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FIDES (VIETNAM) Market Statistics 30/1 – 3/2/2023

FIDES (VIETNAM) Market Statistics 30/1 – 3/2/2023

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)
HSX-0.27%729.15564.3671.18
VN30-3.23%227.93241.1558.91
HNX-2.09%93.8258.535.52
Upcom2.11%44.5122.442.05

Source: Fiinpro

Sector Performance (HOSE + HNX, %)

Source: Fiinpro

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

Source: Fiinpro

News

Economy- Society

Macro Jan-2023

  • CPI: The Consumer Price Index (CPI) in Jan 2023 increased by 4.89% yoy and +0.52% mom. Core inflation increased by 2.59% yoy, mainly driven by increasing spending in the Tet holiday and the fuel prices adjusted to new environmental tax and world price.
  • Export – Import: In Jan 2023, exports of $21.48 bn (-18.69% yoy) and imports of $21.48 bn (-27.06% yoy) resulted in a trade surplus of $3.6 bn.
  • Retail sales: In Jan 2023, retail sales reached $23.18 bn (+20% yoy), driven by retail sales of goods (+18.1% yoy), accommodation, food & beverage (+37.3% yoy) and tourism services (+113.4% yoy). (Source: GSO)
  • FDI: In Jan 2023, total registered foreign direct investment (FDI) reached $1.69 bn (-19.8% yoy). In which: newly registered capital reached $1.2 bn (+3.1x yoy), additionally registered capital reached $306.3 mn (-75.9% yoy) and share contribution and acquisition reached $174.1 mn (-60.7% yoy). FDI disbursement decreased by 16.3% yoy to $1.35 bn. (Source: Ministry of Planning & Investment)
  • PMI: Vietnam PMI in Jan 2023 reached 47.4 points, higher than 46.4 in Dec 2022 but still posing the 3rd consecutive month of weak business conditions. However, the environment seems to be better when the decrease in new orders and unemployment is slowing down and exports orders increases again.

Remittances in 2022

  • According to Global Knowledge Partnership on Migration and Development (KNOMAD), remittances inflows to Vietnam reached $19 bn in 2022 (+5% yoy), becoming top 3 APAC and top 10 worldwide in terms of remittance inflow in 2022. Remittances to Ho Chi Minh City reached $6.603 bn (-6.67% yoy).

Company- Sectors

Banking sector

  • The SBV released Circular 26/2022 amending LDR calculation Circular 22/2019. According to the new regulation, State Treasury shall be added to deposits (the denominator) of the LDR calculation, application schedule is as follows:
    • 50% in 2023
    • 40% in 2024
    • 20% in 2025
    • 0% from 2026 onward
  • The definition of Loans (the numerator) and the cap 85% on LDR is unchanged.
  • As the major recipients of State Treasury deposits, SOCBs will be the main beneficiaries of this regulatory change.

Steel sectors

  • Inventory of the whole steel industry at the end of 2022 is estimated at $2.82bn, decreased by $854.7mn compared to 3Q22 and reached the lowest level in the past 7 quarters.
  • The move to sharply reduce inventories in 2 consecutive quarters partly reflects the difficult situation of steel industry in 2H22. However, in the context that steel prices are increasing again, businesses will become more active since most enterprises have released high-cost inventories before.
  • The world coal price (the most important material in steelmaking) has dropped sharply after a long period of anchoring at the peak. This will probably support the profit margin of the steel industry in the coming time.

Rice

  • In 2022, Vietnam exported 94,510 tons of rice to EU market, up 48% compared to 2021 and exceeding the quota of 80,000 tons/year set by the EU for Vietnam under the commitments from the EVFTA Agreement. Vietnam ranks 9th in rice exports to the EU, up 1 place compared to 2021. With high demand, the EU will continue to be a potential market for Vietnamese rice exporters in 2023.

