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FIDES (VIETNAM) Market Statistics 24/4 – 28/4/2023

FIDES (VIETNAM) Market Statistics 24/4 – 28/4/2023

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)
HSX0.60%550.52414.190.49
VN300.50%152.60165.471.97
HNX0.27%72.7843.01(0.04)
Upcom-0.28%40.3530.44(1.56)

Source: Fiinpro

Sector Performance (HOSE + HNX, %)

Source: Fiinpro

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

Source: Fiinpro

News

Economy- Society

FDI

  • Green Packaging Solution (Korea) plans to build a $30 mn factory in Vietnam’s northern province of Bac Ninh. The Bac Ninh based factory will produce eco-friendly packaging materials for the electronics, cosmetics, and food for export to South Korea, Japan, European nations, among others.
  • Procter & Gamble (P&G) plans to invest a further $100 mn in Binh Duong province to expand production. For 28 years in Vietnam, P&G has invested about $300 mn in Binh Duong. P&G currently operates two plants, both in Binh Duong province, producing fabric conditioners Ariel and Downy, dishwashing detergent Joy, fabric freshener Febreze, and Gillette razors.

Company- Sectors

KRX system

  • In the meeting of SSC on 25 Apr 2023 on KRX system, all brokers are said to complete the testing schedule though still some technical issues but not so significant. The SSC and related parties highly reached an agreement on applying KRX within 2023, which is expected to start trial in Jun 2023 and official within Q4/2023.

Banking sector

  • As of 20 Apr 2023, the credit balance reached over $520.4 bn, an increase of 2.57% compared to the end of 2022, and increase of 10% yoy. The State Bank’s credit growth orientation for 2023 is about 14-15%, with adjustments in line based on actual situations. (Source: State Bank of Vietnam-SBV)
  • SBV issued Circular 02/2023/TT-NHNN allowing banks to reschedule payment term and keep the same loan group to support customers. The key differences of this Circular compared to latest draft include:
  • Extension the restructuring program by additional 6 months (to 30 June 2024, instead of 31 Dec 2023 as presented in draft) and the extension to the objects applied (including consumer loans rather than only corporate lending)
  • The provisioning on restructured loans is made according to the restructuring result and the supplement to full provision to the real loan group can be spread into 2 years 2023 and 2024 (different to both previous Drafts but in the direction of easing provision pressure to banks).
  • SBV also issued Circular 03/2023/TT-NHNN, to cease the effectiveness of clause 11, Article 4 of Circular 16/2021 from 24 Apr 2023 till 31 Dec 2023. Essentially, this allows banks to buy back the unlisted corporate bond sold/distributed by them if the bonds and the issuers satisfy the following conditions:
  • The bonds buy back are the same bonds or the same issued batch with bonds that banks sold before.
  • Buyers of these bonds had paid in full for the bonds at the time the banks sold to them.
  • Issuers of these bonds have highest credit rating (internal rating by the banks) at the time banks buy back.

Seaport sector

  • The Prime Minister has allowed Saigon Newport Corporation, a leading port operator in Vietnam, to invest $545 mn in building two wharves at the Lach Huyen seaport in Hai Phong city. Each of the two wharves, No. 7 and No. 8, is set to include two 450meter berths to welcome container ships of up to 12,000-18,000 TEUs. The project’s operational term is 70 years; the project implementation schedule is 5 years (2023 – 2027).
  • Currently, wharves No. 1 and No. 2 of the seaport have a capacity of 1.1 million TEUs, after they were put into operation in May 2018.
  • Wharves No. 3 and No. 4, with an investment of $295.7 mn by local firm Port of Haiphong JSC (PHP), and wharves No. 5 and No. 6, with a total investment of $380.9 mn by local business Hateco Group JSC, are under construction toward operation in 2025.

