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FIDES (VIETNAM) Market Statistics 17/4 – 21/4/2023

FIDES (VIETNAM) Market Statistics 17/4 – 21/4/2023

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)
HSX-0.95%490.11368.87(13.47)
VN30-1.62%132.39133.9613.52
HNX-0.16%79.1146.690.37
Upcom-0.89%34.1623.26(0.001)

Source: Fiinpro

Sector Performance (HOSE + HNX, %)

Source: Fiinpro

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

Source: Fiinpro

News

Economy- Society

VAT reduction

  • The government agreed and assigned the Ministry of Finance (MoF) to prepare a proposal seeking the National Assembly’s approval to reduce VAT from 10% to 8%.
  • Previously, The MoF proposes to reduce VAT from 10% to 8% for all goods and services, effective from 1 Jul to 31 Dec 2023

Vietnam Trade Balance in first half of Apr 2023

  • In the first half of Apr, total exports of $13.24 bn (-13.5% yoy) and imports of $12.84 bn (-24.4% yoy) resulted in a trade surplus of $0.4 bn.
  • Accumulated from the beginning of the year: exports of $92.5 bn (-12.1% yoy) and imports of $87.24 bn (-16.9% yoy) resulted in a trade surplus of $5.25 bn. (Source: Custom)

FDI  

  • Quanta Computer (Taiwan) approved plans to set up a new factory in Vietnam with capex of $50 mn in its supply chain diversification.
  • Quanta, a major assembler of Apple Inc.’s MacBook computers, will produce notebook computers and some consumer electronics at the new Vietnamese facility, which will be its second manufacturing hub in Southeast Asia after Thailand.
  • The Quanta’s move follows other Taiwanese electronics makers, including Foxconn, Pegatron, Wistron, Compal Electronics, and Inventec Corp. in increasing investment in Vietnam in recent years.

Company- Sectors

VN Diamond Index’s Q2/2023 semi-annual review results

  • HSX announced its Q2/2023 semi-annual review results for the VN Diamond Index. The rebalancing date and effective date will be on the 28 Apr 2023 and 4 May 2023, respectively.
  • EIB (Vietnam Commercial Joint Stock Export Import Bank) was excluded while no stock was added.
  • The DCVFM VNDiamond ETF and MAFM VNDiamond ETF track the VN Diamond Index as a benchmark.

Brokerage

  • Q1/2023 margin balance at securities companies is estimated of $5.02 bn (+2.6% ytd)

Automobile sector

  • Vietnam vehicles sales in Apr 2023 reached 30,038 units (+30% mom, -19% yoy). Of which, domestically assembled cars accounted for 16,174 (+30% mom) and imported cars made up 13,864 units (+31% mom). Sales of passenger cars, commercial vehicles and special-purpose vehicles increased by 28% mom and 39% mom and 17% mom, respectively.
  • Q1/2023, total vehicles sales reached 70,392 units (-22% yoy), of which: 52,712 are passenger cars (-26% yoy), 16,924 are commercial vehicles (-4.7% yoy) and 756 are special-purpose vehicles (-48% yoy). Domestically assembled cars accounted for 36,692 units (-34% yoy) and imported cars made up 33,700 units (-4% yoy). (Source: VAMA)

SCIC’s list of divestments in 2023

  • The State Capital Investment Corporation (SCIC) announced a list of divestments in the first phase in 2023, including 73 enterprises. There are many notable names listed on the stock exchange such as BMP, SEA, LIC, PPC, HND, QTP…

Brockers Result Business in Q1/2023

NamePBT (mil.$)yoyMargin lending (mil.$)ytd
SSISSI Securities Corp25.1131.2%466.000.0%
HCMHo Chi Minh City Securities Corp.20.81-43.0%293.87-6.4%
VPSVPB Securities Coporation6.21-51.5%300.0919.4%
MBSMB Securities JSC6.47-40.0%155.874.8%
BSIBank for Investment & Development of Vietnam Securities Company5.1727.0%144.2626.0%

POW (PetroVietnam Power Corporation)

  • POW estimated: Q1/2023, revenue of $337 mn (+12% yoy) and PBT of $24.65 mn (-34.1% yoy).
  • Q1/2023, electricity sales volume reached 4,003 million kWh (+9% yoy).

