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FIDES(VIETNAM) Market Statistics 31/10 – 4/11/2022

FIDES(VIETNAM) Market Statistics 31/10 – 4/11/2022

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-2.94%565.16426.02(21.67)
VN30-3.07%209.45186.38(33.13)
HNX-4.29%56.0031.680.09
Upcom-2.41%25.2813.390.76

Source: Fiinpro

Sector Performance (HOSE + HNX, %)

Source: Fiinpro

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

Source: Fiinpro

News

Economy- Society

Macro 10 months 2022

  • CPI: The Consumer Price Index (CPI) in Oct 2022 increased by 4.3% yoy and 0.15% mom. On average, in 10M2022, the CPI increased by 2.89% yoy and core inflation increased by 2.14% yoy.
  • Export – Import: In Oct 2022, exports of $30.27 bn (+4.54% yoy) and imports of $28.0 bn (+7.08% yoy) resulted in a trade surplus of $2.27 bn. 10M2022, exports of $312.82 bn (+15.93% yoy) and imports of $303.42 bn (+12.18% yoy) resulted in a trade surplus of $9.4 bn.
  • Retail sales: In Oct 2022, retail sales ($21.15 bn) increased by 17.1% yoy, driven by retail sales of goods (+9.6% yoy), accommodation, food & beverage (+52.4% yoy) and tourism services (+424% yoy). 10M2022, retail sales ($201.89 bn) increased by 20.2% yoy. (Source: GSO)

Company- Sector

Securities – the Prime Minister approved the development plan for the stock market from now to 2023.

  • Scale of the stock market is expected to represent 100% of GDP by 2025 and 120% by 2030.
  • Derivatives market to grow by 20%-30%/year on average.
  • Number of investors will reach 8% population by 2025 and 10% by 2030.
  • Improve corporate governance of listed companies above SEA average level.

Banking sector

  • As of 30 Oct 2022, credit growth of 11.5% ytd, deposit growth of 4.6% ytd. Credit is increasing 3 times faster than deposit, stressing a pressure on banking liquidity. On 27 Oct 2022, 4 SOCBs Agribank, BIDV, Vietinbank, Vietcombank raised their interest rates by 100bps for terms of 3 months and above.

Industrial property:

  • LEGO held a groundbreaking ceremony to build a $1bn worth new factory in Binh Duong province. This is LEGO’s 6th factory in the world and its first carbon neutral plant. The factory is expected to operate since 2024. It will apply the state-of-the-art technologies to make molds, and process and package LEGO products.

Van Thinh Phat

  • 762 companies related to Van Thinh Phat are required to freeze all asset-based transactions. One of them is Nova Consumer, which is said to be relating to NVL.
  • Van Thinh Phat is one of the biggest conglomerates in Vietnam (unlisted), operating mostly in real estate.

GVR (Vietnam Rubber Group – JSC)

  • Q3/2022 revenue of $254.23 mn (-4.94% yoy) and PAT of $36.31 mn (-32.68% yoy). Main reasons are lower rubber selling price and provision for Laos currency depreciation for GVR’s investment in Laos.
  • 9M2022 revenue of $708.8 mn (-2.35% yoy) and PAT of $126.4 mn (+3.16% yoy). (Source: GVR)

HVN (Vietnam Airlines JSC)

  • Q3/2022 revenue of $919.8 mn (+4.5x yoy) and PAT of loss $114.03 mn (compared to a loss of $146.46 mn in Q3/2021). Due to unexpected events namely high fuel prices, Russia-Ukraine war conflict and increasing financial risks (exchange rates, interest rates), production and business activities continued to suffer losses in Q3/2022.  
  • 9M2022 revenue of $2.22 bn (+2.7x yoy) and PAT of loss of $338.72 mn (compared to a loss of $514.21 mn in 9M2021). (Source: HVN)

VJC (Vietjet Aviation JSC)

  • Q3/2022 revenue of $464 mn (+4.5x yoy) and PAT of $1.7 mn (-40% yoy). Reason: fuel costs increased sharply by average of $130-160/bpd (compared to $80/bpd in 2019) and VJC promoted marketing activities post-covid.
  • 9M2022 revenue of $1.1 bn (+169% yoy) and PAT of $7.5 mn (-4% yoy). (Source: VJC)

VTP (Viettel Post Joint Stock Corp.)

  • Q3/2022, revenue of $224.07 mn (+0.85% yoy). In which: revenue from service business (delivery services, e-fulfillment) increased by 36% yoy due to a recovery post Covid-19 (services business accounted for 40% total revenue). Trading revenue (60% total revenue) decreased by 14% yoy. PAT of $2.45 mn (+77.26% yoy) due to the low base in Q3/2021 (impacted by Covid-19).   
  • 9M2022, revenue of $712.41 mn (+5.98% yoy) and PAT of $11.17 mn (+4.2% yoy). (Source: VTP) 

VEA (Viet Nam Engine & Agricultural Machinery Corp.)

