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FIDES (VIETNAM) Market Statistics 20/2 – 24/2/2023

FIDES (VIETNAM) Market Statistics 20/2 – 24/2/2023

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)
HSX-1.86%649.08457.98(59.36)
VN30-2.21%167.04157.91(14.95)
HNX-1.25%85.9856.605.21
Upcom-2.80%46.1323.960.29

Source: Fiinpro

Sector Performance (HOSE + HNX, %)

Source: Fiinpro

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

Source: Fiinpro

News

Economy- Society

Public Investment

  • In 2023, the Prime Minister (PM) targets to disburse at least 95% of the budget, equivalent to $28.72 bn out of full year budget $30.26 bn (+22% yoy).
  • In Jan 2023, public investment is estimated at $545.5 mn, completed 1.72%/ target year and 1.81% of the PM’s plan.

Vietnam Trade Balance in first half of Feb 2023

  • In the first half of Feb, total exports of $13.44 bn (+51.2% yoy) and imports of $12.38 bn (-3.4% yoy) resulted in a trade surplus of $1.07 bn.
  • Accumulated from the beginning of the year: exports of $37 bn (-9.2% yoy) and imports of $35.32 bn (-17.9% yoy) resulted in a trade surplus of $1.68 bn. (Source: Custom)

FDI: Samsung’s Vietnam subsidiaries reap $4.67 bn profit in 2022

  • Samsung’s four subsidiaries in Vietnam, namely Samsung HCMC CE Complex (SEHC) in Ho Chi Minh City, Samsung Electronics Vietnam (SEV) and Samsung Display Vietnam (SDV) both in Bac Ninh province, and Samsung Electronics Vietnam Thai Nguyen (SEVT) in Thai Nguyen province, recorded revenues of $71.02 bn (+12.8% yoy) and PAT of $4.67 bn (+16.28% yoy).
    • SEHC in HCMC was the worst performer with a revenue of $4.83 bn (-4.55% yoy) and PAT of $297.95 mn (-18.31% yoy).
    • SEVT in the northern province of Thai Nguyen showed the best performance with a revenue of $28.04 bn (+12.9% yoy) and PAT of $2.1 bn (+18.42% yoy).
    • SEV in the northern province of Bac Ninh: revenue of $18.26 bn (+9.66% yoy) and PAT of $1.27 bn (+13.08% yoy)
    • SDV, also in Bac Ninh: revenue of $19.89 bn (+18.65% yoy) and PAT of $1 bn (+32.67% yoy)
  • On a global scale, Samsung Electronics earned a revenue of $234.08 bn (+8.09% yoy) and PAT of $43.1 bn (+39.46%) in 2022. This means the after-tax profit that Samsung earned in Vietnam accounted for nearly 11% of the giant’s global figure.

Company- Sectors

ETFs rebalancing

  • ETFs will restructure their portfolio in Q1/2023. FTSE and MVIS will complete their portfolio structure on 17 Mar, while the MSCI indexes have an earlier restructuring schedule, on 28 Feb.
  • iShare MSCI ETF is expected to add SSB and EIB, while DXG, NVB, VIX may be excluded from the list.
  • VanEck Vietnam ETF is expected to restructure about 19% of its current portfolio ($95 mn out of a total portfolio value of $504 mn) into Vietnamese stocks. Specifically, STB may be excluded while DCM may be added in the restructuring.
  • FTSE Swap ETF is expected to exclude VJC, PLX, STB, TCH. In contrast, EIB may be added if the liquidity is improved better.

