Week 10/04 – 14/04

Company

acb.vn, anv.vn, bcg.vn, bsr.vn,  bwe.vn, dgc.vn,  dig.vn,  fcn.vn, fmc.vn,  gvr.vn, hbc.vn, hvn.vn,  kbc.vn,  mpc.vn, mwg.vn,  pan.vn,  pnj.vn, ree.vn,  shb.vn, vhm.vn,

ACB VN: recorded, in 1Q2023, PBT of VND5,120 bn (+24% YoY), reaching 26% of the whole year plan. In 2023, ACB sets PBT target of VND20,058 bn (+17.2% YoY) and total assets target of VND668,788 bn (+10% YoY).

ANV VN: sets, in 2023, revenue target of VND5,200 bn and PBT target of VND500 bn (+6% and -35%, respectively YoY).

BCG VN: sets, in 2023, revenue target of VND6,925 bn and PAT target of VND650 bn (+53% and +20% respectively YoY).

BSR VN: approved the revenue target of VND95,645 bn and PAT target of VND1,628.4 bn (-43% and -89% respectively YoY).

BWE VN: estimated, in 3M2023, total revenue of VND762 bn (-14% YoY) and PAT of VND165bn (-17% YoY), completing 19% and 23% of the following year’s revenue and profit targets, respectively. BWE sets, in 2023, total revenue target of VND3,970 bn and PAT target of VND720 bn.

BWE VN: officially became a major shareholder of VLW after buying more than 7.12 mn shares, thereby increasing its ownership rate from 0% to 24.65%.

DGC VN: approved the policy of buying 100% shares of Phosphorus 6 Joint Stock Company. The expected number of shares to buy is 36.3 mn at the price of VND635 bn, the purchase time is in 2Q2023.

DGC VN: announced that April 14th is the last registration date to receive the 2022 cash dividend at the rate of 10% and the ex-rights date is April 13th.

DIG VN: has bought back the entire lot of bonds with code DIGH2124001 before maturity with total value of VND1,000 bn.

FCN VN: sets, in 2023, revenue target of VND3,800 bn, net profit target of VND110 bn (+25% and 2.75 times, respectively YoY) and PAT target of VND125 bn.

FMC VN: decided to pay the 2022 cash dividend at the rate of 20%. May 9th is the last registration date, corresponding to the ex-rights date is May 8th.

GVR VN: sets, in 2023, revenue target of VND3,792 bn and PAT target of VND1,395 bn (-85% and -71% respectively YoY).

HBC VN: HOSE announced that HBC will be put under supervision from April 17th as violation of late submission of audited annual financial statements for 2 consecutive years.

HVN VN: The State Securities Commission (SSC) has just sent a notice of disagreement to HVN to postpone the publication of its audited financial statements for 2022 – an important report that can decide the possibility of delisting of HVN.

KBC VN: decided to postpone buying 50 mn shares to 2Q2023.

MPC VN: aims, in 2023, to produce 60,000 tons of seafood with revenue of VND17,985 bn and PAT of VND1,146 bn (+9% and +38% respectively YoY).

MWG: 2023 AGM highlights (i) appointed Mr. Pham Van Trong as BHX’s new CEO (joined MWG in 2004; previously Head of IT then BHX’s Director of Operations since 2019); (ii) could resume BHX store expansion as soon as H2 2023 focusing on existing areas in southern Vietnam; (iii) currently no store expansion plans for other chains given weak ICT demand partially due to tighter consumer financing approval; (iv) seriously considering share buybacks if cash flow is sufficient [Rating: BUY]

PAN VN: sets, in 2023, net revenue target of VND15,156 bn and net profit target of VND402 bn (+11% and +7.5%, respectively YoY).

PNJ VN: sets, in 2023, revenue target of VND35,598 bn and PAT target of VND1,937bn (+5% and +7% respectively YoY). The dividend payout in 2023 is expected to be at rate of 20%.

REE VN: plans to issue more than 53.3 mn shares to pay dividends in 2022 at the rate of 15%.

SHB VN: recorded, in 1Q2023, PBT of VND3,500 bn (+10.3% YoY), completing 35% of the profit target for 2023. SHB sets, in 2023, total assets target of VND600,000 bn and PBT target of VND10,200 bn.

VHM: 2023 AGM documents (i) revenue +60% YoY and NPAT +3% YoY (earnings guidance is 9% lower than our forecast); (ii) no FY2022 dividend plan proposed vs. FY2021 dividend plan of VND2,000/share paid in Q2 2022 [Rating: BUY]

VTP: AGM highlights (i) Q1 2023 top and bottom lines grew YoY (completed >20% of full-year guidance); (ii) targeting market share of 35% in 2025 vs. 18% in Q1 2023 (we believe too ambitious); (iii) price war to continue (delivery service prices have dropped at 13% CAGR in 2019-2022); (iv) focus on quality (e.g., lead time) and cost optimization to counter competition

Country

• The value of textile and garment exports in the first quarter of 2023 reached $7.1 bn, down 17% compared to the same period in 2022, due to the impact of global inflation, according to the General Statistics Office.
• In 1Q2023, import-export turnover between Vietnam and the US reached $23.7 bn (-6% YoY). The trade balance is tilted towards trade surplus of $17.7 bn (-21% YoY).
• Rice exports, in March 2023, earned nearly $509 mn (+93.5% YoY). For 1Q2023, Vietnam exported more than 1.85 mn tons of rice, reaching $981.4 mn (+23.4% in volume and +34.3% in value YoY).
• Vietnamese shipping organizations’ proposal to raise charges for container loading and unloading services at seaports, if becomes true, will not affect exporters and importers.
• The Ministry of Construction is seeking to revoke the provision that developers of commercial housing have to set aside 20% of the total land area for social housing.
• At the auction at the end of March, the winning interest rates for bonds of 5-year, 7-year, 10-year, 15-year, 20-year and 30-year tenors all decreased by 40-76 points compared to the previous session.
• Vietnam exported 1.7 mn tonnes of rice in 1Q worth over $900 mn, a 19% increase in quantity and 30% rise in value YoY.
• Data from the Vietnam Association of Seafood Exporters and Producers (VASEP) showed that in 2M2023, revenue from seafood export topped 1.1 bn USD, -26% YoY, with pangasius exports dropping 38% to 240 mn USD.
• Overnight interbank interest rates on April 6 surged from 0.9% per year to nearly 4.5% per year, leading many experts to predict a further interest rate cut by the State Bank of Vietnam.