FIDES (VIETNAM) Market Statistics 29/01 – 02/02/2024 

FIDES (VIETNAM) Market Statistics 29/01 – 02/02/2024

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-0.27%777.38736.76(0.54)
VN30-0.68%243.24273.19(24.56)
HNX0.49%69.0854.360.05
Upcom0.76%64.5744.7554.18

Source: Fiinpro

Sector Performance (HOSE, %)

Source: Fiinpro

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

Source: Fiinpro

News

Economy – Society

Macro :

  • GSO released Jan-24 economic data as followed:
    • CPI: +3.37% yoy, +0.31% mom
    • Export: $15.09bn (+4.06% yoy), Import: $14.70bn (+6.82% yoy), Trade Surplus: $0.38bn (Data as of 15/01/2024)
    • Retail Sales: VND524.12tn ($21.31bn), +8.11% yoy, +1.58% mom
    • IIP: +18.26% yoy , -4.36% mom (Source: GSO)

FED :

  • On 31/01/2024, the FED announced to keep the interest rate unchanged at 5.25% – 5.5%.
  • The FED signaled that they had completed raising interest rates, but the agency also made it clear that they are not ready to start cutting interest rate in Mar-24. (Source: FED)

China :

  • On 29/01/2024, Evergrande was officially ruled to be liquidated by a court in Hong Kong (China) after incurring hundreds of billions of dollars in debt over the years.
  • Respectively, Evergrande temporarily suspended trading on the Hong Kong stock exchange after news spread that police officers had placed the owner of Evergrande Group under surveillance. (Source: PBoC)

FDI :

  • According to the Foreign Investment Department (Ministry of Planning and Investment), in Jan-2024, registered foreign investment capital (including new grant, adjustment and capital contribution, share purchase, capital contribution purchase) reached more than $2.36bn (+40.2% yoy). In which, capital from Singapore is more than $1.4bn (+72.8% yoy), leading the investment capital flow into Vietnam. (Source: Ministry of Planning and Investment)

PMI Index :

  • The Manufacturing Purchasing Managers’ Index (PMI) for Vietnam’s manufacturing sector, released by S&P Global, returned to above 50 points in the first month of the year, rising to 50.3 points from 48.9 points in Dec-23. The index result showed that the health of the manufacturing sector improved for the first time in five months, but the improvement was only slight. (Source: S&P Global)

Company – Sectors

Securities :

  • As of 31/12/2023, the total equity of securities companies is estimated to be up to $8.9bn (+1.9% qoq and +15.3% ytd). Outstanding margin lending at securities companies is estimated at about $7bn (+8.2% qoq and +50% ytd).
  • Thus, the “Margin leding/Equity” ratio at the end of 2023 is estimated to reach approximately 80%. This is the highest level within the past year but is still much lower than 2021 – early 2022. (Source: Government)

Agricultural sector :

  • According to the Ministry of Agriculture and Rural Development (MARD), the export value of agricultural, forestry, and aquatic products in January reached $5.14bn (+79.2% yoy). Meanwhile, the import value amounted to $3.72bn, resulting in a trade surplus of $1.43bn, a surge of over 4.6 times yoy.
  • In detail, the export revenue for forestry products reached $1.49bn (+72.5% yoy); aquatic products reached $730mn (+60.8% yoy); agricultural products achieved $2.71bn (+93.8% yoy); and livestock farming reached $36mn (+3.5% yoy).
  • The increase was seen in all markets. Specifically, America $1.18bn (+93.6% yoy); Africa $104mn (+185.4% yoy); Asia $2.52bn (+86.3% yoy); Europe $532mn (+38.2% yoy), and Oceania $78mn (+100.9% yoy).
  • China accounted for 23% of Vietnam’s total agro-forestry-aquatic export revenue, the US 20,8%, and Japan 7.4%. (Source: MARD)

HSG (Hoa Sen Group)

