FIDES (VIETNAM) Market Statistics 22/01 – 26/01/2024

FIDES (VIETNAM) Market Statistics 22/01 – 26/01/2024

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-0.49%580.54552.5035.97
VN30-0.20%223.83253.099.70
HNX-0.02%60.7644.15(0.62)
Upcom0.27%40.4925.046.13

Source: Fiinpro 

Sector Performance (HOSE + HNX, %)

Source: Fiinpro 

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

Source: Fiinpro 

News

Economy – Society

Macro :

  • Officials from Vietnam’s Ministry of Industry and Trade (MoIT) and the UAE Ministry of Economy on 24/01/2024 agreed to speed up the negotiation for a comprehensive economic partnership agreement (CEPA) between the two countries. Currently, the UAE is the largest export market and the second-largest trade partner of Vietnam in West Asia (after Kuwait). In 2023, Vietnam’s exports to the UAE reached over $4bn (+4.3% yoy) and its imports from this market hit over $676mn (+16% yoy). (Source: MOIT)

Index Update:

  • HSX announced its VNFIN Lead Index semi-annual review for 1H24; changes will take effect on 05/01/2024. Accordingly, SSB was removed from the VNFIN Lead Index while no stock was added to the basket.
  • The SSIAM VNFIN Lead ETF, which tracks the VNFIN Lead Index as a benchmark, will need to sell all 0.5mn SSB shares in its portfolio. The ETF will buy and sell the necessary number of shares to restructure its portfolio. (Source:H SX)

China:

  • On 24/01/2024, The People’s Bank of China (PBoC) announced to cut the reserve requirement ratio (RRR) of qualified financial institutions in the country by about 50 basis points from 05/02/2024 – an effort to quell market panic: Respectively, it is expected that $140bn will be injected into the market. (Source: PBoC)

Remittances:

  • Remittances to Ho Chi Minh City in 2023 reached $9.46bn (+43.3% yoy), marking a new high in the last 10 years and accounts for more than 50% of total remittances to the country. (Source: Ho Chi Minh Province)

Company – Sectors

Brokerage:

  • According to statistics from 4Q23 financial report, customer deposit balances at securities companies at the end of 2023 reached $3.39bn (+8% qoq).
  • VPS is a securities company with a large customer deposit balance of nearly $677.5mn as of 31/12/2023. Followed by VND and TCBS with $261.2mn and $236.7mn, respectively. (Source: HSX)
  • With lower interest rates, many securities companies in Vietnam have increased bank loans to finance margin lending and investment activities. A survey of 30 large securities companies showed that as of 31/12/2023, their total outstanding loans reached $8.23 bn (+58% YTD). Most of the borrowings were short-term loans, with only a few using long-term bonds.

Fisheries:

  • The Ministry of Agriculture and Rural Development has lowered its target for seafood export value for 2024 to $9.5bn from its previous expectation of $10bn. The fisheries sector is expected to have an output of 9.22 million tonnes of seafood from an aquaculture area of 1.3 million hectares this year. (Source: The Ministry of Agriculture and Rural Development)

Textiles and garment sector:

  • The Red Sea crisis roiling shipments is expected to result in soaring costs and supply-chain strains. Prolonged disruption will crimp profit margin of global brands such as Nike Inc., Adidas AG and Capri Holdings Ltd because the economic backdrop can make it harder to pass higher costs to consumers. In order to save costs, these brands are likely to deal with local suppliers such as TNG, TCM to keep the unit price low and they will cut orders for recycled yarn (by STK) to save material cost.

Energy sector:

  • A joint delegation from China Southern Power Grid International (CSGI), under state-owned China Southern Power Grid, and Power Generation Joint Stock Corporation 2 (EVNGENCO2), under state utility Vietnam Electricity (EVN), delivered a project proposal to Quang Tri authorities to build a 500MW hydropower plant. (Source: EVN)
  • Japan’s Tokyo Gas Co., Ltd. has announced the formal establishment of a joint venture with Vietnam’s Truong Thanh Vietnam Group and Japan’s Kyuden International Corporation to build a 1.5 GW LNG-to-power plant in the northern province of Thai Binh, second LNG power in Vietnam. (Source: Tokyo Gas Co. Ltd)

Shrimp

  • VASEP forecasts that shrimp export turnover in 2024 will reach about $4bn, an increase of 5% compared to 2023. (Source: VASEP)

