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FIDES (VIETNAM) Market Statistics 3/4 – 7/4/2023

FIDES (VIETNAM) Market Statistics 3/4 – 7/4/2023

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)
HSX0.48%800.38568.63(31.17)
VN300.48%206.13208.73(18.15)
HNX1.98%116.5269.56(1.88)
Upcom1.82%53.8529.67(0.12)

Source: Fiinpro

Sector Performance (HOSE + HNX, %)

Source: Fiinpro

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

Source: Fiinpro

News

Economy- Society

Interest rates: The SBV cut the policy rates as follows, effective since 3-April-2023:

 Previous3 Apr 2023
Interest rate cap for deposits:
Demand/Under 01 month1.0%0.5%
Under 06 months6.0%5.5%
In People’s Credit Fund, micro financial institutions6.5%6.0%
Policy rate
Discount rate3.5%3.5%
Refinancing rate6.0%5.5%
Overnight interbank electric clearance and lending for offseting capital shortage6.0%6.0%
Lending rates
Short-term lending rate for preferred industry5.0%4.5%
Short-term lending rate of People’s Credit Funds, micro financial institutions6.0%5.5%
Deposits at the SBV applied for:
State Treasury, Deposits Insurance of Vietnam0.8%0.5%
Vietnam development bank, Vietnam policy bank, People’s credit fund, micro financial institutions0.8%0.5%

PMI Vietnam in Mar 2023

  • Vietnam’s PMI posted 47.7 in March, down from 51.2 in February and below the benchmark 50 points for the fourth time in the past five months, indicating a solid deterioration on business conditions, resulting from the dip in new offshore orders and fast decreasing backlogs of work.

Company- Sectors

Brokerage market share Q1/2023

  • HSX: VPS (15.67%), SSI (11.53%), VND (6.8%), HCM (6.32%), MAS (5.9%).
  • HNX: VPS (25%), VND (9.25%), SSI (8.33%), TCBS (5.36%), MBS (4.9%)  
  • Upcom: VPS (25.54%), VND (8.62%), SSI (7.48%), MBS 95.55%), TCBS (5.11%)

Real estate sector

  • Decree 10/2023 issued on Mar-03 (effective from 20 May 2023) stipulating that hotel apartments, condotels, officetels, resort villas and other accommodation on commercial land, if eligible, will be granted a certificate.
  • SBV issued an official document guiding commercial banks to implement the $5.1 bn lending package for social housing, worker housing, renovation and reconstruction of old apartment buildings. The application period of the preferential interest rates for the investment owners is 03 years and for the buyers is 05 years from the date of disbursement, but not exceeding the loan terms in the original loan agreement. The lending interest rate applied until 30 Jun 2023 is 8.7%/year for developers and 8.2%/year for home buyers.
  • The Deputy Prime Minister signed and approved the project of “Constructing at least 1 million social housing apartments for low-income earners and workers in industrial parks in 2021-2030”, effective from 3 Apr 2023.

Corporate bond market in Q1/2023

  • According to data of the Vietnam Bonds Market Association (VBMA), in Mar 2023, there are 11 corporate bonds of $1.12 bn (+7.x yoy). There was 1 private bond placement worth $25.53 mn of BAF Viet Nam Agriculture JSC (BAF). The total value of redeemed bonds before maturity was nearly $608.5 mn (+64% yoy).
  • Q1/2023, the total corporate bond issuance value decreased by 47.3% yoy to $1.21 bn[N1]  and the total value of redeemed bonds before maturity was nearly $1.27 bn (+63% yoy).
  • VBMA said that $12.47 bn corporate bonds will mature from Apr 2023 to Mar 2024. The value of corporate bonds to be matured is mostly from the real estate sector ($6.8 bn, accounting for 55%) and banking sector ($1.7 bn, accounting for 14%). (Source: VBMA- Vietnam Bond Market Association)

QNS (Quang Ngai Sugar JSC)

  • 2M2023, revenue of $55.88mn (+27% yoy) and PBT of $9 mn (+90% yoy), mainly driven by the robust growth in sugar with revenues of $17.1 mn (+142% yoy) and PBT of $3.6 mn (+290% yoy).