  • Announced 1Q24 revenue of $394.4mn (+15% yoy) and NPAT of $4.2mn (compared to a loss of $27.6mn in 1Q23).
  • Gross profit margin recovered strongly from 2% in 1Q23 to 11% in 1Q24. Financial costs dropped by 56% yoy. Of which, interest costs decreased by 47% yoy due to HSG’s efforts to negotiate with banks to get the best loan interest rates for production and business activities. (Source: HSG)

VCI (Vietcap Securities JSC)

  • VCI planned to receive a syndicated loan limit of $34mn with an option to increase to $100mn.
  • This will be arranged by Bank SinoPac Co., Ltd and Bank of Kaohsiung – Offshore Banking Branch. (Source: VCI)

LTG (Loc Troi Group JSC)

  • In 4Q2023, net revenue reached $236.6mn (+90% yoy). Cost of goods sold reached $174.7mn (+84.5% yoy) and gross profit reached $61.9mn (double over the same period). NPAT reached $10.1mn (+19% yoy).
  • In 2023, revenue reached $653.6mn (+37.4% yoy). NPAT reached $10.8mn (-35.6% yoy and only reached 64% of yearly plan). (Source: LTG)

QNS (Quang Ngai Sugar JSC)

  • 4Q23 net sales reached to $92.5mn (+17% yoy) and net profit reached $26.6mn (+53% yoy). Sugar segment continued to be the growth driver in the quarter, with net sales of $37.1mn (+74% yoy). Meanwhile, soymilk sales came to $36.4mn (-2% yoy).
  • In 2023, net sales came to $407.5mn (+21% yoy) and net profit reached $89mn (+70% yoy). (Source: QNS)

HDB (Ho Chi Minh City Development Joint Stock Commercial Bank)

  • 4Q23, PBT of $178.3mn (+97.4% yoy). The robust performance of HDB was attributed to the strong credit growth, which resulted in a net interest income of $199.9mn (+91.2% yoy). FY23, credit growth of 30.1% yoy and deposit growth of 71.8% yoy. PBT of $530mn (+26.8% yoy).
  • The asset quality was slightly deteriorated with NPL increased to 1.79% (+47 bps qoq) while the LLCR increased to 65.8% (3Q23: 54.2%). (Source: HDB)

VJC (Vietjet Aviation JSC)

  • Vietjet has just announced an increase of nearly 750 flights, equivalent to 154,800 seats to serve the Lunar New Year peak. The increased flights mainly serve the needs of returning home to celebrate Tet and tourism such as Ho Chi Minh City to Hanoi, Thanh Hoa, Hai Phong, Chu Lai, Tuy Hoa, Da Nang, Hue, Quy Nhon.
  • In 4Q23, net revenue reached $769.7mn (+59% yoy) and NPAT reached $6.2mn (compared to net loss of $96.6mn in 4Q22). Specifically, air transport segment recorded revenue of $109.7mn (+106.64% yoy), ancillary revenue of $201.5mn (+119.2% yoy) and SLB revenue of $221.3mn (-8.3% yoy).
  • In 2023, net revenue reached $2561mn (+56% yoy) and net profit of $14.1mn (compared to net loss of $92.6mn in 2022). Vietjet safely operated 133 thousand flights, transporting 25,3 million passengers (excluding Vietjet Thailand), of which more than 7,6 million international passengers (+183% yoy). The total output of transported goods reached 81,5 thousand tons (+73% yoy). (Source: VJC)

HVN (Vietnam Airlines JSC)

  • In 4Q23, net revenue reached $975.9mn (+22.4% yoy) and net loss of $81.2mn (compared to net loss of $105.9mn in 4Q22).
  • In 2023, net revenue reached $3745.2mn (+30% yoy) and improved net loss after tax to $225.9mn from net loss of $459.6mn in the previous year. (Source: HVN)

DBD (Binh Dinh Pharmaceutical and Medical Equipment JSC)

  • In 4Q23 net revenue reached $18.1mn (-4% yoy) and NPAT reached 2.4mn (-12% yoy).
  • In 2023, net revenue reached $67mn (+6% yoy) and NPAT reached $11mn (+11% yoy). (Source: DBD)

