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FIDES (VIETNAM) Market Statistics 19/6 – 23/6/2023

FIDES (VIETNAM) Market Statistics 19/6 – 23/6/2023

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)
HSX1.27%821.87693.41(38.77)
VN301.60%226.25250.93(64.78)
HNX1.36%117.5982.86(0.75)
Upcom1.29%77.1343.68(2.91)

Source: Fiinpro

Sector Performance (HOSE + HNX, %)

Source: Fiinpro

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

Source: Fiinpro

News

Economy- Society

SBV’s policy rate likely to drop to 4%: HSBC

  • After delivering an accumulative of 150 basis point rate cuts in Q2/2023, HSBC still expects one more 50 basis point cut in Q3/2023. This will likely bring Vietnam’s policy rate to 4.0%, also on par with its rate cuts during the pandemic. However, HSBC experts said there is also a risk that further cuts may not be needed in the last six months if growth bottoms out earlier than expected.
  • HSBC slightly trimmed its 2023 growth forecast for Vietnam to 5.0% (previously: 5.2%) and the cut of 2023 inflation forecast to 2.6% (previously: 4.0%). (Source: HSBC)

Vietnam Trade Balance in first half of Jun 2023

  • In the first half of Jun, total exports of $13.7 bn (-9.8% yoy) and imports of $13.57 bn (-12% yoy) resulted in a trade surplus of $0.13 bn.
  • Accumulated from the beginning of the year: exports of $148.87 bn (-18.4% yoy) and imports of $139.07 bn (-18.4% yoy) resulted in a trade surplus of $9.8 bn. (Source: Custom)

FDI

  • Korean President started a three-day state visit to Vietnam from 22 Jun 2023. Leaders of 205 Korean firms, including Samsung Electronics, SK, Hyundai Motor, LG, and Lotte, are accompanying President Yoon Suk Yeol during a state visit to Vietnam.
  • Businesses of the two sides are expected to sign a number of cooperation deals as leading RoK manufacturers are seeking measures to ensure supply chains and expand exports.
  • On 24 Jun, a Vietnam-RoK Business Forum will be held, gathering leaders of the two countries and a large number of businesses of both sides.

Company- Sectors

Infrastructure

  • On 18 Jun 2023, the Prime Minister issued an order to simultaneously start the construction of three important national transport projects. These projects with total length of nearly 250km has combined investment capital of $4.9 bn. Detail:
  • Ho Chi Minh Ring Road No.3 is 76 km long, passing through four localities including HCM City, Dong Nai, Binh Duong, and Long An. The preliminary total investment capital for the project is about $3.2 bn. The project is expected to open to traffic in late 2025 and fully complete in 2026.
  • The Khanh Hoa-Buon Ma Thuot expressway project has a total length of about 117.5 km and a total investment of $936 mn. The project is expected to be completed in 2026 and put into operation in 2027.
  • The Bien Hoa-Vung Tau expressway project has a total length of nearly 54 km and a total investment of $759 mn. It is scheduled to be completed in 2025 and put into operation in 2026.

Banking sector

  • According to the State Bank of Vietnam (SBV), as of 15 Jun 2023, credit growth is 3.36% ytd (+8.94% yoy). SBV’s Deputy Governor attributed the slow credit growth to weak demand and a decline in corporate financial capacities. The SBV is still targeting credit growth of 14%-15% in 2023.
  • In addition, the SBV announced that Vietnam remains out of currency manipulation watch list of US.

Insurance sector

  • The 21 shareholders of Saigon-Hanoi Insurance (BSH) are set to sell 75 mn shares, equivalent to a 75% stake, to DB Insurance Co., Ltd., a major non-life insurer in Korea.
  • A group of 21 shareholders (including 19 individuals and 2 organizations) of Saigon – Hanoi Insurance Corporation (BSH) signed a contract to transfer 75 mn shares (equivalent to 75% stake) of BSH to DB Insurance Co., Ltd (Korea). In which, Saigon-Hanoi Securities (HNX: SHS) is BSH’s largest shareholder with 9.98 mn shares (9.98% stake). SHS was established in 2007 and BSH established in 2008 with SHB as a co-founder. Both SHS and BSH are connected to Saigon-Hanoi Bank (HSX: SHB).  
  • In Feb 2023, DBI Insurance also entered an agreement to acquire a 75% stake at Vietnam National Aviation Insurance JSC (UPCoM: AIC).

