Week 17/04 – 21/04

Company
baf.vn, eib.vn, fpt.vn, msn.vn, nlg.vn, nvl.vn, pdr.vn, phr.vn, pow.vn, pdv.vn, ssi.vn, vcb.vn, vhc.vn, vhm.vn, vgc.vn, vpb.vn, vre.vn

BAF VN: announced implement the second public offering of bonds. In which, the second batch of bonds includes 3 mn bonds with total mobilized value of VND300 bn.

Comment: Fingers crossed it all goes well, then again this is a small amount. But the corporate bond market still needs more success cases.

EIB VN: HOSE announced an update to the VNDiamond components, in which EIB shares were removed from the list.

FPT VN: recorded, in 3M2023, revenue of VND11,681 bn and PBT of VND2,121 bn (+20.1% and +19.2% respectively YoY), achieving 22 % of revenue target and 23% of profit target.

Comment: I’m just impressed….I don’t understand how they continue to do so well.

KBC VN: approved the withdrawal of the share repurchase report file submitted to the SCC on April 10th as the dossier was incomplete.
KBC VN: sets, in 2023, total revenue target of VND9,000 bn and PAT target of VND4,000 bn (6 times higher in revenue and 2.6 times higher in PAT YoY).
KBC VN: announced the acquisition of 7.5 mn bonds before maturity with code KBC121020 with total value of VND750 bn.

Comment: Hahaha…this company….if it was clean, with proper governance, it would be valued 2-3x higher.

MSN VN: plans to issue 285 mn MSN shares, worth over VND7,300 bn (common shares at the rate of 10% and dividend preference shares at the rate of 10%).

Comment: Another friggin’ equity dilution…

NLG VN: sets, in 2023, net revenue target of VND4,836 bn and net profit target of VND586 bn (+11% and +5% respectively YoY).

Comment: The only real estate company in Vietnam with a debt free balance sheet, they’ll be the first to bounce back strongly and have a strong partnership with the Japanese.

NVL VN: approved the use of collateral for 4 lots of bonds with total value of VND3,000 bn. Also, NVL extends the time to issue 2022 ESOP shares
NVL VN: recorded, in 2022, revenue of VND11,151 bn (-25% YoY) and PAT of VND2,162 bn (-33% YoY). Also, total NVL’s assets reached more than VND258 tn (+28% YoY, mainly in inventory and short-term receivables). Liabilities increased by 32%, of which loans stood at nearly VND65 tn (+6% YoY). In addition, NVL has reached an agreement with banks on the release of an amount of VND2,498 bn.

Comment: They’re just farting in the wind.

PDR VN: recorded, 1Q2023, net revenue of VND192 bn (-69.3% YoY) and net profit of VND24 bn (-91.5% YoY). Also, PDR has paid VND1,000 bn of principal and VND154 bn of interest.

PHR VN: recorded, in 1Q2023, net revenue of VND326.3 bn (-10.7% YoY) and PBT of VND283.6 bn (-21.7% YoY).

POW VN: recorded, in 1Q2023, revenue of VND7,914 bn (+12% YoY) and PAT of VND579 bn (-34% YoY), exceeding 16% of the plan.

PVD VN: sets, in 2023, total revenue target of VND5,400 bn and PAT target of VND100 bn.

SSI VN: sets, in 2023, revenue target of VND6,917 bn and PBT target of VND2,540 bn. SSI recorded, in 1Q2023, the total operating revenue of VND1,439 bn (-26.5% YoY and +11.9% QoQ) and PBT of more than VND590 bn, fulfilling 23.2% of the year plan for the whole year.

Comment: All brokers are going to report a great 2H23.

VCB VN: sets, in 2023, PBT target to increase by at least 15% YoY and total assets target to increase by 9% YoY.

Comment: Question mark on the upcoming capital raise, as it’s been on the cards for a period of time, and the pricing is yet to be confirmed.