DRC (Danang Rubber JSC)

  • Q1/2023: revenues of $47.3 mn (-13.3% yoy) due to weakness in domestic revenue (inflation, high interest rate, competitive pressure as Chinese manufacturers unleashed their inventory to counter poor demand in China due to zero-COVID policy). PBT of $1.23 mn (-64.5% yoy) due to: (1) Domestic revenue (higher profit margin) decreased by roughly 50%, (2) higher black coal prices and (3) FX.
  • Q2/2023 target: revenue of 56.5 mn (+16% yoy) and PBT of 3.4 mn (-24% yoy). (Source: DRC)

BMP (Binh Minh Plastics JSC)

  • Q1/2023: revenue of $61.2 mn (+6.7% yoy), of which sales volume increased by 12% yoy, ASP decreased by 4-5% yoy. PAT of $11.95 mn (+120% yoy) mainly driven by lower materials prices (PVC price decreased by 41% yoy) while ASP slightly decreased. (Source: BMP)

NT2 (PetroVietnam Power Nhon Trach 2 JSC)

  • Q1/2023: revenue of $93.11 mn (+9% yoy) and PBT of $9.8 mn (+44% yoy) due to: (1) sales volume reached 1,075 million kWh (+8%) with Qc ratio of 96.8%, (2) ASP reached 2,036 VND/kWh (+1.6% yoy) and (3) lower gas price (-5% yoy)
  • 1H2023 target: PBT of $19.1-$21.3 mn, decrease by 5-14% yoy.
  • NT2 estimated: Q3/2023 loss of $5.1 mn due to NT2 will suspend its operation for 44 days for the major maintenance every five years. (Source: NT2)

FPT (FPT Corporation)

  • Q1/2023: revenue of $496.9 mn (+20.1% yoy) and PBT of $90.22 mn (+19.2% yoy), of which:
  • Technology segment: revenue of $291.07 mn (+21.3% yoy) and PBT of $38.54 (+19.5% yoy). Of which: Global IT services contributed $231.2 mn revenues (+32.2% yoy) and $37.81 mn PBT (+33.2% yoy) thanks to the strong demand in the Japan market ($85.88 mn; +31.2% yoy), US ($68.31 mn, +18% yoy) and APAC ($60.7 mn; +65.7% yoy).
  • Telecom segment: revenue of $157.17 mn (+11.3% yoy) and PBT of $30.75 mn (+14.2% yoy).
  • The education & other segments remained robust, with revenue growth of 69.7% yoy and PBT growth of 53.4% yoy. (Source: FPT)

MWG (Mobile World Investment Corporation)

  • Q1/2023: revenue of $1.15 bn (-26% yoy), of which:
  • TGDD and DMX’s revenue decreased by 34% yoy to $846.8 mn due to a plunge by 25-35% yoy in phones and consumer electronics sales, exceptionally tablets and laptops down 40-50% yoy.
  • BHX’s revenue reached $272.3 mn (+5% yoy) with 1,710 stores (decreasing by 417 stores yoy). In Mar 2023 average sales per store was $55,745/month (+30% y/y and -4% compared to the average of 4Q22).
  • There were 10 new An Khang stores added in Q1/2023, ending the period with a store count of 510.

PNJ (Phu Nhuan Jewelry JSC)

  • Q1/2023, revenue of $417 mn (-3.8% yoy) and PAT of $31.87 mn (+3.8% yoy). Retail revenue (58% total revenue) decreased by 0.6% yoy, wholesales revenue (9% total revenue) decreased by 19.2% yoy and gold bar revenue (32% total revenue) decreased by 3.1% yoy. 
  • At end Mar 2023, PNJ had 350 gold stores, 7 standalone silver stores, 3 CAO Fine stores (PNJ’s luxury jewelry brand), 5 Style by PNJ stores, 3 PNJ Watch store and 3 PNJ Art stores. (Source: PNJ)

VHC (Vinh Hoan Corporation)

  • Q1/2023: revenue of $94.5 mn (-32% yoy). Of which: pangasius products ($55.3 mn, -39.4% yoy), by-products ($15 mn, -16.7% yoy), collagen & gelatin ($7.6 mn, -18.7% yoy. By market: US ($30.1 mn, -56.1% yoy), EU ($21.5 mn, +22.3% yoy) and China ($9.6 mn, -15.7% yoy).
  • PAT of $9.3 mn (-60% yoy). GPM decreased from 23.8% in Q1/2022 to 17.3% in Q3/2023 due to: ASP declining and high operation costs. 