Banks Result Business Q1/2023

TickerNamePBTyoyCredit growthNPL
ACBAsia Commercial Joint Stock Bank219.4325.34%-0.58%0.47%
TCBVietnam Technological and Commercial Joint Stock Bank239.29-17.12%9.03%0.61%
TPBTien Phong Commercial Joint Stock Bank75.118.74%5.81%1.14%
MBBMilitary Commercial Joint Stock Bank277.1110.20%3.78%1.05%
VIBVietnam International Commercial Joint Stock Bank114.6318.21%-1.34%2.69%
OCBOrient Commercial Joint Stock Bank41.8517.68%1.97%1.64%
STBSai Gon Thuong Tin Commercial Joint Stock Bank101.3849.94%2.24%0.47%
LPBLien Viet Post Joint Stock Commercial Bank66.62-12.80%2.81%0.98%

Vinfast

  • Mr. Pham Nhat Vuong (VIC’s Chairman) will provide a grant of $1 bn within next year to Vinfast while the parent company (Vingroup) will provide a grant of $500 mn plus a $1 bn loan with maturity up to 5 years.
  • According to Blommberg, Vinfast has indefinitely delayed a US IPO of around USD1 billion due to poor market conditions.

VIC (Vingroup Joint Stock Company)

  • Q1/2023: revenue of $1.66 bn (+114% yoy) of which:
  • Property sales revenue surged by 3.3x thanks to the acceleration of low-rise units at Ocean Park 2 project.
  • Leasing revenue and hospitality services revenue also grew strongly by 47% and 50%, respectively.
  • Revenue from manufacturing activities (Vinfast) contracted by 47% yoy to $75.45 mn.
  • PAT of $45.36 mn (-57% yoy) due to (1) higher gross loss of manufacturing segment (2) higher interest expenses and (3) a strong increase of penalties for breaching contracts. (Source: VIC).

VHM (Vinhomes JSC)

  • Q1/2023: revenue of $1.25 bn (+3.3x yoy) and PAT of $507 mn (+2.6x yoy) driven by: (1) handovers at Vinhomes Ocean Park 2 and (2) the recognition of bulk sales transactions at Vinhomes Ocean Park 2 & 3.
  • VHM proposed a plan to issue up to $925 mn convertible domestic & international bonds. Detail:
  • For convertible domestic bonds: proposed up to $425 mn with 5 years maturity and coupon rate maximum 15% per annum at undisclosed conversion price.
  • For International bonds: proposed to raise up to a $500 mn bond issuance on the Singapore Stock Exchange with a maximum of 5 years maturity with no disclosed coupon rate. (Source: VHM)

VRE (Vincom Retail Joint Stock Company)

  • Q1/2023: revenue of $82.68 mn (+41.9% yoy), of which: leasing revenue reached $81.4 mn (+54% yoy) thanks to: (1) the improved occupancy rates, (2) the contribution of 3 malls opening last year (VMM Smart City, VCP My Tho, Bac Lieu) and (3) no support package for tenants. While property revenue reached $0.11 mn (-96.7% yoy).
  • PAT of $43.57 mn (+171.3% yoy) thanks to: (1) gross profit margin improved to 61.2% from 44.6% in Q1/2022 (no tenant support package, higher average rental rate) and (2) financial income increased by 118% to $9.5 mn. (Source: VRE).

HPG (Hoa Phat Group JSC)

  • Q1/2023: revenue of $1.14 bn (-39% yoy) due to lower sales volume and ASP declines. PAT of $16.3 mn (-95.3% yoy). (Source: HPG)

MSN (Masan Group Corporation)

  • Q1/2023: revenue of $796 mn (+2.84% yoy), of which: MCH, WCM and MSR delivered revenue almost flat yoy (-3.6% yoy to +2.6% yoy) while MML posted 25.6% revenue growth.
  • PAT of 9.14 mn (-86.53% yoy) due to lower higher financial expenses, reduced earnings from TCB (-18% yoy). (Source: MSN)

SAB (Saigon Beer – Alcohol – Beverage Corporation)

  • Q1/2023: revenue of $264.42 mn (-15% yoy) and PAT of $41.15 mn (-17% yoy) due to weak demand, higher advertising, and promotion expenses. (Source: SAB)

DGW (DIGIWORLD CORP.)

  • Q1/2023: revenue of $168.5 mn (-44% yoy), of which: mobile phones revenue ($80.8 mn, -51% yoy), laptops & tablets ($46.6 mn, -51% yoy). Conversely, home appliances & consumer goods revenue increased by 158% yoy and 69% yoy, respectively, thanks to the contribution of new products. PAT of 3.36 mn (-62% yoy). (Source: DGW).

