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FIDES (VIETNAM) Market Statistics 20/3 – 24/3/2023

FIDES (VIETNAM) Market Statistics 20/3 – 24/3/2023

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)
HSX0.16%488.52371.0116.23
VN300.35%159.10164.475.77
HNX0.61%54.6735.821.73
Upcom-0.34%26.3311.74(1.12)

Source: Fiinpro

Sector Performance (HOSE + HNX, %)

Source: Fiinpro

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

Source: Fiinpro

News

Economy- Society

Vietnam Trade Balance in first half of Mar 2023

  • In the first half of Mar, total exports of $13.34 bn (-13.4% yoy) and imports of $13.83 bn (-9.5% yoy) resulted in a trade deficit of $0.49 bn.
  • Accumulated from the beginning of the year: exports of $62.94 bn (-10.8% yoy) and imports of $60.01 bn (-15.2% yoy) resulted in a trade surplus of $2.94 bn. (Source: Custom)

FDI: VidaXL seeks to invest $50 mn in a Vietnam wood factory

  • VidaXL (Netherlands) plans to invest $50 mn in building a wood processing complex in Quang Tri province (central), with an annual capacity of 400,000-500,000 tons of acacia wood.
  • VidaXL aims to start construction in 2023 and complete in 12 months if a suitable location is provided

Company- Sectors

Banking sector

  • The Draft amendments to the Law of Credit Institutions decreases the limit ownership of each individuals/institutions/ related parties, specified as follows:
  • Individuals maximum holding in a credit institution is reduced from 5% to 3%.
  • Institutions maximum holding in a credit institution is reduced from 15% to 10%.
  • Major shareholders and related parties of a credit institution maximum holding is reduced from 20% to 15%.
  • In addition, the calculation of total ownership of each party shall include the holding of its 65% owned companies.
  • Currently, the foreigners’ ownership of credit institutions is following the Decree 01/2014/NĐ-CP and no further information is given regarding the change in foreign investors’ ownership. 

Steel sector

  • MoIT (The Ministry of Industry and Trade) announced to extend Safeguard tax on import construction steel for 3 years, up to Mar-2026.
  • New tariff rates are lower than the latest rate of 6.4% and have been applied from Mar-22, 2023. Details are as follows:
  • 22/03/2023 – 21/03/2024: 6.3%
  • 22/03/2024 – 21/03/2025: 6.2%
  • 22/03/2025 – 21/03/2026: 6.1%
  • From 22/03/2026: 0% (if not extend)
  • Besides the new safeguard taxes, Vietnam remains unchanged the import taxes of 9% on billets and 15% on construction steel products.

Electricity

  • Ministry of Industry and Trade (MoIT) sent an urgent request to EVN (Vietnam Electricity) to speed up the rollout of the new pricing mechanism for transitional solar and wind power plants before 31 Mar 2023.
  • Currently, there are 84 renewable energy projects (with a capacity of more than 4,676 MW) behind the planned schedule of commercial operation, including 34 transition projects (28 wind power projects and 6 solar power projects) with a total capacity of nearly 2,091 MW having been completed and tested.

PNJ (Phu Nhuan Jewellery JSC)

  • In Feb 2023, revenue of $121.2 mn (-20.7% yoy) mainly due to the 24K gold revenue decrease (as the God of Luck day this year was in Jan) and PAT of $10.85 mn (+0.7% yoy).
  • 2M2023, revenue of $296.85 mn (-1.3% yoy) and PAT of $23.66 mn (+6.4% yoy). Retail revenue (56.8% total revenue) decreased by 0.2% yoy, wholesales revenue (8.9% total revenue) decreased by 12.8% yoy and 24K gold revenue (33% total revenue) increased by 0.1% yoy.
  • At end-Feb 2023, PNJ had 347 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)

FPT (FPT Corp.)

  • 2M2023 result business: revenues of $310.6 mn (+19.6% yoy) and PBT of $55.9 mn (+19% yoy) thanks to the solid growth by 26% in Global IT Services segment driven by the Japan (+23.8% yoy) and APAC (+56.7% yoy).
  • 2023 target:
  • Revenue of $1.87 bn (+19% yoy) and PBT of $385.3 mn (+18% yoy).
  • 2023-2025 ESOP plan: will issue a maximum of 0.5% OS/year. Those shares will be locked for 3 years.
  • 2022 dividend plan: 20% cash dividend and 15% stock dividend. (Source: FPT)

BIC (BIDV Insurance Corp.)

  • 2023 target: revenue of $194.5 mn (+22.3% yoy) and PBT of $20.36 mn (+21.9% yoy).
  • 2022 dividend: 13% and 2023 dividend: 13.5%. (Source: BIC)

ACB (Asia Commercial Joint Stock Bank)

  • 2023 target: PBT of $853.5 mn (+17.2% yoy), credit growth of 9.7% and deposit growth of 8.1%.
  • 2022 dividend: 25%, including 10% cash and 15% stock dividend. (Source: ACB)

TCB (Vietnam Technological and Commercial Joint Stock Bank)

  • Moody’s announced that it had downgraded (1) TCB’s long-term foreign & local currency deposit and issuer ratings from Ba2 to Ba3 and (2) TCB’s baseline credit assessment (BCA) from ba2 to ba3. In addition, Moody’s changed the outlook from stable to negative for TCB’s long-term foreign & local currency deposit and issuer ratings.
  • The downgrade reflects Moody’s concern on TCB’s high exposure to corporate bonds (8.87% loan book) and real estate (29.8% loan book) amid increasing defaults among real estate companies in Vietnam, which might negatively impact the bank’s standalone credit strength.

PVT (Petrovietnam Transportation Corp.)