Bond market

  • HNX announced a list of 54 issuers having made unusual information disclosure, including late payment of principal and interest of corporate bonds…
    • Real estate is the industry with many companies named, including: Apec Land Hue, Danh Khoi Group, Southern Green Land Investment and Service, Saigon Thuong Tin Real Estate, Novaland, Investment and Development Sunny World, Hung Thinh Incons, Hung Thinh Investment, GreenHill Village, Hai Phat Investment, Dat Xanh…
    • Energy industry also has many faces such as BCG Energy, Trung Nam Solar Power, Trung Nam Dak Lak 1 Wind Power, Trung Nam Thuan Nam Solar Power, Waste treatment and EU Energy, Ocean Renewable Energy. …

Oil & Gas sector

  • On 22 Feb 2023, PetroVietnam (PVN) and Marubeni Corp. (Japan) signed the gas sales heads of agreement for O Mon II gas-fired power plant – one of four power plants using gas from Block B gas field, implying that the mega project Block B – O Mon will soon be approved for FID (Financial Investment Decision).
  • PVN, the main investor of Block B project held a meeting with related parties for re-bidding the EPC of Block B – O Mon. As previous update, the Block B will compete EPC bidding within Q2/2023, start construction phase end of 2023 and extract its first gas by Q4/2026 at the latest.

Real estate

  • Governor of the SBV shared that 4 SoCBs (VCB, CTG, BID, Agribank) agreed to launch a credit package of $5.04 bn for social housing lending at 1.5-2% below other banks’ average rate.
  • On 20 Feb 2023, the Government had a meeting with developers, whose projects are facing legal issue, to consider solutions. Those 7 projects include: Asiana Riverside (Gotec VN), Metropole Thu Thiem (Quoc Loc Phat), The Water Bay (Novaland), Grand Manhattan (Novaland), Celadon City (Gamuda Land), Cuu Long (Viet Hung Phu), Thien Ly UA (An Thien Ly). However, this meeting took place in the spirit of acknowledging the difficulties, the Government has heard reports from those enterprises but could not solve the problem right after. It will take time to revise the problems.

Retail sector

  • Central Retail Corporation (CRC), Thailand’s biggest retailer, has unveiled its largest investment in Vietnam, totaling $1.45 bn from 2023-2027 to accelerate its market presence there.
  • CRC invested more than $290 mn to expand its retail business in Vietnam during 2012-2022. Central Retail Vietnam currently operates more than 340 stores in 40 provinces and cities, with a total floor area of over 1.2 million square meters. The company also plans to renovate 10-12 branches of the Nguyen Kim electronics supermarket chain and open 3-5 new branches, including stores in the GO! shopping center system.
  • Vietnam’s retail market is estimated to worth $49.7 bn/year and growing by 10-12%/year, according to CRC.

PNJ (Phu Nhuan Jewelry JSC)

  • In Jan 2023, revenues of $157.7 mn (+18.8% yoy) and PAT of $12.85 mn (+11.8% yoy).
    • Retail revenue (51.5% total revenue) decreased by 1.7% yoy because of the Tet holiday.
    • Wholesales revenue (7.3% total revenue) decreased by 32.7% yoy.
    • Gold bar revenue (39.6% total revenue) increased by 96.9% yoy thanks to the God of Lucky day 2023 in Jan.
  • At end-Jan 2023, PNJ had 344 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)

HPG (Hoa Phat Group JSC)

  • 2023 target: revenue of $6.38 bn (+6% yoy) and PAT of $340.4 mn (-5% yoy).
  • HPG has no plan for dividend payment for 2022. (Source: HPG)

HSG (Hoa Sen Group)

  • 2023 target:
    • In the best scenario: revenue of $1.53 bn (-27.6% yoy) and PAT of 12.77 mn (+19.5% yoy). Sales volume: 1.63 million tons (-10.4% yoy).
    • In the worse scenario: revenue of $1.45 bn (-31.6% yoy) and PAT of 4.26 mn (-60.2% yoy). Sales volume: 1.52 million tons (-16.43% yoy).
  • HSG plans to IPO Hoa Sen Plastic in the period from 2024-2026. (Source: HSG)

MWG (Mobile World Investment Corp.)