Aquaculture

  • Jan 2023, aquaculture exports reached $599.7 mn (-31% yoy), following the downward trend in Q4/2022 and partly due to the Tet holiday season. By products, shrimp and pangasius contributed $169.1 mn (-46% yoy) and $106.8 mn (-50% yoy), respectively, followed by squid and octopus (+4% yoy) and tuna (-32% yoy). (Source: VASEP)

TNG (TNG Investment and Trading JSC)

  • In Jan 2023, revenue of $16.9 mn (-22.9% yoy), of which: export revenue accounted for 99% with $16.73 mn, mainly attributing to the US (34%), France (28%), Canada (14%) and Russia (7%).
  • Plan 2023: Revenue of $319.1 mn (+11% yoy) and PAT of $14.34 mn (+16% yoy). Dividend: > 16%.  (Source: TNG)

BVH (Bao Viet Holdings)

  • 2022 Direct written premium of $1.83 bn (+8.75% yoy), of which life insurance accounts for $1.42 bn (+8.65% yoy)and non-life insurance contributed $416.31 mn (+9.1% yoy). Due to the increase in claim and benefits payout (+15% yoy) and slowdown in brokerage & IB services (-30.7% yoy), PBT fell by 17% yoy to $84.81 mn. (Source: BVH)

ACV (Airports Corporation Of VietNam)

  • Q4/2022, revenue of $174.8 mn (+330.8% yoy) driven by the strong increase of pax from both domestic and international numbers. In Q4/2022, AVC served 24.8 mn pax (+600% yoy), including: 5.4 mn international pax (+31.2x yoy) and 19.4 mn domestic pax (+5.7x yoy). PAT of $45.63 mn (+494.6% yoy) due to: strong volume and margin expansion.
  • 2022, revenue of $588.68 mn (+191% yoy) and PAT of $265.4 mn (+13.x yoy). (Source: ACV)

HVN (Vietnam Airlines JSC)

  • Q4/2022, revenue of $828.56 mn (+112% yoy) thanks to strong increase in passenger numbers (Q4/2021: Covid-19 pandemic). Net loss of $113.28 mn (Q4/2021: loss $45.97 mn) due to high oil prices, higher sales expenses and FX losses in Q4/2022.
  • 2022, Revenue of $3 bn (+153% yoy) and net loss of $444.79 mn (2021: loss $549.24 mn).
  • According to Securities Law, HVN will likely be delisted from HSX to UPCOM in 2H2023 due to continuous losses over the last three years. (Source: HVN)

MWG (Mobile World Investment Corp.)

  • Q4/2022, revenue of $1.32 bn (-15.4% yoy) and PAT of $26.4 mn (-60.4% yoy). This is the fifth consecutive quarter of decline in MWG’s profit. According to MWG, the decrease in purchasing power due to the trend of tightening spending.
  • 2022, revenue of $5.7 bn (+8% yoy, 95% target) and PAT of $174.8 mn (-16% yoy, completed 65% target year). Dien May Xanh and Thegioididong contributed 51.7% and 26% to total revenues, respectively while Bach Hoa Xanh contributed 20.3% total revenues. At end 2022, MWG has 1,190 thegioididong stores, 2,284 Dien May Xanh, 1,728 Bach Hoa Xanh and 500 An Khang Pharmacies. (Source: MWG)

FRT (FPT Digital Retail JSC)

  • Q4/2022, revenue of $360.37 mn (-0.22% yoy) and PBT of $4.98 mn (-72% yoy) due to supply chain disruption in the Apple new product launching, weak ICT demand and increasing financial expense.
  • 2022, revenue of $1.3 bn (+34% yoy, 112% target) and PBT of $20.71 mn (-12% yoy, completed 67% target year). Of which, FPT shop and Long Chau contributed $881.5 mn (+11% yoy) and $408.9 mn (+2.4x yoy).
  • At end 2022, FRT has 786 FPT shop stores and 937 Long Chau Pharmacies.  (Source: FRT)

DGW (DIGIWORLD Corp.)

  • Q4/2022 revenue of $174.1 mn (-48% yoy) and PAT of $6.7 mn (-52% yoy)
  • 2022, revenue of $942.7 mn (+5% yoy) and PAT of $29.2 mn (+5% yoy)
  • DGW’s inventory recorded of $138.9 mn, increased by 12.7% ytd. As of Dec-31, 2022, DGW has made provision for inventory devaluation of over $8.1. In the expectation of low demand in 2023, DGW is forcasted to have a negative growth in 1H2023.