Automobiles sector

  • The government decided to defer excise tax for domestically manufactured and assembled cars from June to September until 20-Nov 2023.
  • In addition, the MoF has submitted for the government’s approval on the 50% cut in registration fees of domestically manufactured and assembled cars.

Milk sector

  • International Dairy Products JSC (Upcom: IDP) expects to issue more than 2.4 mn shares via private placement to Singapore’s Daytona Investments Pte. Ltd.
  • Specifically, the Board of Directors of IDP approved a plan to issue 2.4 million shares at 254,000 VND/share to mobilize $26 mn. The sale is expected to be implemented in Q2-Q3/2023. Daytona Investments is the only investor registering to buy these shares. If the transaction is successful, Daytona will increase its IDP ownership to 12.6% from 8.99%.
  • IDP operates two manufacturing facilities, one each in Hanoi and Ho Chi Minh City, specializing in several dairy products, including fresh milk, chocolate milk, yogurts, and malt drinks under such brands as Ba Vi, Kun, and LIF.

PNJ (Phu Nhuan Jewellery JSC)

  • In May 2023, revenue of $94.6 mn (-16.8% yoy) and PAT of $4.72 mn (-20.8% yoy) due to high base in May 2022.
  • 5M2023, revenue of $607.7 mn (-8.4% yoy, completed 40.1% target year) and PAT of $41.3 mn (-3.5% yoy, completed 50.1% target year). Retail revenue (57.9% total revenue) decreased by 8.7% yoy, wholesales revenue (9.2% total revenue) decreased by 27% yoy and 24K gold revenue (31% total revenue) increased by 1.4% yoy.
  • At end-May2023, PNJ had 355 gold stores, 7 standalone silver stores, 3 CAO Fine stores (PNJ’s luxury jewelry brand), 5 Style by PNJ stores, 3 PNJ Watch stores and 3 PNJ Art stores. (Source: PNJ)

TCM (Thanh Cong Textile Garment Investment Trading JSC)

  • In May 2023, revenue of $9.8 mn (-24.66% yoy) and PAT of $527,000 (+5.2% yoy). Revenue by segment: garment products (76%), fabric (16%) and yarn (6%). By export market: US (30.2%), Korea (18.58%), Japan (16.7%), EU (7.8%).
  • 5M2023, revenue of $57.09 mn (-26% yoy) and PAT of $4.28 mn (-3% yoy). The value of orders that TCM received reached 77% and 75% Q3 and 2023 target revenues, respectively. (Source: TCM)

FPT (FPT Corporation)

  • 5M2023: revenue of $848.6 mn (+22.9% yoy) and PBT of $153.6 mn (+19.2% yoy), of which:
  • Technology segment: revenue of $494.9 mn (+25.8% yoy) and PBT of $66.9 (+18.9% yoy). Of which: Global IT services contributed $393.4 mn revenues (+32% yoy) and $63.82 mn PBT (+29.3% yoy) thanks to the strong demand in the Japan market (+41% yoy) and APAC (+50.4% yoy). Signed revenue (new order volume) of the Global IT Services segment reached $584.2 mn (+35.1% yoy).
  • Telecom segment: revenue of $271.4 mn (+9.6% yoy) and PBT of $53.1 mn (+5.6% yoy).
  • The education & other segments remained robust, with revenue growth of 66.4% yoy and PBT growth of 50.3% yoy. (Source: FPT)

FRT (FPT Digital Retail JSC)

  • FRT successfully obtained the license to provide telecommunications services nationwide. Together with MobiFone, VinaPhone, Viettel and MVNO.
  • Previously, FRT disclosed plans to enter the telecom market as a Mobile Virtual Network Operator (MVNO). MVNOs currently account for 2% of Vietnam’s mobile phone subscribers, according to data from the Telecommunications Department. (Source: FRT)

HCM (Ho Chi Minh City Securities Corporation)

  • HCM was granted the credit line of total $468.1 mn by 3 banks: Vietcombank -VCB ($212.7 mn), Vietinbank -CTG ($170.2 mn) and MSB ($85.1 mn) (Source: HCM)

