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FIDES (VIETNAM) Market Statistics 13/3 – 17/3/2023

FIDES (VIETNAM) Market Statistics 13/3 – 17/3/2023

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)
HSX2.75%576.54438.0192.21
VN303.34%206.31211.8323.26
HNX1.45%63.5239.517.06
Upcom1.28%31.8115.35(0.67)

Source: Fiinpro

Sector Performance (HOSE + HNX, %)

Source: Fiinpro

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

Source: Fiinpro

News

Economy- Society

The SBV to reduce some policy interest rates

  • The SBV cut some policy rates by 0.5-1%/year, specified as follows:
    • The rediscount rate was cut from 4.5% /year to 3.5%/year and the overnight rate for the inter-bank electronic payments and the rate applied to loans financing short-term balances in the clearing transactions between the SBV and the credit institutions is lowered from 7.0% to 6.0%/year.
    • The interest rate cap applied for short-term loan in the priority industries was reduced from 5.5%/year to 5% /year and the interest rate cap applied for loans provided by People’s Credit Funds and the Micro Finance Institutions is lowered from 6.5%/year to 6.0% /year.

Company- Sectors

Fubon ETF

  • Fubon was approved the $160mn capital raise by Taiwan Central Bank and the proceed has been disbursed since 16 Mar 2023.

Banking sector

  • As of 9 Mar 2023, credit growth is 1.12% ytd and deposit growth is 0.45% ytd.
  • The government establishes an ad-hoc team to restructure credit institutions system, led by the Prime Minister Pham Minh Chinh.

Steel sector

  • In Feb 2023, construction steel consumption reached 892,403 tons (+6% mom and -24% yoy), of which: export of construction steel reached 114,537 tons, decreased by 32% yoy.
  • 2M2023, construction steel consumption reached 1,7 million tons (-22% yoy), of which: export of construction steel reached 262,100 tons, decreased by 35% yoy.
  • For export, Vietnam’s biggest markets were ASEAN with 33% of the total, followed by the EU with 19%, India with 15%, and Turkey with 10%.
  • Hoa Phat (HPG) remained the biggest producer of construction steel, accounting for 33.8% of the total, followed by VNSteel with 12.9%, and Formosa with 5.8%. (Source: Vietnam Steel Association- VSA)

VHC (Vinh Hoan Corp.)

  • In Feb 2023, revenue of $32.3 mn (-29.5% yoy and +64.1% mom), of which: pangasius sales decreased by 46.9% yoy, by-products sales increased by 45.7% yoy and Collagen & gelatin sales increased by 97.6% yoy. EU market increased by 115.6% yoy while US decreased by 68.6% yoy and China decreased by 2.8% yoy.
  • 2M2023: revenue of $51.9 mn (-36% yoy), of which: pangasius products ($29.4 mn, -45.8% yoy), by-products ($8.1 mn, -9.5% yoy), collagen & gelatin ($4.4 mn, -18.3% yoy). By market: US ($13.4 mn, -67.3.4% yoy), EU ($13.2 mn, +23% yoy) and China ($4.3 mn, +3% yoy). (Source: VHC)

CTR (Viettel Construction JSC)

  • 2M2022: revenue of $66.5 mn (+17.5% yoy, completed 15.11% target year 2023) and PBT of $3.79 mn (+19.8% yoy, completed 14.51% target year 2022).
  • Revenue growth was led by robust results of construction ($19.1 mn, +48.2% yoy, accounting for 29% revenue), Telecom infrastructure operation ($37.5 mn, +8.9% yoy, accounting for 57% revenue), telecom infrastructure leasing ($2.62 mn, +45% yoy, accounting for 4% revenue). Revenue from integrated solutions segment decreased by 5% (accounting for 8% revenue).
  • CTR owns 4,286 tower stations and tenancy rate remains at 1.03 at the end of Feb 2023. (Source: CTR)

BSR (Binh Son Refining and Petrochemical Company Limited)

  • 2023 target: revenue of $4.05 bn (-43% yoy) and PAT of $69 mn (-89% yoy) based on the assumption that the price of Brent oil is $70/barrel, and the USD/VND exchange rate is 23,500 VND.
  • Consumption output in 2023 is expected to reach more than 5.6 million tons, in which 2.4 million tons of diesel oil and nearly 1.4 million tons of RON 95 gasoline.
  • Dung Quat refinery expects to conduct 52 days of maintenance in 2023.
  • Regarding the investment plan, BSR plans to spend $40.5 mn for Dung Quat Refinery expansion project and $24.5 mn for purchasing equipment and fixed assets.
  • BSR plans to move from UPCoM to HSX in 2023. (Source: BSR)

MWG (Mobile World Investment Corp.)