DHT (Ha Tay Pharmaceutical JSC)

  • Announced 4Q23 net revenue of $19.32mn (-11% yoy) and NPAT of $0.65mn (-55% yoy). SG&A increased by 43% yoy is the main reason leading to negative results in 4Q23 of DHT. In 2023, net revenue reached $81.5mn (+9% yoy), NPAT reached $3.46mn (-11% yoy). (Source: DHT)

NT2 (PetroVietnam Power Nhon Trach 2 JSC)

  • 4Q23 revenue reached $50mn (-36.5% yoy), SG&A in the 4Q23 decreased mainly because in 4Q22 the company reversed the provision for bad debts with a value of $6mn, so PAT reached $9.7mn (+50.2%yoy). In 2023, revenue reached $259mn (-27% yoy), NPAT reached $20mn (-44% yoy). (Source: NT2)

DHA (Hoa An JSC)

  • Announced 4Q23 revenue of $4.5mn (-5.3% yoy) and NPAT of $0.74mn (+51.7% yoy). In 2023 total revenue of $15.3mn (-3% yoy) and NPAT of $3.92mn (+83% yoy).
  • Although sales volume decreased, DHA’s growth is still positve due to the 2022 financial investment provisions. (Source: DHA)

STK (Century Synthetic Fiber Corporation)

  • 4Q23, revenues of $14.36mn (-18% yoy) and NPAT of $1.29mn (-26% yoy). FY23, revenues of $58.1mn (-32.6% yoy, completing 66% target) and NPAT of $3.6mn (-63.9% yoy, completing 34.5% target). 4Q23, because of weak demand, temporary difficulties in exporting to the US market due to high freight rates caused by armed conflicts affecting the transport route, sales volume decreased by 8.3% (of which, recycled yarn sales decreased by 6.2% and virgin yarn sales decreased by 9.3%). McKinsey reported that while consumer goods decline in finished goods is only 0-5%, yarn producers witnessed a significant plunged of 30-40%, implying that upstream companies in the textiles and garments value chain like STK is hit more significantly. (Source: STK)

MIG (Military Insurance Company)

  • 4Q23, direct written premium of $51.6mn (-17% yoy) and the PBT increased by 5 times to $5.6mn thanks to a reduction of 23.1% in the underwriting expense and the increase by 7 times in the financial profits. FY2023, direct written premium of $189.4mn (-10.1% yoy) and PBT of $14.26mn (75.8% yoy). (Source: MIG)

HPG (Hoa Phat Group JSC)

  • Announced 4Q23 revenue of $1.4bn (+33% yoy) and NPAT of $121.2mn (compared to a loss of $81.3mn in 4Q22).
  • FY23 revenue of $4.91bn (-16% yoy) and NPAT of $277.5mn (-19.8% yoy and fulfilled 85% year plan).
  • Regarding sale voulumes, construction steel and high quality steel reached 3.78 million tons (-11% yoy). Hot rolled coil steel (HRC) recorded nearly 2.8 million tons (+6% yoy). Besides traditional steel product lines, HPG has invested in deep processing, promoting production of steel products to supply for domestic and export market. (Source: HPG)

PDR (Phat Dat Real Estate Development JSC)

  • Announced 4Q23 revenue of $2.8mn (x4.5 yoy) and NPAT of $11.5mn (compared to a loss of $10.9mn in 4Q22).
  • Notably, financial revenue reached more than $17.2mn (x26 yoy). This income comes from transferring its subsidiaries while other costs are reduced. In specific, In Nov-2023, Phat Dat transferred 99.8% shares of Phat Dat Industrial Park Investment and Development JSC to Phat Dat Holdings Company Limited. (Source: PDR)

PNJ (Phu Nhuan Jewelry JSC)

  • 4Q23 revenues of $397.6mn (+17.6% yoy) and NPAT of $25.7mn (+34.4% yoy). The robust performance of PNJ in 4Q23 was attributed to the increase of 78% yoy in gold bar sales thanks to the surging in gold price and 5% yoy in the retail sales thanks to the gain in market share. 2023 revenues of $1.35bn (-2.2% yoy, completing 93.1% target) and NPAT of $80.3mn (+8.9% yoy, completing 101.8% target). (Source: PNJ)

TCM (Thanh Cong Textile Garment Investment Trading JSC)

