FIDES(VIETNAM) Market Statistics 15/04 – 19/04/2024

FIDES(VIETNAM) Market Statistics  15/04 – 19/04/2024

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-7.97%1,114.001,045.81-59.67
VN30-7.06%382.85442.56-70.33
HNX-8.51%130.10103.470.59
Upcom-4.44%63.3931.401.40

Source: Fiinpro 

Sector Performance (HOSE, %)

Source: Fiinpro 

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

Source: Fiinpro 

News

Economy – Society

FDI

  • Japan’s Meiko Electronics Co. Ltd. has turned the first sod at an electronic printed circuit board (PCB) factory in Hoa Binh Province with a total investment of US$200 million, the fifth of its kind established by the company in Vietnam.
  • U.S private equity firm Warbug Pincus has made an investment in Vietnam’s Xuyen A, which operates four general hospitals in the south of the country. (Source: Meiko Electronics, Warbug Pincus)

Corporate bonds

  • According to VBMA’s estimation: From now until the end of the year, the total value of bonds due is $8.54bn. Of which: real estate accounts for 37% with total value of about $3.18bn. The maturity pressure will mainly focus on 2Q24 and 3Q24. (Source: VBMA)
  • In the context of weak cash flow, high debt ratio, and limited cash resources to repay debt, real estate businesses are still having difficulties in rebalancing their financial status. (Source: VBMA)

Exchange rate

  • From 19/04/2024,  the SBV start selling USD spot at VND 25,450 on all weekdays. Interbank exchange rate closed at 25,440 on the last trading session. The movement is within expectation but it may cause negative sentiment as it will withdraw liquidity from the banking sector.

Remittances

  • In 1Q/24, the amount of remittances transferred to Ho Chi Minh City is $2.86bn (+35.4% yoy), this is the highest increase from 2022 to present. Remittances from Asia continue to account for the highest proportion at nearly 60%. (Source: SBV)

Company – Sectors

Banking sector

  • The SBV proposed to cut 50% required reserves for banks acquiring 0-dong bank. It is expected that VCB, MBB, HDB and VPB will benefit from this regulation. It is worth noting that TCB’s shareholders also approved the received of 0-dong bank in the early March 2024.
  • As of early April , SBV has pumped $24bn in special loans to SCB through special loans. The total value is equivalent to 5.6% of the nation’s annual economic output, or about one-fourth of Vietnam’s foreign-exchange reserves. Lending has slowed slightly but averaged more than $900mn a month in the past five months. (Source: SBV)

Aviation sector

  • This year’s Reunification Day-Labor Day holiday (30/04/2024-01/05/2024) will extend for five days, offering people more opportunities for travel and leisure. To serve travel needs during the holidays, domestic airlines provide from 100,000 to 110,000 seats every day, an increase of 20% compared to the March 2024 average.

Pangasius

  • The average export price of pangasius increased by 4% to $2.13/kg. Specifically, pangasius export prices in some main markets:
    • America: $2.66/kg (+0.8% mom),
    • EU: $2.49/kg (+8.4% mom),
    • Asean: $1.92/kg (+6.8% mom),
    • UK: pangasius price stabilized at $3.12/kg,
    • China & Hong Kong: $1.94/kg (-1.5% mom)…

Steel sector

  • According to VSA, the imported finished steel products of all kinds to Vietnam were about 13.33 million tons in 2023 while steel imported about 1.488 million tons in Jan-2024 . The main steel supply countries for Vietnam include China (67.6%), Japan (9.12%), followed by Taiwan (China), South Korea…
  • GSO also shows that the total import volume of HRC is estimated to reach 3 million tons in 1Q24 (1.5x higher than the amount of domestic production). In which, China and India increased dramatically, accounting for 75%.
  • The output volumes of two domestic HRC steel manufacturing enterprises, Formosa and Hoa Phat, only reached 73% of design capacity compared to 86% in 2021 due to unfair competition with cheap imported steel. Import prices have plummeted from $613 (early 2023) to $541 (4Q23). The market share of the two domestic HRC manufacturers also decreased from 45% in 2021 to 30% in 2023. In contrast, the market share of imported steel from China and India increased from 32% to nearly 46% during 2023. It is expected that in 2024, import momentum will continue to increase strongly. (Source: VSA, GSO)

HVN (Vietnam Airlines JSC)