MIG (Military Insurance Company)

  •  Q1/2023: preliminary: direct written revenue of $51.83 mn (-2.4% yoy), net revenues from insurance of $39.91 mn (14.1% yoy) and PBT of $3.77 mn (4.1% yoy). MIG also shared that VNPost will distribute MIG insurance products in the coming time. In addition, MIG is seeking strategic shareholder, owning at least 25% OS. MIG targets to be #3 market share in non-life insurance.  (Source: MIG)
  • Pyn Elite Fund bought 707,000 shares on 14 Apr 2023, increasing their ownership from 5.7% to 6.13% (10,076,500 shares). (Source: HSX)

VGC (Viglacera Corporation – JSC)

  • Q1/2023: revenue of $118.1 mn (-27.6% yoy) and PAT of $8.2 mn (-72.5% yoy).
  • Revenue from real estate decreased by 23.8% yoy to $51.62 mn and revenue from construction materials (building glass, sanitary wares, granite & ceramic tiles, terracotta) decreased by 28.5% yoy to due to the property market’s slowdown. (Source: VGC)

NVL (No Va Land Investment Group Corporation)

  • On 19 Apr 2023, HoSE put NVL into warning list due to late submission of 2022 audited financial statement.  Accordingly, NVL’s margin is cut and NVL will be excluded from VN30 in Jul 2023. On 21 Apr 2022, NVL sent an explanation to bring NVL shares out of the warning list to the SSC and HoSE. NVL said that under pressure from the volatile economic context, along with the company’s comprehensive restructuring and stabilizing production, auditing requires more time.
  • On 19 Apr 2023, NVL, TPB and Ricons Construction signed an agreement on cooperation in construction and completion of The Grand Manhattan project. This is the first out of 7 projects to have legal obstacles being removed in HCMC.

KDC (KIDO Group)

  • KDC approved the acquisition of 25% stake of Tho Phat JSC in the first phase and increase their ownership to 51-70% of Tho Phat JSC in the second phase. Currently, Tho Phat is the dumplings, Vietnamese rice pyramid dumplings, dim sum providers with more than 4,000 POS, including convenient stores (GS25, Circle K, Family Mart…), supermarket (Go!, Lotte,….). Tho Phat factory has a total capacity of 10,000 products/year.

LPB (Lien Viet Post Joint Stock Commercial Bank)

  • HNX announced that no investor participated in VNPost auction of 140 mn LPB shares, meaning that the auction will be cancelled.
  • Ms Pham Thi Thanh Thuy (Vice CEO’s wife) registered to sell all 2,233,964 LPB shares (0.13% OS) via put-through/order matching from 21 Apr to 18 May 2023.  
  • Mr. Duong Cong Doan (related to vice chairman) sold 3.8 mn LPB shares from 12 Apr to 14 Apr 2023, decreasing his ownership from 0.798% to 0.578% (10 million shares). (Source: HSX)

VND (VNDirect Securities Corporation)

  •  BoD approved to use the $425.53 mn credit line from Vietinbank (CTG) to finance for working capital.
  • The loan is guaranteed by high liquid assets such as: term deposits, Certificate deposits, bonds. (Source: VND)

TCBS (Techcom Securities JSC)

  • TCBS successfully secured a syndicated loan of $118 mn from Cathay United Bank, Taipei Fubon Commercial Bank, CTBC Bank and Taishin International Bank, raising the total value of syndicated loan of TCBS to $600 mn, one of the highest in brokerage sector.

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

  • HDB plans to acquire one securities company with chartered capital of at least $42.5 mn, being profitable in the last three years and licenses in brokerage, propriety trading, advisory. (Source: HDB)
  • Mr. Tran Tu Thi (related to Vice Chairman) sold 4,438,833 HDB shares from 13 Apr to 18 Apr 2023 via put-through, decreasing his ownership from 0.185% to 0.035% (77,343 shares). (Source: HSX)

KHG (Khai Hoan Land Group JSC)

  • Mr. Phung Quang Hai (Vice CEO) registered to sell all 1.61 million KHG shares (0.36% OS) via put-through/order matching from 21 Apr to 20 May 2023. (Source: HSX)

MWG (Mobile World Investment Corporation)

  • Arisaig Asia Fund Limited sold 2,297,200 MWG shares on 11 Apr 2023, decreasing their ownership from 7.03% to 6.87% (100,466,688 shares). (Source: MWG).