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FIDES (VIETNAM) Market Statistics 13/2 – 17/2/2023

FIDES (VIETNAM) Market Statistics 13/2 – 17/2/2023

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)
HSX0.38%502.5359.97(19.73)
VN300.47%167.04157.85(14.94)
HNX0.70%62.7840.463.43
Upcom2.07%50.8222.630.64

Source: Fiinpro

Sector Performance (HOSE + HNX, %)

Source: Fiinpro

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

Source: Fiinpro

News

Economy- Society

MoF proposes continuing tax deferral policy

  • MoF proposed to Prime Minister on the extension of some tax, fee in 2023 to support the economy. Details are provided as follows:
    • Cutting the land and water surface rent in 2023 by 30% for enterprises, households and individual
    • VAT payment extension: 06-month extension to VAT arising from Jan 2023 to May 2023 and Q1/2023 and 05-month extensions to VAT arising in Jun 2023 and Q2/2023.

Company- Sectors

Real estate

  •  Q4/2022 total real estate outstanding loans recorded from 11 banks reached $11.7 tn (+25% ytd), accounted for 21.2% credit balance of the whole economy. Techcombank (TCB) is currently having largest outstanding real estate loan book, nearly $4.6 tn (+13.5% ytd) and highest proportion of real estate customer loans with more than 26%. VPBank (VPB) is having $2.86 trn (+59% ytd) real estate outstanding loan, accounting for 16% of total loans.
  • Ministry of Construction is proposing a credit package valued $4.7 bn financing for social housing. Details on the package is not given but MoC shared that it will be similar to the $1.3 bn package launched in 2013-2016. Referring to the previous package, 70% will be allocated to lenders/buyers of social housing with total areas of 70m2 and selling price no more than VND15mn/m2, loan term up to 10 years. The remaining 30% will be credit to social housing developers.

Automobile sector

  • Vietnam vehicles sales in Jan 2023 reached 17,314 units (-51% mom, -44% yoy). Of which, domestically assembled cars accounted for 8,086 (-54% mom) and imported cars made up 9,228 units (-48% mom). Sale of passenger cars, commercial vehicles and special-purpose vehicles decreased by 49%, 59% mom and 62% mom, respectively. (Source: VAMA)

F&B sector

  • Morinaga Milk Industry Company, a popular Japanese formula milk producer, spent $4.5 mn on the acquisition of 51% stake of Morinaga Le May Vietnam JSC (a major distributor of Japanese goods in Vietnam) on 31 May 2023.
  • Nov 2022, Morinaga Milk officially started production and sales in Vietnam via its subsidiary Elovi Vietnam JSC, after acquiring the firm in Jun 2021. Elovi Vietnam currently owns a dairy factory in Thai Nguyen province with capacity of 80 million liters/year, specializing in yogurt, nutritional drink, infant and toddler milk.
  • Morinaga targets to earn $14.13 mn revenues from its Vietnamese operations in 2024.

POW (PetroVietnam Power Corp.)

  • Jan 2023, POW estimated revenue of $72.85 mn (-21% yoy). Total electricity output from power plants decreased by 7% yoy to about 1.1 billion kWh. (Source: POW)

CTR (Viettel Construction JSC)  

  • 2023 target: revenue of $440 mn (+10% yoy) and PBT of $26.1 mn (+10% yoy). 
  • In Jan 2023: revenue of $32.23 mn (+11.7% yoy) and PBT of $1.81 mn (+11.7% yoy). Revenue growth was led by robust results of construction ($9.34 mn, +43% yoy, accounting for 29% revenue), Telecom infrastructure operation ($18.72 mn, +9% yoy, accounting for 58% revenue), telecom infrastructure leasing (+37% yoy, accounting for 4% revenue). Revenue from the integrated solutions segment decreased by 28.4% yoy (accounting for 7% revenue).
  • CTR owns 4,286 tower stations and tenancy rate remains at 1.03 at the end of Jan 2023. (Source: CTR)

VHC (Vinh Hoan Corp.)

  • In Jan 2023, export revenue reached $19.66 mn (-45% yoy), the lowest since March 2021 and the third consecutive month of revenue with negative growth.
  • By products: Pangasius ($11.6 mn, -44% yoy), By-products ($2.3 mn, -54% yoy), Collagen & gelatin ($0.9 mn, -74% yoy)
  • By markets: US ($5 mn, -65% yoy), EU ($4.9 mn, -28% yoy) and China ($1.4 mn, +22% yoy). (Source: VHC)

DGW (DIGIWORLD CORP.)

  • 2023 target: revenue of $1.07 bn (+14% yoy) and PAT of $33.5 mn (+15% yoy). 
  • Q1/2023 target: revenue of $170.2 mn (-43% yoy) and PAT of $5.53 mn (-38% yoy). (Source: DGW)

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

  • 2023 target: PBT >  $553 mn (+28% yoy).
  • HDB also plans to pay cash dividend for 2022’s results and do right issues. Details on these plans are not yet available.