  • Dec-2023, revenues of $10.8mn (-9% yoy) and NPAT of $584K (-30% yoy). FY2023, revenues of $138.81mn (-24% yoy and completing 83% target) and NPAT of $8.1mn (-29% yoy and completing 78% target). The plunge in TCM’s revenues was attributed to the difficulties in the US and EU market. NPM deteriorated from 6.5% to 4% due to the decrease by 1.4% in GPM due to higher input costs like raw materials, logistics. Outlook 2024: TCM has received 98% orders for 1Q2024, showing positive signals on the textiles and garment segments. (Source: TCM)

DGC (Duc Giang Chemicals Group JSC)

  • Announced 2023 revenue reached $405mn (-33%yoy), and NPAT-MI reached $137mn(-39.6%yoy). For 4Q23 alone the company recorded revenue of $97mn (-23% yoy), and NPAT-MI reached $29mn (-30%yoy). In 4Q23, demand from East Asian customers — who use P4 and derivatives for electronics applications — remained strong. P4 prices to these customers remained at ~USD4,700/ton. (Source: DGC)

DPR (Dong Phu Rubber JSC)

  • 4Q23, Revenue reached $16.5mn (+9.8%yoy), NPAT-MI reached $3.4mn (+30%yoy). Overall in2023, DPR earns $41.4mn (-15.8%yoy), NPAT-MI reached $8.37mn(-18%yoy). In the 4Q23, business sold 5,941.57 tons (+6%yoy) of rubber with an average selling price of 1,467 USD/ton (+5.5%yoy). (Source: DPR)

BAF (BAF Viet Nam Agriculture JSC)

  • On 18/01/2024, BAF received the transfer of shares to own 99.99% charter capital of Thanh Dat Gia Lai CNC Livestock JSC. This is a new enterprise established on 06/04/2022 and specializes in pig farming and pig breed production.
  • BAF will issue 7.2 million ESOP shares at a rate of 5%, par value of 10,000VND/share and is expected to be deployed from 1Q2024 to 2Q2024. If the issuance is successful, BAF will increase its charter capital to nearly $61.06mn. (Source: BAF)

SCS (SCSC Cargo Service Corporation)

  • In 4Q23, net sales reached $8.1mn (+2% yoy) and net profit reached $5.2mn (-18% yoy). This was mainly due to the surge in labor expenses, which nearly tripled yoy on the low base last year. Cost of goods sold unexpectedly increased by 77% to $2.2mn, causing the company’s gross profit to decrease by 12% to $5.9mn. – In 2023, net sales reached $28.7mn (-17% yoy) and net profit reached $20.3mn (-23% yoy). (Source: SCS)

SKG (Superdong Fast Ferry Kieng Giang JSC)

  • In 4Q23, revenue reached $2.8mn (-18% yoy). NPAT negative $0.3mn. This was mainly due to: (1) weather factors: strong winds cause the Phu Quoc – Rach Gia and Phan Thiet – Phu Quy routes to stop operating regularly. (2) the tourism market in Phu Quoc has not recovered.
  • In 2023, revenue reached $16.7mn (equivalent to revenue in 2022), NPAT reached $2.9mn (+63% yoy) thanks to revenue from financing activity is up to $0.7mn and other income is $0.2mn.

PET (Petrovietnam General Services JSC Corporation)

  • Board member Nguyen Quy Thinh was detained over charges of receiving bribes tied to an unspecified case at the company, according to Ministry of Public Security.
  • Mr. Thinh is also the Deputy Head of Investment at Saigon – Hanoi Securities (SHS) (Source:PET)

SSI (SSI Securities Corporation)

  • Announced 4Q23 PBT of $25.1mn (+113% yoy, -30% qoq), mainly driven by prop trading income of $27.8mn (+71% yoy) and margin lending of $17.9mn (+27% yoy). FY23 PBT of $114.3mn (+34% yoy).
  • The margin lending balance was flat qoq at $616.3mn, while FVTPL (substantially comprised of bank bonds and CDs) jumped to $1.78bn (+48% qoq and +43% yoy). (Source: SSI)

VND (VNDIRECT Securities Corporation)

  • Announced 4Q23 PBT of $40.4mn (compared to a loss of $1.56mn in 4Q22), was mainly driven by prop. trading income of $40.8mn (x25 yoy) while net brokerage income and margin lending dropped by 65% and 19%, respectively.
  • Corporate bonds held by VND under-restructuring were reduced by $65.3mn (16%) as bond issuers bought back, but the remaining balance ($330.6mn) remains a concern. (Source: VND)