VHC VN: reported, in March, revenue of VND1,032 bn (-25% YoY). For 1Q2023, VHC recorded revenue of VND2,252 bn (-31% YoY).

Comment: A baby TU – means upside is still there, though it will swing with demand from EU and the US.

VHM VN: sets, in 2023, revenue target of VND100,000 bn and PAT target of VND30,000 bn (+60.3% and +2.9% respectively YoY).
Comment: Every “Vin” Company are on my $hitlist.

VGC VN: sets, in 2023, revenue target of VND16,000 bn and PBT of VND1,300 bn. VGC recorded, in 1Q2023, net revenue of VND2,775 bn (-28% YoY) and PAT of VND152 bn (-80% YoY), completing 17.3% of the revenue plan and 11.7% of the profit plan.

VPB VN: Moody’s has just announced to maintain the credit rating of Ba3, a stable outlook for VPB in the latest assessment period.
VPB VN: sets, in 2023, PBT target of VND24,003 bn (+13% YoY) and total assets target of VND877 tn (+39% YoY). Also, VPB has just received nearly VND3,600 bn deposit to buy 15% capital from SMBC.

Comment: And that’s ignoring a potential recovery in FEC

VRE VN: recorded, in 2022, total revenue of VND7,361 bn (+25% YoY) and PAT of VND2,777 bn (+111% YoY and exceeding 16% of the whole year plan). In 2023, VRE sets net revenue target of VND10,350 bn and PAT of VND4,680 bn (+41% and +69% respectively YoY).

Comment: See VHM.VN, and what happened to the news that there was a potential acquisition by Central Group?

Country

• Vietnamese officials and the administration of China’s Guangxi Zhuang Autonomous Region have agreed to expand cooperation post pandemic, particularly in trade and investment.
• The Government, for the fifth time, has decided to extend the payment deadline for enterprises to pay value-added tax (VAT), corporate income tax (CIT), personal income tax (PIT) and land rent amounting to over VND112 tn.
• Southern land sales plunged by more than 90% in 1Q as buyers were reluctant to make purchases in an unfavorable market. Land sales plunged 94% YoY in the economic hubs of Ho Chi Minh City, Dong Nai, Binh Duong and Long An.
• Vietnam’s GDP is projected to grow 5.8% this year, sharing the second position with Cambodia in the region, only after the Philippines, according to the International Monetary Fund (IMF).
• DCVFMVN Diamond ETF will buy the most MBB with 6.3 mn shares; CTG was the second most bought with 5.7 mn shares; VPB with 5.3 mn shares; GMD with 4 mn shares; MWG, PNJ, TPB, VIB, DHC, NLG are also allowed to buy 2-3 mn shares. In the opposite direction, the fund will sell off all 5.6 mn EIB shares and 13 mn ACB shares and 14.9 mn MSB shares; sold 1.65 mn shares of REE, FPT was also sold 650 thousand shares, OCB was sold 3.3 mn shares.
• The Government has approved the Ministry of Finance’s proposal to revise down the value-added tax (VAT) from 10% to 8% for certain goods and services this year to boost consumption and economic growth.
• Vietnam has set a target of increasing its green economy’s contribution to GDP from $6.7 bn in 2020 to $300 bn by 2050.
• Vietnam’s public debt declined dramatically to 43.1 % of GDP in 2021 from 58.3 % in 2018, according to the Ministry of Finance. Last year, the country’s obligation of foreign debt repayment on total exports was 6.2 %, while the government’s debt repayment obligation compared to state budget revenue was about 21.8 %. As of this June, Viet Nam’s largest bilateral creditor was Japan (with over VND 274 tn), followed by South Korea (VND 28 tn), France (VND 27 tn) and Germany (VND 12 tn).
• The State Bank of Vietnam, or SBV, has sent a draft of the amended Law on Credit Institutions to the National Assembly, in which local banks could ask for interest-free loans if they face a bank run.
• Vietnam’s GDP in the first quarter of 2023 was estimated to increase by 3.32% YoY.