Week 03/04- 07/04

Corporate

fmc.vn, kbc.vn, kdh.vn, msn.vn, nvl.vn, pc1.vn, pow.vn, ree.vn, sab.vn, stb.vn, tbp.vn, vhm.vn, vic.vn, vos.vn,

FMC VN: recorded, in March, revenue of $14.6 mn (about VND345 bn) (-21% YoY). For 3M2023, FMC’s revenue reached $43.2 mn (about VND1,020 bn) (-26% YoY).

Comment: A similar trend is seen practically across all companies in VN..

KBC VN: will transfer VND1,091 bn of contributed capital (equivalent to 100% of charter capital) in Kinh Bac – Da Nang.

KDH VN: sets, in 2023, net revenue target of VND3,100 bn and PAT target of VND1,000 bn (+6.5% but -9.3%, respectively YoY). Also, KDH expect to pay dividend in shares at rate of 10% and issue 10.8 mn ESOP shares at the price of VND12,500/share.

MSN VN: sets, in 2023, revenue target of VND90,000-100,000 bn and PAT target of VND 4,000-5,000 bn. Also, MSN plans to pay cash dividend at rate of 8%.

NVL VN: NovaGroup was forced to sell NVL shares by a securities company. After the transaction, the number of NVL shares held by NovaGroup decreased to 572.4 mn shares (ratio 29.355%)

Comment: It should be zero. Waiting to see a massive equity recap here…

PC1 VN: sets, in 2023, revenue target of VND9,450 bn and PAT target of VND511 bn (+13% and -5%, respectively YoY). Regarding dividends, PC1 plans to pay a dividend in 2022 of 15% in shares. Also, PC1 plans to build industrial park (IZ) projects with an estimated area of 200 ha – 500 ha per project, completed by 2033 with total investment for each project is estimated at VND2,500 – VND6,000 bn.

Comment: A smaller IE co, but appears to be well managed, gaining market share of the Japanese co’s moving into VN.

POW VN: sets, in 2023, revenue target of VND30,332 bn (+7% YoY) and PAT target of VND1,118 bn (-56% YoY).

REE VN: sets, in 2023, revenue target of VND10,962 bn (+17% YoY) and net profit of VND2,700 bn (+0.3% YoY)

SAB VN: plans to issue more than 641.2 mn shares to existing shareholders, equivalent to 100% of outstanding shares to increase charter capital.

Comment: I mean, why? They don’t need to increase equity…but ok, it’s vietnam, they love their equity issuance…

STB VN: sets, in 2023, PBT target of VND9,500 bn (+50% YoY) and total assets target of VND657.8 tn (+11% YoY). Also, STB recorded the current ownership rate of foreign investors in STB shares at 30% of charter capital.

TPB VN: sets, in 2023, PBT target of VND8,700 bn (+11% YoY) and total assets target of VND350,000 bn (+7% YoY).

VHM VN: is implementing social housing project of more than VND3,700 bn in Khanh Hoa.

Comment: So It’s the defacto property arm of the Vietnamese Communist Party…

VIC VN: Vinpearl’s PAT, in 2022, reached more than VND4,229 bn, while in 2021, the loss was nearly VND9,500 bn.

Comment: The group is just selling off its best cash flow generating assets to fund the stupidest project in the country’s history (actually no…there are probably other more ridiculous projects done..)

VOS VN: estimates, in 2023, total revenue of VND1,597 bn (-38% YoY) and PBT of VND198 bn (-67% YoY).

Country

• Vietnam Electricity made a loss of over VND36.29 tn ($1.55 bn) in 2022 due to rising costs. It cost EVN VND2,032.26 to produce one kilowatt-hour of electricity last year, up 9.27% from 2021. But consumer prices have remained unchanged at VND1,864.44 per kilowatt-hour since March 2019.
• The central bank on Friday said it would cut caps on interest rates of dong-denominated deposits from April 3, by 0.5% to between 0.5% and 6.0% depending on maturities. It said the overnight electronic interbank rate would also be kept at the current level of 6.0%.The bank would lower its refinance rate by 50 basis points to 5.5% and keep the discount rate unchanged at 3.5%.
• For 1Q2023, the export of agricultural, forestry and fishery products reached $11.2 bn (-14% YoY), completing nearly 21% of the target. Total export turnover of agricultural, forestry and fishery products in 2Q2023 is estimated to reach about $14 bn (+25% QoQ, but -7% YoY).
• S&P Global’s Manufacturing Purchasing Managers’ Index (PMI) for Vietnam’s manufacturing industry came in at 47.7 in March, down from 51.2 in February and below 50 for the fourth time in a row of past five months.
• Tax revenue collection was estimated at VND 325.78 tn in the first two months of 2023, a rise of 16.7 % YoY. Domestic tax revenue was nearly VNĐ315 tn, accounting for 96 % of the total revenues.
• In March 2023, the total import and export value of Vietnam’s goods was estimated at $58.49bn (+18.6% MoM). In which, the export value was estimated at $29.57 bn (+13.5% MoM) and the import value was estimated at $28.92 bn (+24 4% MoM). For 3M2023, the total import and export value of Vietnam’s goods is estimated at $154.27 bn (-13.3%YoY). In which, export value was estimated at $79.17 bn (-11.9% YoY) and import value was estimated at $75.1 bn (-14.7% YoY).
• Tax revenue collection was estimated at VND 325.78 tn in the first two months of 2023, a rise of 16.7 % YoY. Domestic tax revenue was nearly VNÐ315 tn, accounting for 96 % of the total revenues.
• In March 2023, the total import and export value of Vietnam’s goods was estimated at $58.49bn (+18.6% MoM). In which, the export value was estimated at $29.57 bn (+13.5% MoM) and the import value was estimated at $28.92 bn (+24 4% MoM). For 3M2023, the total import and export value of Vietnam’s goods is estimated at $154.27 bn (-13.3%YoY). In which, export value was estimated at $79.17 bn (-11.9% YoY) and import value was estimated at $75.1 bn (-14.7% YoY).
• The Ministry of Finance has proposed corporate income tax rate on small and micro-sized enterprises be lowered than the common rate in an effort to support them to overcome the difficult time and promote their development.
• The State Bank of Viet Nam has called for the implementation of a VND120 tn (US$5.11 bn) housing credit package to be sped up.
• Samsung’s four manufacturing plants in Vietnam brought in nearly US$71 bn last year, making up 30% of the South Korean tech giant’s global revenue. In 2022, Samsung achieved a revenue of $234 bn, indicating a growth of over 8% YoY.