VHM (Vinhomes JSC)

  • Q4/2022 revenue of $1.33 bn (+34% yoy) and PAT of $380.4 mn (-24% yoy)
  • 2022, revenue of $2.66 bn (-26.6% yoy) and PAT of $1.22 bn (-26% yoy). VHM’s 2022 results mainly came from the handover of low-rise units in Ocean Park 2 – The Empire project. New contract value in 2022 reached $5.46bn (+62% yoy). As a result, unbilled booking reached $4.58bn (+105% yoy), helping to ensure revenue and profit in 2023 in the context of the general market with many challenges. (Source: VHM)

VRE (Vincom Retail JSC)

  • Q4/2022, revenue of $88.8 mn (+53% yoy) and PAT of $33.7 mn (+549% yoy)
  • 2022, revenue of $311.4 mn (+24% yoy) and PAT of $116.5 mn (+108% yoy). In 2022, VRE mainly developed 3 projects: Mega Mall Smart City, Vincom Plaza My Tho and Vincom Plaza Bac Lieu.
  • It is expected that 2023 will be a good year for VRE due to the recovery in occupancy rate. Moreover, VRE also expected to deliver 2 shophouse projects Dien Bien and Dong Ha in Q2/2023-Q3/2023. (Source: VRE)

HDG (Ha Do Group JSC)

  • Q4/2022, revenue of $48.95 mn (-13% yoy) and NPAT of $14.4 mn (-45% yoy)
  • 2022, revenue of $155.2 mn (-4% yoy) and NPAT of $58.7 mn (+3% yoy). Despite the loss from real estate segment, HDG’s net profit in 2022 still increased slightly by 3% due to the contribution of energy segment, thereby just completing the year target. (Source: HDG)

HSG (Hoa Sen Group)

  • Q1/2023, revenue of $336.9 mn (-53.2% yoy) due to lower demand in both the domestic and export markets. Q1/2023, HSG sold 350,861 tons of steel sheet and steel pipe (-42% yoy). Of which: Steel sheet volume decreased by 48.7% yoy (260,352 tons); Steel pipe volume decreased by 10% yoy (79,619 tons).
  • Net loss of $28.9 mn (Q1/2022: $27.1 mn) due to: (1) ASP decreased by 19.3% yoy and (2)  higher SG&A expense. (Source: HSG).

PLX (Viet Nam National Petroleum Group)

  • Q4/2022, revenue of $3.33 bn (+58.8% yoy) driven by growth in sale volumes and selling prices. PAT of $49.7 mn (+96.3%% yoy) thanks to: (1) higher selling price and (2) FX gains.
  • 2022, revenue of $12.94 bn (+80% yoy) and PAT of $63 mn (-48% yoy).
  • PLX has approved the divestment 40% at PGB (Petrolimex Group Commercial Joint Stock Bank) equivalent to 120 mn shares. Starting price 21,300 VND/share. Market talks the auction will be held in Q2/2023. Roughly PLX could have $34 mn estimated one-off profit from divestment at 21.300 VND/s (35% EBT of 2022FY). (Source: PLX)

BSR (Binh Son Refining and Petrochemical Company Limited)

  • Q4/2022, revenue of 1.72 bn (+17.21% yoy) and PAT of $63.77 mn (-44.4% yoy). The decline in PAT was due to: (1) a 71% yoy decrease of the gasoline spread and (2) downtrend of Brent oil prices in Q4/2022, leading to BSR having more expensive inputs.
  • BSR can now move to HSX or HNX as early as 2H2023 since the company finally meets the “two consecutive profitable years” requirement. Listing would take at least six months at the earliest to complete all necessary paperwork. (Source: BSR)

PVD (PetroVietnam Drilling & Well Services Corp.)

  • Q4/2022, revenue of $62.06 mn (+9.4% yoy) and NPAT of $2.3 mn (+8.7%% yoy) thanks to: higher jack-up day rate drove the drilling segment’s gross margin to 17.1% from 4.5% in Q4/2021.  
  • 2022, revenue of $231.13 mn (+36% yoy) and net loss of $4.2 mn (Q4/2021: $0.83 mn). (Source: PVD)

PVS (PetroVietnam Technical Services Corp.)