PAN (The Pan Group JSC)

  • In 4Q23, net revenue reached $170.7mn (+7.6% yoy) and NPAT reached $2.4mn (+55% yoy). This was mainly driven by the agricultural sector, especially the agricultural chemicals segment with a growth of 37%. Meanwhile, revenue in the confectionery and cashew nut segments decreased slightly.
  • In 2023, net revenue reached $537.1mn (-3% yoy) and NPAT reached $33.32mn (+3% yoy). (Source: PAN)

FRT (FPT Digital Retail JSC)

  • FRT announced 4Q23 revenue of $353.2mn (+3% yoy) and pre-tax loss of $3.94mn. The loss was due to a number of one-off expenses including performance bonus for Long Chau chain, investment cost…. For FY23, revenue came to $1.29bn (+6% yoy) and pre-tax loss of $11.95mn. As of 31/12/2023, FRT has 755 FPT Shop stores and 1,497 Long Chau stores.
  • FRT signed strategic cooperation agreement with IHH Healthcare Singapore. The company does not disclose details, but it is possible that in the coming years Long Chau will expand to clinics/hospital. Long Chau already has 27 vaccination centers in Vietnam. Despite the small turnover Long Chau vaccination centers, the potential of the market is phenomenal. (Source: FRT)

HAH (Hai An Transport & Stevedoring JSC)

  • HAH announced 4Q23 revenue of $27mn (-21% yoy) and NPAT of $2.56mn (-63% yoy).
  • FY23 revenue of $106.2mn (-18% yoy) and NPAT of $15.6mn (-53% yoy).
  • It is expected that the container shipping industry may experience less pressure on profits (down about 10-15% over the same period), as geopolitical tensions reduce the pressure to reduce freight rates in 2024. Fleet supply will also increase this year as the number of new ships delivered is expected to account for 10.4% of the total fleet supply, the highest since 2010. (Source: HAH)

DIG (Development Investment Construction JSC)

  • DIG announced 4Q23 revenue of $17.6mn (+11% yoy) and NPAT of $2.7mn (x25 yoy).
  • FY23 revenue of $41.7mn (-46.17% yoy) and NPAT of $7mn (+18% yoy).
  • Notably, the total outstanding loans and short-term and long-term financial lease debt decreased to $126.4mn (-19% yoy), mainly thanks to the reduction of outstanding bond loans to HDBank and long-term loans from other individuals. (Source: DIG)

DCM (Petro Viet Nam Ca Mau Fertilizer JSC)

  • DCM received approval from the management board of the Binh Dinh Economic Zone to invest in Ca Mau fertilizer plant – Binh Dinh branch in Quy Nhon City, Binh Dinh Province. This fertilizer plant focuses on producing NPK products with a capacity of 50,000 tons/year.
  • According to DCM, the capex of this NPK plant is more than $4.8mn. The area of the project is roughly 3 ha. DCM expects to bring this plant online in 1Q25. (Source: DCM)

BFC (Binh Dien Fertilizer JSC)

  • BFC announced 4Q23 revenue reached $90mn (+16% yoy) and NPAT-MI reached $1.45mn (+50% yoy) as SG&A increased 22%, reached $5.2mn. Overall 2023, BFC sales and NPAT-MI reached $352mn and $6mn respectively, similar with 2022. Regardless of the lower interest burden, selling cost surged 22% yoy which squeezed BFC’s OPM margin. (Source: BFC)

DBC (Dabaco Group)