MWG (Mobile World Investment Corporation)

  • Mobile World opens its 50th electronics store in Indonesia. Within more than 1 year, the EraBlue brand in Indonesia has built a chain of shopping locations with an area of about 400m2/store and achieved revenue of about $183,000/month/store.
  • Mr. Doan Van Hieu Em, CEO of MWG, said that with the goal of expanding to markets in Southeast Asia, MWG chose the Indonesian market to open a stores-chain. Up to this point, MWG has had successes and set a goal of developing at least 500 EraBlue stores by 2027. (Source: MWG)

HDG (Ha Do Group JSC)

  • The enterprise has sent an official dispatch to the Department of Industry and Trade of Ninh Thuan province to propose approval of the policy to allow research, survey, detailed planning, and implementation of legal procedures to become investor in Phuoc Nam 1 and Phuoc Nam 2 Industrial Park projects. (Source: HDG)

VCG (Viglacera Corporation JSC)

  • Hanoi Department of Transport, China Pacific Construction Group (CPCG), and Vinaconex (VCG) signed a MOU on research and invest in the construction of a number of key projects in the city.
  • According to the MOU, relevant parties agreed to cooperate and share experiences in implementing and researching key transport infrastructure projects in Hanoi, of which the key is the Tu Lien bridge project (total investment is about $816mn) and urban railway project No. 5, section Van Cao – Hoa Lac (preliminary total investment is about $2.65bn). (Source: VCG)

VHC (Vinh Hoan Corporation)

  • In 4Q2023, revenue reached $97.6mn (-4% yoy). This was mainly due to due to prolonged decline in export price and lower output. The average export price was off 47% from the peak in 08/2022 and off 23% yoy as end of 2023. NPAT reached $2.7mn (-67% yoy). COGS increased by 10% yoy leading to gross profit decreased sharply 59% yoy.
  • Accumulated 2023 net sales came to $408.5 (-24% yoy) and net profit of $36.5mn (-54.6% yoy). (Source:VHC)

DHG (DHG Pharmaceutical JSC)

  • In 4Q2023, revenue reached $74.9mn (+26% yoy) and NPAT reached $10.6mn (+11% yoy) thanks to focusing on selling key products, the distribution system is increasingly tightly organized and well connected with customers.
  • In 2023, revenue reached $204.1mn (+7.3% yoy), and PAT reached $42.8mn (+6.4% yoy), marking a fourth consecutive yearly gain and setting a new record. (Source:DHG)

MSN (Masan Group Corporation)

  • Approved the private offering dossiers of dividend preference shares with the option to convert to ordinary shares. Offer 75mn shares with the Offering price: VND85,000/share. Expected proceeds: VND6,375bn (equivalents to $259.1mn)
  • The proceeds will be used to pay off bonds, repay investment cooperation and contribute capital to subsidiaries. (Source: MSN)

MCM (Seed Moc Chau Dairy Cattle Corporation JSC)

  • In 4Q2023, revenue reached  $32.3mn (+1% yoy) and NPAT reached $3.5mn (+18% yoy). This is also the highest profit since listing. Besides, gross profit margin improved to 33% thanks to reduced cost of goods sold, leading to gross profit reaching $10.6mn (+3% yoy). In 2023, revenue remained stable of $127.5mn and NPAT reached $15.2mn (+8% yoy). (Source:MCM)

SGN (Saigon Ground Services JSC)

  • In 4Q2023, revenue reached $14.8mn (+23% yoy) and gross profit reached $4.6mn (+58% yoy). Gross profit margin also increased significantly to 31%. This was mainly due to (1) more service contracts with new customers and (2) increasing service fees with some current customers. However, net profit still decreased by 17% yoy, down to $1mn because SGN had to make provisions for bad debts with Bamboo Airways ($2.2mn) and Vietravel Airlines ($0.3mn), causing general administration expenses to increase to $3.5mn (2.4 times yoy).
  • In 2023, revenue reached $59.2mn (+46% yoy) and NPAT reached 49.8mn (+77% yoy). (Source: SGN)

ASM (Sao Mai Group Corporation)

  • Announced the divestment of 1.15 million shares of International Media & Financial Investment JSC., (MIF), price not lower VND10k/share, expected execution time in 1Q2024. (Source: ASM)