  • Q3/2022, revenues of $53.46 mn (+55.4% yoy) and PAT of $82.58 mn (+154.7% yoy). The strong PAT of VEA attributes to the growth of 163% in profit distributed from its affiliates, accounting for 91.6% VEA PAT. Currently, VEA affiliates are joint ventures with Vietnamese popular vehicle brands, namely Toyota, Ford, and Honda. VEA financial income also rose significantly by 36% yoy due to interest rate hike. (49.68% of VEA’s asset is deposit).
  • 9M2022, revenues of $151.32 mn (+22.7% yoy) and PAT of $221.28 mn (+31.4%yoy). (Source: VEA)

KDH (Khang Dien House Trading and Investment JSC)

  • Q3/2022 revenue of $32.2 mn (-33% yoy) and PAT of $13.8 mn (+9% yoy). An unexpected profit in Q3/2022 comes from the compensation for contract termination of $4.9 mn, which partly makes KDH’s profit grow slightly.  
  • 9M22 revenue of $67.1 mn (-47% yoy) and PAT of $38.8 mn (+23% yoy). (Source: KDH)

TNG (TNG Investment and Trading JSC)

  • In Oct 2022, revenue of $24.78 mn (+23.3% yoy), of which: export revenue accounted for 97% with $85.4 mn, mainly attributing to the US (40.13%), France (28.79%), and Russia (7.3%). PAT of $1.09 mn (+3.2% yoy).
  • Accumulated 10M2022, revenue of $253.3 mn (+28.3% yoy, completed 97% target year) and PAT of $11.09 mn (32.1% yoy, completed 91% target year). (Source: TNG)

HPG (Hoa Phat Group JSC)

  • Rumor on Blast furnace (BF) shutdown: market is spreading rumors that HPG had already shut down 2 BFs (in Dung Quat Steel Complex – DQSC) and has plan to shut down another 3 BFs in the near future (1 in Hai Duong and 2 in DQSC), meaning that HPG will shut down 5 out of total 7 BFs. HPG denied this rumor.

VHM (Vinhomes JSC)

  • VHM received 99% stakes in Vincons Development and Investments JSC from VIC.
  • VHM also established a new subsidiary named Vincons 2 with charter capital of $4.35 mn, of which VHM contributed 99% stakes by cash. (Source: VHM)

VND (VNDirect Securities Corp.)

  • VND announced the potential loans from foreign financial organizations with a value of $75 mn with a green shoe option to extend up to $200 mn.

MWG (Mobile World Investment Corp.)

  • MWG confirmed that it does not hold any bonds issued by companies that are under investigation or mentioned in the mass media regarding to the recent corporate bond scandal (Van Thinh Phat). Currently, MWG is having $70 mn of corporate bonds investment portfolio, which are due in the next 1-3 months, secured by collaterals and have buy back commitments from their guarantors. 80% of the portfolio is non-real estate developers.

VSC (Vietnam Container Shipping JSC)

  • VSC canceled the private placement of 40 million shares as the company has found another source of fund.
  • VSC is also seeking shareholders’ opinion on investing in a seaport company to complete their supply chain. VSC estimated capex is $97.8 mn, so they are seeking shareholder’s approval to raise $97.8 mn via loan/bonds.

VCI (Viet Capital Securities JSC)

  • VCI wants to call $5 mn bonds in Nov 2022.
  • As of 30 Sep, the size of VCI’s proprietary trading portfolio did not change much compared to the last quarter, but there was a clear shift in structure. In which, the amount of unlisted bonds decreased sharply from more than $32 mn at the end of Q2/2022 to $20.44 mn (-36% qoq)

TV2 (Power Engineering Consulting JSC 2)

  • TV2 and Hyme Energy signed an MOU to jointly develop energy saving projects in Vietnam, target reaching at least 2GWh by 2030. 

DIG (Development Investment Construction JSC)

  • Thien Tan Development Investment JSC was forced to sell 4.2 million DIG shares (0.69% OS) on 27 Oct. Post transaction, it holds 89.8 million shares (14.72% OS).
  • Mr. Nguyen Thien Tuan (Chairman) was forced to sell 3 million DIG shares (0.5% OS) from 27 Oct to 28 Oct. Post transaction, he holds 58.47 million shares (9.59% OS).
  • Mr. Nguyen Hung Cuong (Vice Chairman) was forced to sell 1.4 million DIG shares (0.23% OS) from 31 Oct to 1 Nov. Post transaction, he holds 61.3 million shares (10.06% OS). (Source: HSX).

KBC (Kinh Bac City Development Holding Corp.)

  • Vinatex-Tan Tao Investment Corporation (related to Chairman) bought 5 million KBC shares via order matching/put through from 10 Oct to 31 Oct 2022, increasing its ownership from 4.46% to 5.11% (39,249,852 shares). (Source: HSX).
  • Dragon Capital sold 1.9 million KBC shares on 28 Oct 2022, decreasing their ownership from 7.03% to 6.78% (52,061,166 shares). (Source: HSX)

DBC (Dabaco Group)

  • Mr. Nguyen Nhu So (Chairman) registered to sell 10 million DBC shares via order matching/put through from 2 Nov to 1 Dec 2022, increasing his ownership from 28.3% to 24.16% (58,474,590 shares). (Source: HSX)

TPB (Tien Phong Commercial Joint Stock Bank)

  • FPT Capital registered to sell all 1 million shares (0.06% OS) via order matching or put through from 7 Nov to 6 Dec 2022. (Source: HSX)

PVD (PetroVietnam Drilling & Well Services Corp.)

  • Dragon Capital bought 1.66 million PVD shares on 31 Oct 2022, increasing their ownership from 7.79% to 8.09% (44,982,620 shares. (Source: HSX).