  • HVN will add 15,000 seats, equivalent to more than 100 flights; the total number of domestic and international seats increased by more than 10% and 12% respectively over the same period last year
  • Vietnam Airlines has announced adjustments to its flight routes between Vietnam and Europe. Accordingly, flights from Ha Noi and HCMC to Paris (France), Frankfurt (Germany), and London (UK) will avoid airspace over conflict-affected regions of the Middle East. This rerouting is expected to extend flight times by approximately 15 minutes and will incur additional operational costs. (Source: HVN)

VJC (Vietjet Aviation JSC)

  • Vietjet will add 86,000 seats, equivalent to nearly 425 flights. In addition, Vietjet also increased the frequency of flights to and from Ho Chi Minh City, Hanoi, Da Nang, Nha Trang… during the summer period, providing an additional 1.3 million seats. (Source: VJC)

PVD (PetroVietnam Drilling & Well Services Corporation)

  • Preliminary 1Q24, PVD estimated to reach nearly $67.86 million in revenue (+35% yoy) and over $7.98 million (+230% yoy) in pre-tax profit. The positive business results was significantly contributed by the owned rigs, operating full-time throughout the first quarter of 2024 with rig rental rates increasing by about 34% compared to the same period last year. (Source: PVD)

VIC (Vingroup JSC)

  • VIC approved a resolution to participate in the establishment of a subsidiary NVY Vietnam Development JSC. This company will have a charter capital of $467.3mn, in which Vingroup contributing 99.914% of the charter capital through land use rights. (Source: VIC)

BMP (Binh Minh Plastics JSC)

  • BMP set FY24 target revenue of $221.6mn (+6.5% yoy) and NPAT of $41.2mn (-1% yoy)
  • The BoDs also propose to shareholders a plan to spend 99% of FY23 net profit (equivalent to more than $40mn) to pay cash dividends to shareholders at a rate of 126%. (Source: BMP)

CMG (CMC Corporation)

  • CMG won 495 bidding packages, with a total value of over $120mn. Despite frequently winning many bidding packages with low-cost results, this enterprise continues to be selected as the contractor for many bidding packages nationwide. (Source: CMG)

HAG (Hoang Anh Gia Lai JSC)

  • HAG aims to plant an additional 2,000 hectares of bananas and 500 hectares of durian. In 2025, HAGL plans to increase the area of durian to 3,000 hectares and 10,000 hectares of bananas. By 2030, increase the area of banana, durian and other economically valuable trees to 30,000 hectares.
  • The chairman’s daughter registered to buy 2 million HAG shares, increasing her ownership from 9 million shares (0.97% OS) to 11 million shares (1.19% OS). The transaction is expected to take place from 19/04/2024 to 18/05/2024. (Source: HAG)

BBC (Bibica Corporation)

  • BBC sets 2024 target revenue of $69.5mn (+18% yoy) and PBT of $4.4mn (+4% yoy). BBC plans to pay cash dividend for FY23 at a rate of 15% and FY24 at a rate of 10-20%.
  • The subsidiary, East Bibica One Member Company Limited will be dissolved, all assets of nearly $0.064mn will be transferred to BBC.
  • In 1Q24, BBC recorded revenue of $14.3mn (+152% yoy) and PBT of $0.7mn (x6 times yoy and achieve 16% year plan) thanks to Tet falls in January and demand improves. (Source: BBC)

CSV (South Basic Chemicals JSC)

  • CSV sets 2024 target revenue of $65mn (+3% yoy), PBT of $10.4mn (-10% yoy). The target industrial production value is expected to be more than $67mn. CSV plans to pay a cash dividend for FY23 of a rate of 25% and FY24 of a rate of 10%.
  • CSV plans to issue 66.3 million new shares, increasing its charter capital by $26.3mn to more than $43.7mn, at a rate of 150%. Expected execution time is in 2Q24 – 3Q24. (Source: CSV)

PNJ (Phu Nhuan Jewelry JSC)

  • Prelim 1Q24, revenues of $497.8mn (+28.6% yoy) and NPAT of $29.17mn (-1.4% yoy), implying March revenues of $162.7mn (+48.2% yoy) and NPAT of $7.43mn (-2.6% yoy). By products, retail sales of $8.08mn (+22.8% yoy) and goldbar sales of $6.9mn (+122.9% yoy) witness a strong recovery while wholesales sales of $1.08mn (-41.1% yoy) due to the high-base last year. The NPM in March decreased to 4.6% from 6.6% last month due to the deterioration in GPM from 17.4% to 16.5%. (Source: PNJ)