  • 2023 target: revenue of $288.8 mn (-29% yoy) and PAT of $22.9 mn (-53.5%yoy). PVT often sets a conservative plan.
  • 2023, PVT will invest $164 mn to expand the fleet, of which $109 mn belongs to 4 transitional projects from the previous year and $55 mn is a new investment project, which is a VLGC or VLCC tanker. (Source: PVT)

HPG (Hoa Phat Group JSC)

  • HPG proposed a plan to increase the capacity of the Dung Quat project from 4 to 6 million tons/year with a total investment of $1.11 bn to meet the increasing market demand.
  • HPG will complete the legal procedures in Q4/2023 and start machinery installation from Q1/2024. (Source: HPG)

VGC (Viglacera Corporation – JSC)

  • 2023 target: revenue of $680.85 mn (+10% yoy) and PBT of $55.32 mn (-44% yoy).
  • 2023 cash dividend: 20%. (Source: VGC)

HAH (Hai An Transport & Stevedoring JSC)

  • 2023 target:
  • Revenue of $126 mn (-8% yoy) and PAT of $20.9 mn (-40% yoy).
  • 2022 dividend plan: 50% stock dividend. Implementation time: 2023, after approval of SSC.
  • 2023 dividend plan: 15% cash dividend
  • Issuance of convertible bonds up to $21.3 mn with the tenor of 4-5 years. Interest rate: 6%/year. Implementation time: 2023-2024. The proceeds will be used and will be invested in building new ships for business activities. (Source: HAH)
  • Hai Ha Investment and Transportation (related to HAH’s Chairman) registered to buy 2 million HAH shares via order matching/put through from 28 Mar to 26 Apr 2023, increasing its ownership from 12% to 14.84% (10,440,500 shares). (Source: HSX)

VIC (Vingroup Joint Stock Company)

  • In Mar 2023, VinES will complete machinery installation and put into trial operation. This is a battery production plant with a total capacity of 100,000 battery packs, equivalent to 24 mn battery cells every year providing VinFast electric cars and buses.
  • GSM (EV rental & taxi service company controlled by VIC’s Chairman) has invested in Be Group, the #2 ride-hailing player in Vietnam. It will also partner with VPBank to enable Be drivers to buy or rent VinFast vehicles through GSM. This partnership will support VinFast vehicle sales and allow GSM to penetrate Be’s ride-hailing platform.

BAV (Bamboo Airways JSC)

  • BAV plans to issue 996.2 million shares (35% OS) via private placement, increasing its charter capital from $787 mn to $1.21 bn. Expected time: 2023.
  •  FLC (FLC Group JSC) invested $171 million in BAV, equivalent to 21.7% of the airline’s charter capital. FLC plans to sell its stake in BAV during the group’s restructuring process. (Source: BAV)

OIL (PetroVietnam Oil Corp.)

  • HNX put the stock into the warning list, effective from 23 Mar 2023.
  • The reason is audit’s qualified opinion in FS for more than 3 years (including 2022 FS). (Source: HNX)

PPC (Pha Lai Thermal Power JSC)

  • HoSE announced to cut PPC’s margin lending and put it on warning list from 29 Mar 2023.
  • KPMG’s auditors have expressed their qualified opinion about the reversal. The adjustment was because errors in electricity meters — which occurred from Dec2018 to Mar 2022 — led to incorrect revenue recognition. If PPC had made the correct adjustments, its 2022 net revenue and NPAT would have decreased by $6.89 and $5.49 mn, respectively. (Source: HSX)

MSN (Masan Group Corporation)

  • MSN completed the 1st tranche of its 5-year bond public offering worth $85 mn. The coupon rate is 4.1% plus the average 12-month retail deposit rate of VCB, CTG, BID and Agribank (approximately 11.3%/year).
  • Up to now, MSN has raised $523 mn of debt via syndicated offshore loans and domestic bonds. Most of the new debt proceeds will be used to repay maturing bonds in 2023 totaling $814 mn. (Source: MSN)

NVL (No Va Land Investment Group Corporation)

  • NVL succeeded in agreement to extend the first 2 lots of bond worth $74.5 mn (NVLH2124002 and NVLH2224006)
  • Representatives of bondholders, BSC Securities Company and PSI Securities Company, agree not to declare the event of breach of the bonds within the stipulated time.
  • NVLH2124002: extend the maturity for 1 year to 26 Apr 2025. The new fixed interest rate is 11.5%/year.
  • NVLH2224006: extend the maturity for 2 years to 15 Mar 2026. The new fixed interest rate is 11.5%/year. (Source: NVL)

NLG (Nam Long Investment Corp.)

  • Ms. Nguyen Thi Bich Ngoc (Chairman’s wife) registered to sell 2 million NLG shares via order matching/put through from 27 Mar to 25 Apr 2023, decreasing her ownership from 4.78% to 4.25% (16,340,867 shares). (Source: HSX)

DIG (Development Investment Construction JSC)

  • Mr. Nguyen Hung Cuong (Vice Chairman) bought 5 million DIG shares via order matching/put through on 17 Mar 2023, increasing his ownership from 8.85% to 9.66% (58,956,984 shares). (Source: HSX).
  • Thien Tan Development Investment JSC sold 8,488,700 DIG shares from 17 Mar to 20 Mar 2023, decreasing its ownership from 8.38% to 6.98% (42,601,805 shares). (Source: HSX)

MIG (Military Insurance Company)

  • Pyn Elite Fund (Finland) bought 500,000 MIG shares on 17 Mar 2023, increasing its ownership from 4.99% to 5.29% (8,704,300 shares) and became the major shareholder at MIG. (Source: HSX)