  • 2023 target: revenue of $5.74 bn (+1% yoy) and PAT of $178.7 mn (+2% yoy).
  • No issuance of ESOP because 2022 PAT growth was less than 10% yoy.
  • No cash or stock dividend for 2022. (Source: MWG)

VIC (Vingroup Joint Stock Company)

  • Mr. Pham Nhat Vuong (Chairman) registered to transfer 50.8 million VIC shares (1.31% OS) to GSM Green & Smart Mobility JSC (GSM JSC) as capital contribution via VSD (Vietnam Securities Depository) from 21 Mar to 19 Apr 2023.
  • Post transactions, he will hold 691 million VIC shares (17.87% OS). (Source: VIC)

VPB (Vietnam Prosperity Joint Stock Commercial Bank)

  • Bloomberg revealed that VPB is in the final stages of a deal to sell 15% stake to SMBC Consumer Finance Co. at 32,000 – 33,000 VND/share, equivalent to a deal size of $1.4 bn. The deal is expected to be signed later this month.

LPB (Lien Viet Post Joint Stock Commercial Bank)

  • VNPost will auction 140.5 mn LPB shares (equivalent to 8.12% OS) at the starting price of 22,908 VND/share on 21 April 2023. If successful, VNPost will earn $136 mn from the divestment.
  • Last year, VNPost failed to auction 122.2 mn at the starting price of 29,483VND/share and received 15% stock dividends, raising their holdings to 140.5 mn shares. (Source: LPB)

NVL (No Va Land Investment Group Corp.)

  • NVL proposed to raise a capital of $1.23 bn via:
    • Issuance of 29 million ESOP shares (1.5% OS).
    • Private placement to strategic/professional shareholders of 975 million shares, equivalents to $411.4 mn. Lockup: 1-3 years.
    • Issuance to existing shareholders of 1.9 billion shares (ratio 1:1), equivalents to $822.8 mn. Implementation time: 2023, after approval of SSC.
  • Ms. Bui Cao Ngoc Quynh (Chairman’s daughter) bought 19.4 million shares out of 44.5 million shares registered via order matching/put through from 10 Feb to 10 Mar 2023, increasing her ownership from 0.117% to 1.11% (19,352,449 shares). (Source: HSX)
  • NVL approved the appointment of Mr. Dennis Ng Teck Yow as the CEO in replace of Mr. Nguyen Ngoc Huyen. Prior to NVL’s appointment, Mr. Dennis Ng Teck Yow was the CEO of Gamuda Land.

BCM (Investment & Industrial Development Corp.)  

  • BCM approved the transfer of 2.2ha land bank in Binh Duong province to SetiaBecamex JSC at $9.42 mn. SetiaBecamex is a joint venture between BCM and SP Setia Berhad (Malaysia). This JV developed the EcoLakes My Phuoc IP on 224ha. At end 2022, BCM is owning 40% OS of SetiaBecamex. (Source: BCM)

STK (Century Synthetic Fiber Corp.)

  • STK disclosed the syndicated loans worth $52.5 mn from 5 leading banks in Asia, led by CTBC Bank, Kasikorn bank. Proceeds shall be used in the expansion of the new Unitex factory – phase 1. Total capacity: 60,000 tonnes/year (phase 1: 34,000; phase 2: 24,000). The loans will be denominated in USD with loan term of 57 months, to be disbursed in 2023 and 2024. The factory will focus on the high-quality products, special recycle fiber and other added value fiber provided for B2B customers. (Source: STK)

VNM (Viet Nam Dairy Products JSC)

  • SCIC Investment Co., Ltd (SIC) registered to sell all 1.05 million shares (0.05% OS) via order matching and/or put through form 21 Mar to 19 Apr 2023. (Source: HSX)

VCG (Vietnam Construction & Import-Export JSC)

  • Pacific Holdings JSC (parent company of VCG) registered to sell 13 mn VCG shares from 17 Mar to 15 Apr 2023 via matching and/or put through, decreasing its ownership from 62.9% to 60.23% (292,626,481 shares). (Source: HSX)

FTS (FPT Securities JSC)

  • SBI Financial Services Co., Ltd (the largest shareholder, Japan) registered to buy 1million FTS shares from 16 Mar to 14 Apr 2023 via matching and/or put through, increasing its ownership from 24.39% to 24.9% (48,565,806 shares). (Source: HSX)

GEX (GELEX Group JSC)

  • Dragon Capital bought 1.5 mn GEX shares on 9 Mar 2023, increasing their ownership from 4.996% to 5.173% (44,044,868 shares) and became major shareholder of GEX.

DXG (Dat Xanh Group JSC)

  • Dragon Capital sold 1.5 mn DXG shares on 9 Mar 2023, decreasing their ownership from 11.1% to 10.86% (66,222,434 shares). (Source: HSX)