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FIDES (VIETNAM) Market Statistics 31/7 – 4/8/2023

FIDES (VIETNAM) Market Statistics 31/7 – 4/8/2023

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)
HSX1.52%1,074.91955.583.31
VN301.56%311.41374.62(30.76)
HNX2.05%114.8582.772.79
Upcom3.14%103.1270.47(60.39)

Source: Fiinpro

Sector Performance (HOSE + HNX, %)

Source: Fiinpro

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

Source: Fiinpro

News

Economy- Society

Macro 7 months 2023

  • CPI: The Consumer Price Index (CPI) in Jul 2023 increased by 2.06% yoy and 0.45% mom. On average, in 7M2023, the CPI increased by 3.12% yoy and core inflation increased by 4.65% yoy.
  • Export – Import: In Jul 2023, export of $29.68 bn (-3.03% yoy) and import of $27.53 bn (-9.84% yoy) resulted in a trade surplus of $2.15 bn. 7M2023, export of $194.73 bn (-10.4% yoy) and import of $179.5 bn (-17% yoy) resulted in a trade surplus of $15.23 bn.
  • Retail sales: In Jul 2023, retail sales ($21.8 bn) increased by 7.1% yoy, driven by retail sales of goods (+7% yoy), accommodation, food & beverage (+5.67% yoy) and tourism services (+6.49% yoy). 7M2023, retail sales ($150.2 bn) increased by 10.4% yoy. (Source: GSO)
  • FDI: 7M023, total registered foreign direct investment (FDI) reached $16.24 bn (+4.49% yoy). In which: newly registered capital reached $7.94 bn (+38.65% yoy), additionally registered capital reached $4.16 bn (-42.55% yoy) and share contribution and acquisition reached $4.14 bn (+60.74% yoy). Singapore is the largest investor with a total investment of $3.64 bn (accounting for 22.4% total registered capital), followed by Korea (14.4%, $2.34 bn) and China (14.4%, $2.33 bn). FDI disbursement increased by 0.81% yoy to $11.58 bn. (Source: Ministry of Planning & Investment)
  • PMI (The Purchasing Managers’ Index): The Vietnam PMI rose to 48.7 in Jul from 46.2 in Jun. The latest reading signalled a fifth successive monthly deterioration in operating conditions, albeit one that was only modest and the weakest in this sequence. New orders decreased only marginally in July amid some signs of demand stabilising.

Public Investment

  • According to The Ministry of Finance (MoF), 7M2023 public disbursement reached $11.39 bn, completing 35.49% target year (higher than 31.61% of 7M2022) and 37.85% of the Prime Minister’s plan. (Source: MoF)

Company- Sectors

Real estate

  • According to the Ministry of Construction, since the 2014 Housing Law took effect on 1 Jul 2015, 3,053 foreigners have bought homes in Vietnam, mostly apartments. These properties are mainly in big cities and provinces such as Hanoi (1,765 units), Ho Chi Minh City (850), Bac Ninh (110), Binh Duong (210), and Ba Ria-Vung Tau (50). The majority of foreign home buyers came from South Korea, China, Singapore, the U.S., Australia, Japan and Malaysia.
  • However, the total number of foreign buyers in Vietnam is still modest compared to the demand (accounting for only 0.53% of the total number of houses in the country during the 2018-2022 period). Meanwhile, foreigners living and working in Vietnam have a high demand for properties to live in or conduct business in.
  • The Ministry estimated that 4 million foreigners and overseas Vietnamese have a desire to purchase houses in Vietnam.

Aviation

  • Long Thanh International Airport – ACV has just announced the contractors that meet the technical requirements of package 5.10 “Construction and installation of passenger terminal equipment” of component project 3, phase 1. Accordingly, the winning consortium is Vietur Joint Venture led by ICISTAS Construction under IChoding Group of Turkey, including Ricons, VCG, etc.
  • Package 5.10 has a total value of $1.5 bn – the largest package of Long Thanh airport. The construction period is 39 months.

ACV (Airports Corporation of Vietnam)

  • Q2/2023, revenue of $209.76 mn (+43.7% yoy, +4% qoq) driven by the recovery of international passenger volume. PAT of $110.96 mn (+1.6% yoy) due to FX impact (from JPY-denominated debt) and provisions. ACV booked a total of $19.82 mn in FX gain in Q2/2023 (-68% yoy, vs $62.83 mn in Q2/2022) and booked $15.64 mn provision against overdue receivables (vs 2.45 mn in Q2/2022). Excluding non-core incomes (FX, provision), PBT reached $137.7 mn (+271% yoy) driven by GPM improving (60% vs 46% in Q2/2022) due to: (1) higher utilization rate of terminals and (2) higher international passenger volume.
  • In Q2/2023, total passenger volume reached 29.2 mn pax (+4.4% yoy, +5.5% qoq), of which: domestic passengers (21.8 mn pax, -16% yoy, +6% qoq) and international passengers (7.4 mn pax, +270% yoy, +4% qoq).
  • 1H2023, revenue of $410.97 (+74.4% yoy) and PAT of $180.48 mn (+23.2% yoy). Total passenger volume reached 56.9 mn pax (+29% yoy), of which: domestic passengers (42.4 mn pax, +1.9% yoy) and international passengers (14.5 mn pax, +493% yoy). (Source: ACV)