NVL (No Va Land Investment Group Corporation)

  • NVL sold its restaurant and cafe business Nova F&B to a Singaporean firm through an VinaCapital’s arrangement. Nova F&B currently operates 46 stores across 18 brands. The investor has hired In Hospitality to manage Nova F&B after the acquisition. Details on the investor and deal value were not disclosed.
  • Diamond Properties JSC (related to chairman) registered to sell 13,626,828 NVL shares via matching/put-through from 22 Jun to 21 Jul 2023, decreasing its ownership from 9.953% to 9.254% (180,473,298 shares). (Source: HSX)

HBC (Hoa Binh Construction Group JSC)

  • HBC approved a resolution to sell 100% of capital in Matec Construction Machinery Co., Ltd. to Ashita Group, with a total transfer value of $46.8 mn.
  • Previously, in May 2023, HBC also had a resolution on transferring 100% of the contributed capital of Hoa Binh Innovation Center Co., Ltd. to Nuance Co., Ltd or a third party appointed by Nuance. for $7.11 mn. (Source: HBC)

SII (Sai Gon Water Infrastructure Corporation)

  • DNP (DNP Holding JSC) registered to buy 12,259,200 SII shares (19% OS) via matching and/or put through from 21 Jun to 20 Jul 2023.
  • Meanwhile, CII (Ho Chi Minh City Infrastructure Investment JSC) registered to sell all 32.66 mn SII shares (50.62% OS) via matching and/or put through from 6 Jun to 5 Jul 2023. (Source: SII)

BIC (BIDV Insurance Corporation)

  • Fairfax Asia Ltd (major shareholder) registered to buy more than 1,42 mn shares via order matching / put through from 22 Jun to 23 Jun 2023, increasing its ownership from 35% to 36.2% (42,471,323 shares). (Source: HSX)

TNG (TNG Investment and Trading JSC)

  • Mr. Nguyen Duc Manh (Vice Chairman) registered to buy 1 mn TNG shares via order matching / put through from 21 Jun to 19 Jul 2023, increasing his ownership from 7.69% to 8.64% (9,080,987 shares). (Source: HSX).

PC1 (PC1 Group Joint Stock Company)

  • Mr. Nguyen Minh De (Vice CEO) sold 1.1 mn PC1 shares on 16 Jun 2023 via put through, decreasing his ownership from 1.3% to 0.92% (2,495,629 shares). (Source: HSX).

STG (South Logistics Joint Stock Company)

  • STG received the dossier of public tender offer from PSA Cargo Solutions Vietnam Investment Pte. Ltd (Singapore) to acquire 5 mn STG shares, increasing its ownership from 24.9% to 30% (27,476,007 shares).
  • In May 2023, PSA Cargo Solutions Vietnam Investment Pte. Ltd bought 24.5 million STG shares via put-through with a total value of $55.3 mn. Post-transaction, PSA Cargo holds 24.9% OS and became a major shareholder. (Source: STG)

GEX (GELEX Group JSC)

  • Dragon Capital sold 3.72 million GEX shares on 9 Jun 2023, decreasing their ownership from 5.427% to 4.99% (42,494,686 shares). (Source: HSX)

HSG (Hoa Sen Group)

  • Dragon Capital bought 9.64 mn HSG shares from 14 Jun to 16 Jun 2023, increasing their ownership from 5.627% to 7.238% (43,289,700 shares).
  • HSG will issue 17.9 mn shares to pay stock dividend for 2021-2022 at ratio of 3%, ex-date on 26 Jun 2023. (Source: HSG)

CTR (Viettel Construction Joint Stock Corporation)

  • CTR plans to pay stock dividend (2022) at ratio 21.509% after getting SSC’s approval. (Source: CTR)

HDG (Ha Do Group JSC)

  • HDG plans to issue 61.1 mn shares to pay stock dividend (2022) at a ratio of 25%, ex-date on 4 Jul 2023. (Source: HDG)

KDH (Khang Dien House Trading and Investment JSC)

  • KDH plans to pay stock dividend (2022) at ratio 10% and issue 10.8 mn ESOP shares at 12,500VND/share in Q3/2023. (Source: KDH)