SBT (Thanh Thanh Cong – Bien Hoa JSC)

  • Ms. Huynh Bich Ngoc will resign as Chairman of TTC Land from 23/04/2024.
  • Previously, she completely transferred 15 million SBT shares to structure the investment portfolio during the period from 14/03/2024 to 09/04/2024. After the transaction, Ms. Ngoc reduced her ownership from 84,265,703 SBT shares (11.06% OS) to 69,265,703 shares (9.09% OS). (Source: SBT)

IMP (Imexpharm Corporation)

  • IMP sets 2024 target revenue of $94mn (+19% yoy) and PBT of $17mn (+12% yoy).
  • In the revenue structure, Imexpharm plans to grow revenue on the OTC channel by 12% compared to the previous year. For the ETC channel, the target growth is 49%. EBITDA is expected to grow by 23% this year.
  • The company plans to add 30 more potential products and expand into new therapeutic areas such as cardiovascular, diabetes, and digestive systems.
  • IMP plans to pay FY23-FY24 dividend with a total rate of 20%, of which 10% cash and 10% stock. If the plan is approved, IMP will issue more than 7 million additional shares, thereby increasing its charter capital to more than $30.5mn. (Source: IMP)

TNG (TNG Investment and Trading JSC)

  • TNG announced the corporate bond issuance as follows:
  • Issuance Plan Modification: TNG has revised its plan to issue $16mn worth of public bonds, with changes in the guaranteed bond value, use of funds, and debt payment schedule.
  • Asset Collateral : The bonds are secured by the construction and equipment of the TNG Dai Tu factory and 10 million TNG shares owned by TNG’s Chairman.
  • Issuance purpose : The raised capital will be disbursed in Q2-Q4/2024 to pay salaries ($9mn) and pay raw materials and services for 30 suppliers ($7mn).
  • Debt Payment Plan : TNG added a detailed business plan for 2024-2028, ensuring bond debt clearance by 31/12/2028, with changes in the operational cost and tax obligations considerations. (Source: TNG)

DXG (Dat Xanh Group JSC)

  • DXG announced the issuance plan of 150 million shares to existing shareholders at ratio 24:5, offer price of VND12,000/share. No lock-up. Implementation: 2024.
  • The expected mobilized amount of $72mn will be used to contribute to its subsidiary – Ha An Real Estate Business Investment JSC, to achieve the following purposes:
    •  Payment debt at Hoi An Invest JSC ($30.5mn), payment debt at Ha Thuan Hung Construction Trade and Services Company Limited ($22.9mn). The remaining will be used to pay off due bonds ($8.84mn) and supplement working capital ($8.9mn).
  • In addition, DXG also wants to offer 93.4 million shares to professional investors at a minimum price of 18,600 VND/share. Lock-up: 1 year. Implementation: 2024. The mobilized amount of more than $68mn is expected to be used to contribute to additional capital and increase ownership in subsidiaries. (Source: DXG)

FMC (Sao Ta Foods JSC)

  • FMC announced business results for 1Q24 with net revenue reached $58mn (+45% yoy), gross profit reached $3.8mn (+20% yoy), NPAT reached $2mn (+14% yoy).
  • Notably, as of the end of Mar-2024, FMC’s cash reserves increased by 42% to more than $31mn, short-term receivables increased by 102% to more than $19.7mn. (Source: FMC)

SCS (SCSC Cargo Service Corporation)

  • SCS announced business results for 1Q24 with revenue reached $8.4mn (+32% yoy), gross profit reached $6.6mn (+37% yoy), GPM at 79%, NPAT reached $9.7mn (+30% yoy). Notably, cash accounted for more than 60% of total asset, at $39mn.
  • This result was achieved thanks to the contribution of existing customers and new customer (Qatar Airways), resulting in a total output increase of 34% yoy. (Source: SCS)

MSN (Masan Group Corporation)

  • According to Bloomberg on 17/04/2024, Masan Group is working with financial adviser on an IPO of Masan Consumer Holdings that could raise $1bn to $1.5bn. The share sale may take place early next year if market conditions suit. (Source: MSN)