  • In 4Q23, net revenue reached $106.7mn (+17.8% yoy) and NPAT reached $0.26mn (compared to net loss of $9mn in 4Q22). This was mainly due to (1) Animal feed production costs decreased, animal feed factories were all profitable and growing compared to last year, (2) The decline in the pig farming segment was partly offset by sub-segments such as vegetable oil, which grew well and were profitable, (3) DBC recorded other income of nearly $0.65mn, mainly thanks to scrap liquidation, earning $0.82mn.
  • Regarding the implementation of the AFS vaccine DACOVAC-ASF2, Dabaco is urgently accelerating progress and completing the final steps to officially bring the vaccine to market in the shortest time.
  • In 2023, net revenue reached $453.3mn (-4% yoy), notably that revenue from real estate and construction recorded x3.1 times higher than yoy. NPAT reached $1.02mn (x3.8 times higher than yoy). (Source: DBC)

BAF (BAF Viet Nam Agriculture JSC)

  • In 4Q23, BAF recorded revenue of $66.3mn (-25% yoy) and net loss of $1.2mn (compared to a profit of $0.3mn in 4Q22). GPM decreased from 2.89% to 2.54%. This was mainly due to (1) Selling prices have remained at a low base (2) Weak consumer demand (3) The output of pigs sold has not grown in proportion to herd size (4) New farms need time for the first crop and the output will be recorded in 2024.
  • In 2023. net revenue reached $214.2mn (-26% yoy) and NPAT $0.9mn (-92% yoy). (Source: BAF)

MBB (Military Commercial Joint Stock Bank)

  • BoD approved the private placement of 43 mn shares to Viettel Group and 30mn shares to SCIC. Price: 15,959 VND/share. Implementation time: Q1/2024. Lock-up: 5 years. Post transaction, MBB will raise its charter capital from $2.13bn to $2.16bn, the proceed will supplement MBB working capital. On the other hand, Viettel Group and SCIC will raise its ownership to 14.756% (from 14.137%) and 9.862% (from 9.425%), respectively. (Source: MBB)

TNG (TNG Investment and Trading JSC)

  • Jan-2024, sales reached $21.3mn (+31.7% yoy). The 31.7% growth in revenue was partly thanks to the low base last year as the Lunar New Year last year was in January. However, this is still the highest January revenue in the last 5 years. FY2023, TNG recorded a revenue of $288.9mn (+4.7% yoy) and NPAT of $9.2mn (-22.8% yoy) thanks to the expansion of customer base amid difficulties in the business environment by receiving lower orders, leading to a deterioration in GPM from 14.8% to 13.8% and the increase by 13.2% in the financial expense.
  • Mr. Nguyen Manh Linh (member of BoD and chairman’s son) registered to sell 1.63mn shares via matching and put through from 31 Jan to 28 Feb 2024. (Source: TNG)

PTB (Phu Tai JSC)

  • PTB announced 4Q23 revenue of $63.4mn (-10.1% yoy) and NPAT of $2.1mn (-31.5% yoy).
  • FY23 revenue of $230.3mn (-18.4% yoy) and NPAT of $12mn (-40% yoy). In which, stone segment reached $72.8mn (+3.8% yoy), wood segment reached $114.1mn (-17.7% yoy), auto segment reached $36mn (-30% yoy), real estate segment reached $2.4mn (-86% yoy). PTB’s core wood segment declined due to general difficulties in the US and European markets, causing export output to drop, in addition to the global real estate market also experiencing a severe recession. (Source: PTB)

VRE (Vincom Retail JSC)

  • VRE announced 4Q23 revenue of $96mn (+9.6% yoy) and NPAT of $43.7mn (+28.3% yoy).
  • FY23 revenue of $401.3mn (+33% yoy) and NPAT of $166mn (+58.8% yoy).
  • VRE’s results were helped by both improvement in leasing income and large bookings from shophouse sales. However, related party balances with VIC, VHM and Vinpearl all increased, making a concern in VRE’s cashflow. (Source: VRE)

IDC (IDICO Corporation – JSC)

  • IDC announced 4Q23 revenue of $91.8mn (+85% yoy) and NPAT of $22.5mn (+167% yoy).
  • FY23 revenue of $296.6mn (-3.3% yoy) and NPAT of $57mn (-21% yoy).
  • The net profit mainly come from the industrial park division (partly helped by the change of booking method for Phu My 2 expansion and Que Vo 2 to one-off booking from annual distribution) and strong interest income. (Source: IDC)