SBT (Thanh Thanh Cong – Bien Hoa JSC)

  • Announced the plan to issue bonds worth $203.2mn via private placement, tenor of 03 years, and interest rate for the first two interest periods is 11%/year, expected execution time in 1Q2024. (Source: SBT)

TCB (Vietnam Technological and Commercial Joint Stock Bank)

  • FY23, credit growth of 22.5% yoy (+7.3% qoq) and deposit growth of 37.4% yoy (+7.1% qoq). The credit growth was mostly driven by the corporate segment (+53.4% yoy) thanks to the real estate sector (+62.3% yoy) while the retail loan book declined by 2.3% yoy. 4Q23, PBT reached $192.9mn (+21.6% yoy) thanks to the robust increase in non-interest income (+35.1% yoy), followed by the improvement in FX gain (profit of $12.72mn compared to a loss of $12.4mn). Asset quality was improved yoy with the NPL of 1.16% (-0.2% qoq) and the LLCR of 102% (+9% qoq). FY23, PBT reached $234.7mn (+21.6% yoy). (Source: TCB)

PVI (PVI Holdings)

  • 4Q23, direct written premium of $105.9mn (+6.5% yoy) and PBT of $8.7mn (-16.9% yoy). FY23, direct written premium of $447.24mn (+9.7% yoy), outperforming the market performance (+2% yoy) and maintaining its #1 position in the non-life insurance market. PBT reached $50.93mn (+13.4% yoy), marking a new record. The combined ratio is 93.34%. (Source: PVI)

DHC (Dong Hai JSC of Bentre)

  • BOD member Nguyen Thanh Nghia bought 486,600 shares out of 1 million shares registered via order matching/put through from 25/12/2023 to 23/01/2024. Post transactions, he holds 11.4 million shares (14.14% OS). (Source: DHC)

HSG (Hoa Sen Group)

  • Mr. Vu Van Thanh, Deputy Manager, registered to sell 800,000 HSG shares from 29/01/2024 to 27/02/2024 via matching/ put-through method, decreasing his ownership from 0.13% to 0.01%. (Source: HSG)

HVN (Vietnam Airlines JSC)

  • Vietnam Airlines adds 4 Airbus A320 aircrafts under wet leasing arrangements, aiming to facilitate nearly 1,000 additional flights to meet the sharp increase in demand during the Tet holiday.
  • The first additional aircraft landed at Tan Son Nhat International Airport on 25/01/2024 and will be put into operations from 26/01/2024. Vietnam Airlines plans to receive the rest of the aircraft in early 02/2024. (Source: HVN)

VJC (Vietjet Aviation JSC)

  • Vietjet continues to expand its international flight network with a new route connecting Ho Chi Minh City of Vietnam with Chengdu of China. Flight tickets have been opened for sales from 24/01/2024 and will be inaugurated on 10/02/2024, the 1st day of the Lunar New Year with a frequency of seven return flights per week. (Source: VJC)

BMP (Binh Minh Plastics JSC)

  • Announced 4Q23 revenue of $59.3mn (+3.3% yoy) and NPAT of $10.5mn (+4.2% yoy). FY23 revenue of $210.5mn (-11% yoy) and NPAT of $42.5mn (+50% yoy). 4Q23 results showed a recovery qoq supported by a demand rebound driven by a promotion program running from mid-Nov to Dec-2023. With higher discounts in 4Q23, margin fell from 3Q23’s peak. (Source: BMP)

DCM (Petro Viet Nam Ca Mau Fertilizer JSC)

  • The Management Board of Binh Dinh Economic Zone announced to approved the investment policy and approved the investor for PetroVietnam Ca Mau Fertilizer JSC (PVCFC) to be the investor of the Ca Mau Fertilizer Factory Project – Binh Dinh facility.
  • The project has an area of more than 2.97 ha in Long My Industrial Park, Quy Nhon; total investment capital of more than $4.85mn (100% capital from investors); Expected to go into operation from 1Q25.
  • The factory targets producing, mixing and packaging all kinds of fertilizers; storing and trading all kinds of fertilizers, raw materials and fertilizer products. (Source: DCM)

NVL (No Va Land Investment Group Corporation)

  • Nova Group registers to sell 12.4 million shares via order matching from 29/01/2024 to 09/02/2024. Post transactions, the company will hold 367.5 million shares (18.8% OS). (Source: NVL)