HVN (Vietnam Airlines JSC)

  • Q2/2023, revenue of $875.1 mn (+12.2% yoy), of which: transportation segment ($688.2 mn) increased by 22.7% yoy thanks to international passenger volume recovery while ancillary revenue ($35.3 mn) and other segments ($151.6 mn) decreased by -1.6% yoy and -17.3% yoy, respectively. PAT loss of $57.97 mn (vs loss of $108.7 mn in Q2/2022). This is the second consecutive quarter HVN has had a positive GPM.
  • 1H2023, revenue of $1.87 bn (+47% yoy) and PAT loss of $62.35 mn (vs. loss of $220 mn in 1H2022). (Source: HVN)

VJC (Vietjet Aviation JSC)

  • Q2/2023, revenue of $718 mn (+45.6% yoy), of which: revenue from aviation services ($534.7 mn, +37.7% yoy) and revenue from aircraft transactions ($183.3 mn, +75% yoy). PAT of $9.07 mn (+18.3% yoy) due to a sharp reduction in SLB transaction’s profit ($4.1 mn, -95% yoy). VJC made 3 sales & leaseback (SLB) transactions in Q2/2023.
  • 1H2023, revenue of $1.27 bn (+86.8% yoy) and PAT of $16.4 mn (+168% yoy). (Source: VJC)

NVL (No Va Land Investment Group Corporation)

  • Q2/2023, revenue of $44.26 (-60.9% yoy) which was mainly from deliveries at Aqua City and Nova World Ho Tram. PAT loss of $6.4 mn (vs $31.9 mn in Q2/2022) due to high SG&A and lower net financial income (Q2/2022, NVL booked $33.9 mn gain from divestment of associates).  
  • 1H2023, revenue of $70 mn (-64.4% yoy) and PAT loss of $22.55 mn (vs $77.8 mn in 1H2022). (Source: NVL)

HDG (Ha Do Group JSC)

  • Q2/2023, revenue of $24 mn (-41.9% yoy) and PAT of $mn (% yoy), of which: energy segment (accounting for 66% total revenue) and real estate (accounting for 14% total revenue) decreased by 82% and 16% yoy, respectively, while other segments (office leasing, hotel, construction) increased by 26% yoy. PAT of $1.91 mn (-88% yoy) due to: (1) lower GPM’s real estate (due to a subdued amount of real estate handovers), (2) lower GPM’s energy segment (due to unfavorable weather conditions for hydropower) and (3) low financial income.
  • 1H2023, revenue of $64.68 (-8.2% yoy) and PAT of $14.79 mn (-44% yoy). (Source: HDG)

PC1 (PC1 Group JSC)

  • Q2/2023, revenue of $62.65 mn (-2.6% yoy), of which: power construction ($23 mn, -16% yoy); power generation ($11.8 mn, -40% yoy), electric steel pole manufacturing ($10.9 mn, +176% yoy). PAT of $1.11 mn (-59.2% yoy) due to: (1) lower GPM’s power generation segment (due to unfavorable weather conditions for hydropower) and (2) higher SG&A expense and interest expense.
  • 1H2023, revenue of $126.7 (-0.4% yoy) and PAT loss of $0.48 mn (vs $2.71 mn in 1H2022). (Source: PC1)

PLX (Viet Nam National Petroleum Group)

  • Q2/2023, revenue of $2.8 bn (-22% yoy) due to the decline in average gasoline retail price (-26% yoy).  PAT of $32.9 mn, vs loss of $8.35 mn in Q2/2022 (driven by $42.55 mn inventory provision).
  • 1H2023, revenue of $5.67 bn (-12.4% yoy) and PAT of $59.3 mn (+553% yoy). (Source: PLX)

PVT (Petrovietnam Transportation Corporation)

  • Q2/2023, revenue of $89.27 mn (-7% yoy) due to: (1) FPSO service revenue ($6.37 mn) decreased by -34% yoy (PVT stopped providing O&M services for FPSO Chim Sao contract) and (2) trading ($5.13 mn) decreased by -54% yoy. While transportation revenue ($76.7 mn) increased by 28.5% yoy thanks to: contribution from new tankers and higher time charter rates. PAT of $12.65 mn (+42.6% yoy) due to: (1) higher GPM of the transportation segment, (2) higher deposit interest income and (3) $2.42 mn income from Apollo Pacific (LPG tanker) and PVT Dragon (oil/chemical tanker) liquidation.
  • 1H2023, revenue of $175.96 (-3.3% yoy) and PAT of $22.7 mn (+48.4% yoy). (Source: PVT)

FRT (FPT Digital Retail JSC)