HDG (Ha Do Group JSC)

  • 2023 target:
  • Revenue of $137.23 mn (-10% yoy) and PAT of $41.32 mn (-29% yoy)
  • 2022 stock dividend: 25%
  • 2023 dividend: 25%
  • Q1/2023 preliminary results: revenue of $41.6 mn (+43% yoy) and PAT of $10.6 mn (-16% yoy). (Source: HDG)

ACG (An Cuong Wood – Working JSC)

  • 2023 target: revenue of $212.8 mn (+12% yoy) and PAT of $28.4 mn (+8% yoy)
  • Q1/2023: revenue of $28.93 mn (-20.6% yoy) and PAT of $1.54 mn (-69.7% yoy) due to: weak demand and high SG&A expenses related to expansion of distribution network. (Source: ACG)

PVD (PetroVietnam Drilling & Well Services Corporation)

  • 2023 target:
  • Revenue of $230 mn (-0.6% yoy) and PAT of 4.26 mn (vs loss of 44.38 mn in 2022).
  • Not to pay dividend for 2022 and PVD has not set a dividend for 2023.
  • Q1/2023: revenue of $52.2 mn (+3% yoy) and PAT of $2.2 mn (vs loss of $2.4 mn in Q1/2022). (Source: PVD)

HHV (Deo Ca Traffic Infrastructure Investment JSC)

  • 2023 target:
  • Revenue of $105.4 mn (+18% yoy) and PAT of $14.4 mn (+14% yoy)
  • 2022 stock dividend: 7%
  • 2023 dividend: pay-out ratio of 50% of undistributed PAT (either cash or stock)
  • Propose to issue 82.3 million shares (25% OS) to existing shareholders at ratio 4:1. No lock up.
  • Private placement of 74.1 million shares (18% OS) for strategic shareholders, lock up 3 years.
  • Q1/2023: revenue of $23 mn (+25% yoy) and PAT of $3.5 mn (+4% yoy). (Source: HHV)

CTR (Viettel Construction Joint Stock Corporation)

  • Q1/2023: revenue of $100.87 mn (+18% yoy) and PBT of $5.76 mn (+21% yoy).
  • Revenue growth was led by robust results of construction ($28.5 mn, +37.3% yoy, accounting for 29% revenue), Telecom infrastructure operation ($56.9 mn, +12.6% yoy, accounting for 57% revenue), telecom infrastructure leasing ($4.1 mn, +48% yoy, accounting for 4% revenue). Revenue from the integrated solutions segment decreased by 23.7% (accounting for 8% revenue).
  • CTR owns 4,321 tower stations and the tenancy rate remains at 1.03 at the end of Mar 2023. (Source: CTR)

STB (Sai Gon Thuong Tin Commercial Joint Stock Bank)

  • International credit rating agency Moody’s has recently adjusted the credit rating outlook of STB from “stable” to “positive”.
  • This adjustment reflects Moody’s assessment of the continuous improvement of STB’s credit capacity through the handling of bad debts and the disposal of non-performing assets. In addition, STB’s asset risk rating has been upgraded from Caa1 to B3.

VJC (Vietjet Aviation Joint Stock Company)

  • 2023 target:
  • Revenue of $2.14 bn (+25% yoy) and PAT of $42.6 mn (vs loss of $97.9 mn in 2022). In 2023, VJC plans to have a total of 139,000 domestic and international flights, transporting 25.7 million passengers (+24.8% yoy) with an average load factor of 87%-88%.
  • 2022 stock dividend: 20%
  • Approved an ESOP for 2023-2025 with a total of 10 million ESOP shares (1.9% OS) at 10,000 VND/share, lock up 3 years.
  • Approved a private placement plan in the form of ordinary shares and/or preferred shares of a maximum 20% of total outstanding shares with lock up 3 years for ordinary shares and 1 year for preferred shares.
  • Approved for VJC to raise $300 mn of convertible bonds or bonds with warrants with terms of three to five years.
  • VJC plans to expand its fleet by adding 12 new aircraft in 2023. With this plan, VJC will have 87 aircraft in its fleet by the end of 2023.
  • VJC has announced that it will operate the first direct route connecting the resort city of Da Lat in the Central Highlands province of Lam Dong with Busan. VJC will operate seven flights per week, starting 13 Jul 2023. (Source: VJC)

DXG (Dat Xanh Group JSC)

  • Mr. Luong Tri Thao (Deputy CEO) registered to sell 5.2 million DXG shares via order matching/put through from 26 Apr to 24 May 2023, decreasing his ownership from 1.01% to 0.15% (959,436 shares). (Source: HSX)