Week  20/03-24/03

Tickers: eib.vn, fmc.vn,mfpt.vn, hpg.vn, msn.vn, mwg.vn, nt2.vn, nvl.vn, pnj.vn, pvt.vn, tcb.vn, vhm.vn

Company

EIB VN: sets a target, in 2023, total assets of VND210,000 bn (+13.5% YoY), capital mobilization of VND165,000 bn (+11% YoY) and PBT of VND5,000 bn (+34.8% YoY).

Comment: That’s an aggressive target set by this bank

FMC VN: sets, in 2023, a target of VND5,900 bn in revenue and VND400 bn in PBT (+39% and +22%, respectively YoY. Cash dividend is expected to be at the lowest rate of 20%.

Comment: Looks to have been a constant compounder over the past 5 years.

FPT VN: sets plan, in 2023, to achieve revenue of VND52,289 bn, PBT of VND9,055 bn (both +19% YoY). FPT plans to spend VND5,800 bn to invest in technology and telecommunications sectors and education and other investments.

HPG VN: plans to develop megacities of 300-500 hectares, with the goal of having 10 industrial zones in the next 10 years.

MSN VN: has successfully sold a lot of bonds code MSNH2328001, with a total mobilized value of VND2,000 bn.

MWG VN: plans, in 2023, to achieve net revenue of VND135,000 bn and PAT of VND 4,200 bn (+1% and +2% respectively YoY).

Comment: And that’s with a lot betting on a 2H23 recovery.

NT2 VN: sets plan, in 2023, to achieve revenue of VND8,299 bn (-6% YoY). The company aims to produce kWh4.1 bn of electricity.

NVL VN: proposes to pay for a bond lot of VND1,500 bn by real estate.

Comment: In other words “we’re broke”

PNJ VN: recorded, in February, net revenue of VND2,848 bn, PAT of VND255 bn (-20.7% and -0.7% respectively YoY). For 2M2023, PNJ reached net revenue of VND6,976 bn (-1.3% YoY), PAT reached VND556 bn (+6.4% YoY).

Comment: And this after store expansions, it’s the first time in years that they’ve been unable to grow revenues. VN consumer is broke – for now.

PVT VN: plans to spend VND4,114 bn to invest, of which VND3,854 bn is to invest in ships, the rest is to contribute capital or buy more shares of other member.

TCB VN: Moody announced to downgrade the credit rating of TCB from Ba2 to Ba3.

Comment: It was the only private bank that was at Ba2 (the rest were SOEs, as this is the country’s rating), and now it’s just in line with the rest, does imply

VHM VN: Real Estate Group – CapitaLand is negotiating and considering to buy a part of Vinhomes’ Ocean Park 3 project worth about $1.5 bn from VHM.

Comment: Perhaps one day the communist state, sorry I mean the founder, will explain why they are selling their best cashflow assets to fund a silly EV project where they have zero competitive edge.

Country

1. This year, Taiwan has been the second largest foreign investor in Viet Nam with US$407.1 million, according to the Foreign Investment Agency
2. Decree 08 has opened a door to open capital for real estate businesses. In just the first week after the decree was issued, real estate businesses have raised more than VND11,800 bn from bonds.
3. The Vehicle Importers Vietnam Association (VIVA) has submitted a request to the Government seeking approval for a 50% reduction in registration fees for imported automobiles, matching the fee structure proposed for locally-made cars.
4. For 2M2023, Vietnam’s exports to some ASEAN markets such as Thailand and Singapore increased sharply. Specifically, Vietnam’s exports to Thailand reached $1,2 bn (+12.4% YoY) and Vietnam’s export turnover to Singapore reached $677.7 mn (+8.8% YoY). In general, for ASEAN region, export turnover reached $4.96 bn.
5. The State Bank net injected more than VND52,000 bn in the week of reducing operating interest rates.
6. With the country’s total import-export turnover reaching nearly US$123 bn between January 1 and March 15, the nation enjoyed a trade surplus of roughly US$3 bn.
7. Investors involved in renewable energy project have proposed Vietnam Electricity Group (EVN) purchase power from eligible projects at an interim price equivalent to 90% of the electricity import price.
8. Bank credit is forecast to grow at only 12% this year since economic activity is slow and the property sector, usually the biggest borrower, is in a slump. It had grown at 14.5% last year.
9. Japanese and local investors have asked the HCMC government for approval of an offshore wind power project with a capacity of 6,000 MW in the outlying coastal district of Can Gio.