  • Q2/2023, revenue of $305.12 mn (+15.4% yoy), of which: Long Chau pharmacy revenue (accounting for 49.7% total revenue) increased by 97% yoy thanks to expansion in the number of stores while FPT Shop revenue (accounting for 50.3% total revenue) decreased by 18% yoy due to weak demand consumption. PAT loss of $9.52 mn (vs $1.99 mn in Q2/2022) due to: (1) ICT price cut, (2) higher advertising & promotion expenses to compete in fierce competition and (3) higher interest expense.
  • 1H2023, revenue of 635$ (+6.6% yoy) and PAT loss of $9.52 mn (vs. $8.99 mn in 1H2022). (Source: FRT)

VTP (Viettel Post Joint Stock Corporation)

  • Q2/2023, revenue of $210.12 mn (-9.6% yoy), of which: services segment (accounting for 50% total revenue) increased by 4% yoy while trading revenue (sim cards, stationary, air tickets) decreased by 20% yoy. PAT of $4.16 mn (+0.4% yoy) due to GPM improvement. GPM expanded to 4.8% from 3.6% in Q2/2022. This is the highest level since Q1/2020.
  • 1H2023, revenue of $413.19 (-13.5% yoy) and PAT of $7.38 mn (-13.6% yoy). (Source: VTP)

VEA (Viet Nam Engine & Agricultural Machinery Corporation)

  • Q2/2023, revenue of $41.44 mn (-12.2% yoy) and PAT of $76.1 mn (+3.6% yoy). Profit from JVs (Honda, Toyota, Ford) reached $66.8 mn (+0.2% yoy) and accounted for 88% of VEA’s profit in Q2/2023. 
  • 1H2023, revenue of $84.44 (-11.7% yoy) and PAT of $133.92 mn (-1.3% yoy), of which: profit from JVs reached $116.84 mn (-5% yoy).  (Source: VEA)

TNG (TNG Investment and Trading JSC)

  • In Jul 2023, revenue of $33.3 mn (+2% yoy). 7M2023, revenue of $175.15 mn (+3% yoy), of which: export revenue accounted for 98%, mainly attributing to the US (47%), France (15%), Canada (8%) and Russia (7%). (Source: TNG)

VIC (Vingroup JSC)

  • VIC wants to issue 5 lots of bonds worth $423.7 mn. The proceeds will be used as a loan to Vinfast. Specifically:
  • VICH2326001, VICH2326002, VICH2326003: Bond term of 36 months. Fixed-interest rate at 15% p.a. for 2 first payments, from the 3rd payment: 4.5% + reference rate. Issuance date: 14 Sep 2023.
  • VICH2326004, VICH2326005: Bond term of 24 months. Fixed-interest rate at 14.5% p.a. for 2 first payments, from the 3rd payment: 4% + reference rate. Issuance date: 31 Aug 2023.
  • VIC’s current outstanding bond is about $2.68 bn.

VND (VNDIRECT Securities Corporation)

  • BOD approves the plan to issue 243.56 mn shares to existing shareholders at ratio 20% at offer price of 10,000 VND/share.
  • VND also wants to issue 60.89 mn shares as stock dividend 2022 (5%)
  • VND wants to issue 243.5 million shares via private placement to professional investors and 24.3 million ESOP shares.
  • Totally, VND plans to issue 585 million shares worth $247.9 mn.

CMG (CMC Corporation)

  • Mr. Nguyen Minh Duc (BOD) registered to buy 3.47 mn CMG shares via order matching or put through from 4 Aug to 2 Sep 2023, increasing his ownership from 0% to 2.3%. (Source: HSX)

VCG (Vietnam Construction & Import-Export Joint Stock Corporation)

  • Pacific Holdings registered to sell 39 mn VCG shares via matching or put through from 7 Aug to 5 Sep 2023, decreasing their ownership from 52.4% to 45.1% (241,254,129 shares)
  • Since the beginning of 2023, Pacific Holdings has net sold 25 mn VCG shares, decreasing their ownership from 62.9% to 52.4%. (Source: HSX)

DXG (Dat Xanh Group JSC)

  • Mr. Luong Tri Tu (Chairman’s brother) registered to sell 4.05 mn DXG shares via matching or put through from 7 Aug to 5 Sep 2023, decreasing his ownership from 0.72% to 0.053% (321,557 shares). (Source: HSX)

HSG (Hoa Sen Group)

  • Dragon Capital bought 6.92 mn HSG shares from 26 Jul to 28 Jul 2023, increasing their ownership from 6.95% to 8.08% (49,756,291 shares). (Source: HSX).

KDC (KIDO Group Corporation)

  • VinaCapital sold 2.36 mn KDC shares on 26 Jul 2023, decreasing their ownership from 6.72% to 5.81% (14.93 mn shares). (Source: HSX)

CTD (Coteccons Construction JSC)

  • VinaCapital sold 600,000 CTD shares on 31 Jul 2023, decreasing their ownership from 6.07% to 5.26% (3.91 mn shares). (Source: HSX)