TLG (Thien Long Group Corporation)

  •  2M2023: revenue of $23.26 mn (+25% yoy) and PAT of $2.34mn (+10% yoy). In which, exports accounted for $5.67 mn (+28% yoy). GPM decrease slightly from 43% to 42% due to changes in product mix.
  • 2023 target:
  • Revenue of $170.2 mn (+13.6% yoy) and PAT of $17 mn (flat yoy).
  • 2022 dividends: 35% cash (30% paid +5% remaining)
  • 2023 dividend: 35%. (Source: TLG)

HPG (Hoa Phat Group JSC)

  • In Mar 2023, construction steel sales volume reached 282,000 tons (flat mom and -45% yoy) due to the low domestic and export demand compared to the previous year, the real estate market has not shown any signs of recovery in Mar 2023. HRC volume reached 210,000 tons (+13% mom and -29.1% yoy). Steel pipe and steel sheet volume reached 53,000 tonnes (-32.1% yoy) and 22,000 tonnes (-38.9% yoy), respectively.
  • Q1/2023: construction steel sales volume reached 869,000 tons (-35% yoy) and HRC reached 482,000 tons (-40% yoy). In addition, HPG sold 160,000 tons of steel pipes (-23% yoy) and 69,000 tons of steel sheet (-34% yoy). (Source: HPG).

PVS (PetroVietnam Technical Services Corporation)

  • Q1/2023 preliminary results: revenue of $136.2 mn (-15% yoy) and PBT of $7.66 mn (-42% yoy). The decline in PBT was due to one-off profit of $2.55 mn from asset liquidation in Q1/2022.  (Source: PVS)

STB (Sai Gon Thuong Tin Commercial Joint Stock Bank)

  • 2023 target: PBT of $405.12 mn (+50% yoy), credit growth of 12%, deposit growth of 11%, NPL < 2%. STB also reaffirms that their current FOL is 30%. (Source: STB)

SSI (SSI Securities Corporation)

  • 2023 target:
  • Revenue of $294.34 mn (+9% yoy) and PBT of $108.1 mn (+20% yoy).
  • 2022 dividend: 10% cash
  • Continue implementing the private placement plan of ~104 million shares (equivalent to a 6.5% stake post-private placement) in 2023-2024.
  • Plan to issue maxinum of 10 million ESOP shares (0.67% OS) at 10,000 VND/share. (Source: SSI)

VNM (Viet Nam Dairy Products JSC)

  • 2023 target:
  • Revenue of $2.7 bn (+5.5% yoy) and PAT of $362.3 mn (flat yoy).
  • 2022 dividend: 38.5% cash, in which: VNM paid 29% and the remaining dividend of 2022 is 9.5% (Ex-date: 3 Aug 2023).
  • 2023 dividend: cash dividends at least 50% of consolidated PAT. In which, the 1st payment ratio is expected of 15%. Ex-date: 3 Aug 2023. (Source: VNM)

SAB (Saigon Beer – Alcohol – Beverage Corporation)

  • 2023 target:
  • Revenue of $1.71 bn (+15.1% yoy) and PAT of $245.7 mn (+5% yoy).
  • 2022 dividend: 50% cash (paid 35%) including special dividend of 15%.
  • Plan to issue 641.3 million bonus shares at ratio 1:1. %. Expected time: 2023 after being approved by the State Securities Commission of Vietnam (SSC). (Source: SAB)

PNJ (Phu Nhuan Jewelry Joint Stock Company)

  • 2023 target:
  • Revenue of $1.51 bn (+5% yoy) and PAT of $82.42 mn (+7% yoy).
  • 2022 dividend: 20% cash
  • An ESOP shares issuance of 1% outstanding share if 2023 profit growth is 0% to 7%, and 1.5% if profit growth is greater than 7%. (Source: PNJ)