  • Q4/2022, revenue of $226.8 mn (+15.7% yoy) mainly from M&C (mechanics & construction) contracts, followed by service provision segment. PAT of $12.87 mn (+92.6% yoy) driven by (1) Gross margin improving and (2) Reversal of warranty provision.
  • 2022, revenue of $698.4 mn (+15.1% yoy) and PAT of $32.88 mn (+14.5% yoy). (Source: PVD)

VNM (Viet Nam Dairy Products JSC)

  • Q4/2022, revenue of $641.2 mn (-4.7% yoy), of which: domestic dairy revenue decreased by 2%, export revenue decreased by 40% (demand in the Middle East remained low given worsening economic conditions) and overseas subsidiaries (Drifwood, Angkor Milk) revenue increased by 18%. PAT of $79.54 mn (-14.9% yoy). Gross margin declined to 38.8%, the lowest since Q2/2015 as the company purchased raw milk at peak levels in early Apr 2022.
  • 2022, revenue of $2.55 bn (-1.6% yoy) and PAT of $362.4 mn (-19.1% yoy).  (Source: VNM)

TLG (Thien Long Group Corp.)

  • Q4/2022, revenue of $31.6 mn (-6.2% yoy) due to slowdown in offshore demand and high base from the reopening season in Q4/2021. TLG recorded a net loss of $0.1 mn due to the surge by 46.4% yoy in the selling expense.
  • 2022, revenue of $150.2 mn (+31.9% yoy) and PAT of $17.1 mn (+44.9% yoy) thanks to the reopening effect, selling channels restructuring and low cost inventories. (Source: TLG)

RAL (Rangdong Light Source And Vacuum Flask JSC)

  • Q4/2022, revenue of $120 mn (+24% yoy) and PAT of $8.95 mn (+26% yoy)
  • 2022 revenue of $295.3 mn (+21% yoy, exceeded 30.4% year plan) and PAT of $20.8 mn (+22% yoy)
  • According to RAL, the increase in profit attributes to Rang Dong’s focus on technologies in two core pillars: restructuring product strategy – 4.0 product and service ecosystem and transforming business model, deploying DBM – O2O model. Currently, RAL can manage intelligent production, increase production capacity, improve automation level, improve operating capacity, and shorten the time to bring new products to market. (Source: RAL)

VTP (Viettel Post Joint Stock Corporation)

  • Q4/2022, revenue of $223.5 mn (-12.3% yoy) of which: services revenue increased by 2% yoy and trading (phone cards) revenue decreased by 21.4% yoy. PAT of $0.04 mn (-97.9% yoy) due to: (1) discounts to boost sales volume in the peak season and (2) higher administrative expenses.
  • 2022 revenue of $920.8 mn (+0.9% yoy) and PAT of $10.98 mn (-12.8% yoy). (Source: VTP)

VCB (Bank for Foreign Trade of Vietnam)

  • EGM approved the issuance of 2.77 bn shares to pay dividend, raising charter capital from $2.02 bn to $3.2 bn. Implementation time: 2023, 2024 after approval of authorities. Proceeds will be used for capital expenditure, digital transformation, credit activities and restructuring weak financial institution. (Source: VCB)

ACB (Asia Commercial Joint Stock Bank)

  • Ms. Nguyen Thi Hai Tam (related to Deputy CEO) registered to buy 1.3 mn ACB shares via put through from 1 Feb to 1 Mar 2023, increasing her ownership to 0.04% (1,302,187 shares). (Source: HSX)

NVL (No Va Land Investment Group Corporation)

  • Ms. Hoang Thu Chau (BoD) registered to sell 2.3 mn NVL shares via put through from 1 Feb to 2 Mar 2023, decreasing his ownership from 0.325% to 0.208% (4,059,141 shares). (Source: HSX)

PDR (Phat Dat Real Estate Development JSC)

  • Mr. Le Quang Phuc (BoD) bought 1.3 mn shares (0.19% OS) out of 2 million shares registered, from 27 Dec to 19 Jan, increasing his ownership from 0.23% to 0.42% (2,879,985 shares). (Source: HSX)