MSN (Masan Group Corporation)

  • In 4Q23, net revenue reached $851.4mn (+0.7% yoy) and NPAT reached $21.2mn (-36% yoy).
  • In 2023, net revenue reached $3205.7mn (+2.7% yoy) and NPAT (pre-MI) reached $76.6mn (-61% yoy). Sharp earnings tumble during 2023 could be attributed to (1) 51% yoy increase in net financial expense; (2) losses from mining business and poor result of MML and (3) 11.2% yoy decrease in earnings from TCB.
  • EBIT for Masan’s core consumer businesses increased by 40.1% in 2023, mainly driven by MCH and WCM, of which:
    • MCH: net revenue of $1190.7mn (+3.4% yoy) and NPAT +30.5% yoy, notably that GPM reached a record high of 44.9% in 2023.
    • WCM: revenue of $1231.2mn (+2.3% yoy) in 2023 thanks to the positive impact of opening new stores and success in upgrading store models. WCM has opened 312 new WinMart+ stores and upgraded a total of 1,615 stores, accounting for 46% of the convenience store network in 2023. (Source: MSN)

VNM (Viet Nam Dairy Products JSC)

  • In 4Q23, revenue reached $640.3mn (+3.6% yoy) and NPAT reached $96.3mn (+25.8% yoy). Net revenue from the domestic market increased by 2.2% yoy while net export revenue increased strongly by 19.3% yoy. GPM reached 41.2% in 4Q23 thanks to revenue growth combined with favorable input costs.
  • In 2023, revenue reached $2477.6mn (+0.7% yoy, completed 95% of the year plan) and NPAT reached $369.5mn (+5.2% yoy, completed 105% of the year plan). (Source: VNM)

DGW (DIGIWORLD CORP.)

  • In 4Q23, DGW’s Sales reached $196 mn (+19%yoy) and NPAT-MI reached $3.6 mn (-42%yoy). Overall, in 2023, DGW revenue reached $760 mn (-14.7%yoy) and NPAT-MI reached $14 mn (-48%yoy). 2023’s NPAT-MI significantly slumped as higher SG&A (+33%yoy) which resulted in surged in Marketing (+30%yoy), Labor (+30%yoy), and Outside Services (+111.7% yoy). (Source: DGW)

REE (Refrigeration Electrical Engineering Corporation)

  • REE reported weak 4Q23, sales reached $83mn (-33%yoy), NPAT reached $20mn (-30%yoy). Due to (1) the M&E & refrigeration segment was weak and made a loss of $0.3mn due to provision of bad receivables, and (2) REE did not book the sales of the Bo Xuyen real estate project in 4Q23. (Source: REE)

MWG (Mobile World Investment Corporation)

  • In 2023, Revenue reached $4.77bn (-11% yoy, completed 88% of the year plan). The Mobile World chain and Dien May Xanh recorded revenue of more than $1.13bn (-18% yoy) and $2.23 bn (-20% yoy), respectively. Bach Hoa Xanh’s revenue in 2023 reached $1.28bn (+17% yoy). NPAT reached $6.8 bn (-96% yoy).
  • Notably, MWG had shut down more than 200 stores with the effort of improving their productiveness in 4Q23 and as accounted 1 time-expenses when restructuring cause MWG’s NPAT to shrink. (Source: MWG)

BVH (Bao Viet Holdings)

  • 4Q23, direct written premium of $459mn (+0.32% yoy) and PBT of $19.4mn (+4.6% yoy). FY23, direct written premium of $1.7bn (-0.74% yoy) and PBT of $87.9mn (+7.44% yoy, completed 112% target). The robust performance in PBT was mostly attributable to the increase of 36.5% yoy growth in financial income while the insurance business recorded a loss of $101.4mn (last year profit of $4.3mn). (Source: BVH)

TLG (Thien Long Group Corporation)