BMP (Binh Minh Plastics Joint Stock Company)

  • 2023 target:
  • Revenue of $270.5 mn (+9.1% yoy) and PAT of $27.7 mn (-6.5% yoy).
  • 2022 dividend: 84% cash (paid 31%)
  • 2023 dividend: > 50% cash. (Source: BMP)

KDH (Khang Dien House Trading and Investment JSC)

  • 2023 target:
  • Revenue of $131.9 mn (+6.5% yoy) and PAT of $42.6 mn (-9.3% yoy). The target was based on difficulties of the real estate market in 2023, KDH advocates a prudent business plan.
  • 2022 cash dividend of 10%
  • 2023 expected cash dividend of 10%.
  • Plan to issue 10.8 million ESOP shares (1.5% OS) at 12,500 VND/share. (Source: KDH)
  • VOF Investment Limited (VinaCapital) registered to sell all 4,351,900 KDH shares (0.61% OS) via matching and/or put through from 6 Apr to 5 May 2023. This is the 3rd time that VOF has registered to sell all KDH shares after two previous unsuccessful divestments. (Source: HSX)

SKG (Superdong Fast Ferry Kien Giang JSC)

  • 2023 target:
  • Revenue of $20.38 mn (+17% yoy) and PAT of $3.07 mn (+67% yoy). In 2023, SKG will exploit 01 new route Ho Chi Minh City – Vung Tau and upgrades ships operating Rach Gia – Phu Quoc, Ha Tien – Phu Quoc, Rach Gia – Nam Du
  • 2022 dividend: 5% cash. (Source: SKG)

PLX (Viet Nam National Petroleum Group)

  • PLX’s auction of 120 mn PGB shares result:
  • Auction average price: 21,400 VND/share.
  • Total number of successfully auctioned shares: 120 million shares (40% OS)
  • Total value of successfully auctioned shares: $1.1bn.
  • Investors winning the bid: 1 individual – 3 institutions. These are all domestic investors. (Source: HSX)

NVL (No Va Land Investment Group Corporation)

  • NovaReal announced 3 options for due customers participating in its program “Commitment to buy back at Novaworld Phan Thiet project”.
    • Option 1: continue to buy real estate and receive some promotions.
    • Option 2: convert to new products or offset against other products currently registered.
    • Option 3: if customers do not choose to buy the real estate and have a liquidation date on 15 Sep 2023, the company will refund the down payment and arising interest

DIG (Development Investment Construction JSC)

  • DIG redeemed $42.55 mn corporate bonds before maturity. Post transaction, DIG’s total outstanding bond value is $38.3 mn, maturing in Sep and Nov 2024. (Source: DIG)

PVI (PVI Holdings)

  •  HDI Global SE (major shareholder) registered to buy 1.5 mn PVI shares via matching and/or put through from 6 Apr to 4 May 2023, increasing its ownership from 38.47% to 39.11% (91,605,809 shares). (Source: HNX)

NLG (Nam Long Investment Corporation)

  • Ms. Nguyen Thi Bich Ngoc (Chairman’s wife) sold 2 million NLG shares (0.53% OS) via only order matching from 27 Mar to 4 Apr 2023, decreasing her ownership from 4.78% to 4.25% (16,340,867 shares). (Source: HSX).

MWG (Mobile World Investment Corporation)

  • Dragon Capital sold 979,600 MWG shares on 3 Apr 2023, decreasing their ownership from 8.008% to 7.941% (116,213,733 shares). (Source: HSX).

HSG (Hoa Sen Group)

  • Dragon Capital bought 1.1 million HSG shares on 28 Mar 2023, increasing their ownership from 4.865% to 5.049% (30,194,500 shares). (Source: HSX).

DCM (Petro Viet Nam Ca Mau Fertilizer JSC)

  •  Dragon Capital sold 1.8 million DCM shares on 3 Apr 2023, decreasing their ownership from 6.27% to 5.93% (31,391,200 shares). (Source: HSX).