoy, accounting for 28% revenue), Telecom infrastructure operation ($204.83mn, +18.1% yoy, accounting for 56% revenue), telecom infrastructure leasing (58+% yoy, accounting for 3% revenue). Revenue from the integrated solutions segment decreased by 14.8% (accounting for 10% revenue).
  • CTR owns 4,170 tower stations and tenancy rate remains at 1.03 at the end of Nov 2022. (Source: CTR)

VIC (Vingroup JSC)

  • VIC established a subsidiary in the field of high-tech medicine. VinMedtech Company has a charter capital of $12.8 mn, of which Vingroup holds 99%.
  • VinES Energy Solutions JSC (a unit of VIC) signed an MOU with Cavico Lao Mining – Vietnam JSC on the supply of Nickel for lithium batteries production of VinES. Specifically, Cavico Lao Mining committed to meet all VinES Nickle demand in at least 5 years, serving VinES’s production of electric vehicles batteries and energy storage systems (ESS). (Source: VIC)

FCN (FECON Corp.)

  • FCN announced winning a new bid package worth $16.2 mn for the investment project of wharves No. 5, No. 6 Lach Huyen wharf area, Hai Phong seaport.
  • FCN will be the main contractor for the construction of “Cement-reinforced soil pile”, the implementation progress within 1 year.
  • Previously, FCN has signed $148.9 mn worth new contracts in 9M2022. They are still pursuing new bidding packages with the expectation of $85.1 mn in Q4/2022. (Source: FCN)

NVL (No Va Land Investment Group Corporation)

  • NVL wants to call $12.8 mn premature corporate bonds.
  • These bonds were issued on 30 Jun 2021 and will mature on 30 Dec 2022. (Source: NVL)

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

  • HDB approved the convertible bond issuance to the international market with a value of $500 mn. Type: convertible, no warrants, no collaterals. Conversion price shall not be lower than book value. Interest rates are decided by BoD, fixed in the first 5 years, and can be adjusted once after 5 years of issuance.  (Source: HDB)

VCI (Viet Capital Securities JSC)

  • VCI wants to call $12.77 mn premature corporate bonds.
  • These bonds were issued on 10 May 2021 and will mature on 10 May 2023. (Source: VCI)

MSN (Masan Group Corp.)

  • MSN called $72.34 mn premature corporate bonds.
  • The bonds were issued on 27 Aug 2020 and will mature on 27 Aug 2023. (Source: MSN)

KDC (KIDO Group)

  • KDC plans to buy back 10 million shares (3.57% OS) via order matching or put through. Expected implementation time is 2023, after the sale of all current 22.5 million treasury shares and upon SSC confirmation on the full receipt of repurchase documents.
  • Also, KDC plans to pay a cash dividend at ratio 50%. (Source: KDC)

VCS (Vicostone JSC)

  • VCS plans to buy back 4.8 million shares (3% OS) via order matching or put through. Expected time: Q1/2023. (Source: VCS)

PVT (Petrovietnam Transportation Corp.)

  • PVT registered to buy 600,000 PTT (Indochina Petroleum Transportation JSC, upcom) shares via matching and/or put-through, from 16 Dec 2022 to 16 Jan 2023, increasing PVT’s ownership from 48.95% to 54.95% (5,494,800 shares). (Source: PVT)

KBC (Kinh Bac City Development Holding Corp.)

  • Mr. Dang Thanh Tam (Chairman) bought 25 million KBC shares from 15 Nov to 13 Dec 2022, increasing his ownership from 14.81% to 24.91% (191,239,850 shares). (Source: HSX)

BCG (Bamboo Capital Group JSC)

  • Mr. Nguyen Ho Nam (Chairman) bought 5 million BCG shares from 2 Dec to 14 Dec 2022, increasing his ownership from 14.69% to 15.63% (83,371,894 shares). (Source: HSX)

DXG (Dat Xanh Group JSC)

  • Dragon Capital bought 3 million DXG shares on 13 Dec 2022, increasing its ownership from 17.61% to 18.11% (110,450,654 shares). (Source: HSX)