  • 2023 target:
    • In the best scenario: revenue of $6.38 bn (+7% yoy) and PAT of 200 mn (-26% yoy).
    • In the worst scenario: revenue of $5.74 bn (-4.2% yoy) and PAT of 176.47 mn (-33.9% yoy).
  • TheGioiDiDong (TGDD) and Dien May Xanh (DMX) are still the main cash flow drivers, contributing 75 – 80% of MWG’s revenue. However, MWG estimates that the gross profit margin of Mobile world and DMX chains in 2023 may be lower than in the period of 2021 – 2022 due to weak purchasing power.
  • Bach Hoa Xanh (BHX) is expected to contribute 20-25% of sales for MWG and be profitable in Q4/2023.
  • MWG will close down AVASport and Bluetronics (in Cambodia) and focus on Era Blue chain (Indonesia).
  • An Khang and AvaKids will maintain the number of stores and focus on operation. (Source: MWG)

VSC (Vietnam Container Shipping JSC)

  • 2023 target: revenue of $95.74 mn (+12% yoy) and PBT of $11.06 mn (-45% yoy) due to higher interest expense and loss in associates and joint ventures: $10.2 mn.
  • Dividend 2022: 10% cash and 10% stock.
  • Dividend 2023: 10%.
  • Issuance to existing shareholders of 121.2 million shares, the ratio is 1:1, at 10,000 VND/share. Implementation time:2023. (Source: VSC)

FPT (FPT Corporation)

  • FPT Software (FPT owned 100%) announced the acquisition of the entire IT Services segment – one of the strategic business segments of Intertec International – USA.
  • FPT Software started investing in Intertec in 2021
  • In 2023, together with this deal, FPT Software expanded its presence in Costa Rica, Colombia and Mexico. These are also the three countries that have Intertec’s technology production centers. (Source: FPT)

NVL (No Va Land Investment Group Corp.)

  • Related to the $42.6 bn matured bond (NVLH2123009), NVL proposes investors to extend payment date or exchange principal for real estate products. Besides, NVL also proposed the extension of 2 months to pay the bond principal in accordance with the actual cash flow. Accordingly, the bondholder’s representative disagreed with NVL’s solution. It is possible that this debt will default.
  • PSI (Petrovietnam Securities Incorporated) announced the “Cross-Default” of 2 bonds: NVLH2224006 and NVLH2123014 with total value of $105.5mn.
  • BSI (Bank for Investment & Development of Vietnam Securities Company) announced the “Cross-Default” of bond: NVLH2124002 with total value of $42.2mn.

MSN (Masan Group Corp.)

  • MSN has just mobilized $29.8 mn corporate bonds. These are non-convertible bond, without warrants.
  • Term: 5 years. Coupon: fixed at 9.5% for the first two payments and floating at reference rate + 3.975% p.a. for the rest of the payment. (Source: MSN)

BAF (BAF Viet Nam Agriculture JSC)

  • BAF approved to issue $38.3 mn private bonds ($12.77 mn bonds and $25.53 mn convertible bonds) to the International Finance Corporation (IFC – a member of the World Bank).
  • Collateral is all shares owned in Hai Dang Tay Ninh JSC and Green Farm 2 Co., Ltd. (Source: BAF)

GEX (GELEX Group JSC)

  • GEX bought back $6.4 mn out of $7.62 mn of outstanding bonds code BONDGEX/2020.02 and BONDGEX/2020.01, which was issued on 22 Jul 2020 and is expected to mature on 22 Jul 2023. (Source: GEX)

HAX (Hang Xanh Motors Service JSC)

  • Ms. Vu Ngoc Diep Linh bought 10.5 million shares (14.59% OS) on 13 Feb 2023. Post transactions, she holds around 10.8 million shares and becomes major HAX’s shareholder. (Source: HSX)

ACB (Asia Commercial Joint Stock Bank)

  • Dragon Capital bought 4 million ACB shares on 20 Feb 2023, increasing their ownership from 7.945% to 8.06% (272,338,910 shares). (Source: HSX)

DXG (Dat Xanh Group JSC)

  • Dragon Capital sold 10 million DXG shares from 16 Feb to 20 Feb 2023, decreasing their ownership from 17.552% to 15.913% (97,072,434 shares). (Source: HSX)