  • 4Q23, revenues of $28mn (-7% yoy) and NPAT of $1.2mn (last year: loss $0.1mn). The slow recovery in purchasing power of both the domestic market (-6% yoy) and exports market (-9% yoy) pulled the revenues down while SGA expense decreased 14.5% yoy from the high base of marketing expense last year was the main driver of NPAT. GPM improved slightly from 40% to 42.9% is likely to be attributed to the higher contribution of domestic revenues. FY23, revenues of $141mn (-1.7% yoy, completed 86.5% target) and NPAT of $14.5mn (-11.2% yoy, completed 89% target). The decrease in FY23 NPAT resulted from an increase of 8.6% in the SG&A revenues for RnD activities to develop new products. (Source: TLG)

CEO (C.E.O Group JSC)

  • CEO announced 4Q23 revenue of $18.4mn (-70% yoy) and NPAT of $1.2mn (-85% yoy). FY23 total revenue of $56.9mn (-45% yoy) and NPAT of $4.85mn (-62% yoy).
  • CEO’s results declined amid the general difficulties in real estate market. The company did not record a good sale volume in 2H23 while focusing on developing 02 main projects: Sonasea Van Don Harbor City Resort Complex and Green Hotel & Resort.
  • After the issuance of 257 million shares in Sep-23, CEO’s cash flow was greatly improved. Respectively, bank deposits with under-3M-term increased sharply from more than $43.4mn (+227% ytd), the short-term investment increased $62.5mn (+300% ytd). (Source: CEO)

KBC (Kinh Bac City Development Holding Corporation)

  • KBC announced 4Q23 revenue of $44.6mn (compared to a loss of $13.8mn in 4Q22) and NPAT of $6.1mn (compared to a loss of $22.6mn in 4Q22). FY23 total revenue of $230.4mn (+494% yoy) and NPAT of $90.5mn (+41% yoy).
  • This big turnover in results is mainly due to the revenue from industrial park leasing increased while there was no reduction in revenue due to returned goods, making net revenue negative as in the same period. In 4Q23, KBC delivered 7 ha at Quang Chau (Bac Giang) and 13 ha at Tan Phu Trung IP project (HCM).
  • Thanks to operating cash flow, KBC’s net cash flow from business activities was positive by more than $88.4mn (while in the same period it was negative by more than $49.6mn). Net cash flow from investment activities was also positive at nearly $13.8mn, mainly due to money recovered from loans, resale of debt instruments and recovery of capital investments in other units. (Source: KBC)

PGV (Power Generation JSC 3)

  • PGV reported mixed 4Q23 result, sales came to $395mn (-21%yoy), NPAT-MI reached $3.3mn (-89% yoy) mainly because of the forex loss of $32mn. In Accumulated 12M23, Revenue reached $1.85 bn(-3.1%), NPAT-MI recorded $53.7mn (-46%yoy). (Source: PGV)

SAB (Saigon Beer – Alcohol – Beverage Corporation)

  • In 4Q23, net revenue reached $348.9mn (-15% yoy) and NPAT reached $39.6mn (-10% yoy). GPM slightly increased in the quarter to 29%.
  • In 2023, net revenue reached $1247.4mn (-13% yoy and completed 76% year plan) and NPAT reached $174.2mn (-23% yoy and completed 73% year plan). This was mainly due to: (1) Weak demand, (2) Intense competition in the beer industry and (3) The strict implementation of Decree 100 on controlling alcohol concentration in traffic. (Source: SAB)

IDI (I.D.I International Development & Investment Corporation)

  • In 4Q23, revenue reached $77.2mn (+10% yoy) and NPAT reached $0.82mn (-20% yoy).
  • In 2023, revenue reached $295.9mn (-9% yoy). Specifically, revenue from selling pangasius products reached $118.7mn (-19% yoy); revenue from selling fishmeal and fish fat reached $118.2mn (-2% yoy); revenue from animal feed reached $56.2mn (+2% yoy). NPAT in 2023 reached $3.6mn (-84% yoy and only completed 47% of the year plan). (Source: IDI)