STB (Sai Gon Thuong Tin Commercial Joint Stock Bank)

  • STB sent a document to SSC insisting that their FOL should be 23.63468% as announced on 19 Sep 2016 instead of 30% as recorded by VSD. Currently, STB foreign ownership is staying at 29.99%, implying an amount of 120mn shares beyond regulation so they asked competent authorities to solve it.VSD confessed to make mistakes in recording FOL of STB instead of Vietbank (VBB), which asked for FOL adjustment in May 2021. According to VSD, the previous FOL of STB at 23.6% took into account 400mn unlisted Southern bank shares in 2015. Once these shares were listed in 2017, FOL of STB of 30% do comply with current regulation.

VIC (Vingroup Joint Stock Company)

  • VVinES Battery Factory is expected to start trial operation in March 2023. This project has the registered investment capital of $160.3 mn, with the capacity of 5 GWh/year, equivalent to 30 million lithium iron phosphate battery cells.
  • VinFast announced: North Carolina regulators had given Vinfast one of the necessary environmental permission to begin construction a planned $4 bn EV assembly plant in US. VinFast plans to start operation in the North Carolina plant in 2024. Phase one of the project includes a $2 bn investment in a factory capable of producing 150,000 vehicles a year. Second phase will focus on battery production.

KBC (Kinh Bac City Development Holding Corp.)

  • KBC signed an MOU on leasing 62.7 ha of Nam Son Hap Linh industrial zone (Bac Ninh) to Goertek Group. Up to now, Goertek Group has invested in 2 projects in Bac Ninh with a total registered investment capital of $625 mn.
  • Goertek is a large corporation operating in precise science and technology and is currently one of the biggest partners of Apple.

EIB (Vietnam Commercial Joint Stock Export Import Bank)

  • The Investigative Police Department requested ACB Securities (ACBS) and Viet Capital Securities to provide evidences, data… of Dragon Capital’s accounts related to EIB’s trading.
  • The detailed content is to consider investigating the manipulation of EIB’s stock price.
  • However, ACBS and DC have also announced that that these are all normal trading activities in the market.

FLC (FLC Group JSC)

  • 710 million FLC shares will be officially delisted from HoSE since 20 Feb 2023 because FLC seriously violated the information disclosure obligation. (Source: HSX)

SSI (SSI Securities Corp.)

  • SSI approved the plan to issue 10 million ESOP shares (0.67% OS) at 10,000/share. Lock-up: 3 years (release 50% in year 2). Implementation time: Q1/2023. (Source: SSI)

PC1 (PC1 Group JSC)

  • BoD approved the issuance of $51.06 mn corporate bonds in 2 tranches: the 1st tranche ($12.77 mn) will take place in Mar – Apr 2023 and the rest will be in May – Jun 2023.
  • The bond will be non-convertible, with collateral and without warrant.
  • Term: 5 years. Coupon: fixed at 10% for the 1st two payments and floating at reference rate + 3.5% p.a for the rest of the payment (no less than 10% p.a). (Source: PC1)

BCG (Bamboo Capital Group JSC)

  • BCG Energy and its bond holder mutually agreed on the extension of principal bond payment valued $4.9 mn due on 4 Sep 2022. Accordingly, the principal payment shall be made into several tranches and the due date is extended to 30 Jun 2023.

PDR  (Phat Dat Real Estate Development JSC)

  • Nguyen Van Dat (Chairman) was forced-sell by Mirae Asset Securities (Vietnam) 5.3 million shares via order matching on 13 Feb 2023. Post transaction, he holds 283 million shares (42.95% OS).
  • From PDR’s statement, the issue results from a misunderstanding between employees of Mr. Dat and Mirae Asset Securities.

HPG (Hoa Phat Group JSC)

  • Mr Hoang Quang Viet (member of BoD) registered to sell 2 million HPG shares via put through from 20 Feb to 20 Mar 2023, decreasing his ownership from 0.49% to 0.45% (26.29 million shares). (Source: HSX)

QNS (Quang Ngai Sugar JSC)

  • Mr Vo Thanh Dang (Vice chairman) registered to buy 1 million QNS shares via order matching or put through from 16 Feb to 16 Mar 2023, increasing his ownership from 7.38% to 7.66% (27.35 million shares). (Source: QNS)

PVS (PetroVietnam Technical Services Corp.)

  • VinaCapital Fund Management JSC and VinaCapital Equity Special Access Fund (Vinacapital) registered to buy 1.5 million PVS shares via order matching and/or put through from 15 Feb to 16 Mar 2023, increasing their ownership from 0.29% to 0.6% (2.9 million shares). (Source: HNX)

KDH (Khang Dien House Trading and Investment JSC)

  • Dragon Capital registered to buy 1 million KDH shares on 9 Feb 2023, increasing their ownership from 9.87% to 10.01% (71,755,388 shares). (Source: HSX)