Week 05/06 – 09/06

Company

anv.vn, bcg.vn, bcm.vn, bwe.vn, fmc.vn, hdb.vn, kdc.vn, kdh.vn, mbb.vn, tcb.vn, vcb.vn, vnd.vn

ANV VN: plans to issue more than 133 mn shares to existing shareholders, equivalent to 100% of outstanding shares. The right exercise ratio is 1:1.

BCG VN: announced to sell more than 21 mn shares out of a total of 145.13 mn shares of Transport and Industry Development Investment Joint Stock Company (TCD). Thereby, BCG’s ownership rate in TCD will reduce from 51.63% to 44.15% of charter capital.

BCM VN: approved the plan of the first private placement of bonds in 2023 with a total value of VND1,000 bn, which is non-convertible, secured bond owned with a term of no more than 2 years.

BWE VN: recorded, in 5M2023, revenue of VND1,381 bn and PAT of VND293 bn (-9% and -8% respectively YoY), completing 35% of the revenue plan, 11% of the year profit plan. In May, BWE recorded VND299 bn in revenue and VND67 bn in PAT.

FMC VN: reported sales in May 2023 with $10.9 mn (-44% YoY).

HDB VN: plans to pay a 15% stock dividend after paying cash dividend at the rate of 10%. Thus, HDB will increase its charter capital to VND29,276 bn.

Comment: Urgh….

KDC VN: completed phase 1 to buy 25% of shares of Tho Phat brand. Also, KDC is in the process of negotiating to reach 51% and up to 70%..

KDH VN: was fined and collected more than VND6.1 bn of tax.

MBB VN: decided to pay a cash dividend at the rate of 5% (equivalent to VND2,265 bn). The closing date is June 15th and the payment date is July 10th.

Comment: Praise to the lord, a VN bank that only pays a cash dividend!

TCB VN: plans to increase charter capital in the form of ESOP in 2023. Accordingly, the bank is expected to issue 5.27 mn ordinary shares, of which 2.12 mn shares are for foreign employees and 3.15 mn shares for Vietnamese employees.

Comment: As a professional/management of a vietnamese company, it’s been a great decade, they have been consistently giving themselves shares at massive discounts to the market.

VCB VN: will become the parent bank of Construction Bank (CBBank) within the next 6 months.

Comment: Confirmation that VCB will continue to be one of the top 4 big banks in VN

VND VN: will privately offer nearly 243.57 mn shares to 1 to 5 professional securities investors. Also, VND will offer 24.36 mn ESOP shares and issue 12.18 mn bonus shares for employees. Lastly, VND plans to offer 243.57 mn shares at the price of VND10,000/share to existing shareholders.

Comment: “Professional investors?” Basically they’re giving it to their punter friends.

Company Targets

bcm.vn, dhc.vn, plx.vn, pow.vn

• BCM VN: sets, in 2023, revenue target of VND9,460 bn and PAT of VND2,263 bn (+19% and +32% respectively YoY). For dividends, BCM is expected to pay dividend in 2023 at the rate of 9%.
• DHC VN: sets, in 2023, revenue target of VND3,240 bn and PAT target of VND300 bn (-18% and -21% respectively YoY). The dividend in 2023 is expected to be 20% in cash or shares (-10% YoY). Also, DHC wants to cancel the plan to issue 2.5 mn ESOP shares and 6.9 mn shares to existing shareholders.
• PLX VN: sets, in 2023, revenue target of VND190,000 bn (-38% YoY) and PBT target of VND3,228 bn (+42% YoY). Also, PLX is expected to pay cash dividend in 2022 at the rate of 7%, down from the original plan of 12% (equivalent to VND889 bn).
• POW VN: announced, in May, estimated revenue of VND3,350 bn (+27% MoM and +38% YoY). For 5M2023, POW’s revenue is about VND13,771 bn, completing 45% of the year plan.

Country

• Vietnam spent nearly $270 mn on importing 10,000 completely-built automobiles (CBUs) in May, a decrease of 6.3% from a year earlier. Compared to the same period last year, automobile imports in May were down 5.2% in quantity and 9.1% in value.
• The number of newly opened securities trading accounts skyrocketed in May to 104,966 accounts, nearly 5 times higher than April, which reached only 22,926 accounts.
• In light of the challenges faced by local car manufacturers, the Government has given its approval to a proposal for a 50% reduction in registration fees for domestically manufactured automobiles.
• Ho Chi Minh City’s economic growth is expected to climb to 5.87% in 2Q2023, its leader has said. It was only 0.7% in 1Q.
• The Vietnam Oil and Gas Group (Petrovietnam) generated over 10 bn kWh of electricity in the 5M2023 which equals 42.5% of the yearly target. The figure represents an increase of 46.6% YoY, thanks to the inauguration of Thai Binh 2 Thermal Power Plant in late April. In May alone, the group generated 2.77 bn kWh of electricity, up 7.8% from April.
• The average 12-month deposit interest rate is forecasted at 6.5-6.7% at the end of the year as credit demand decreased, the government promotes public investment and there is still room to further reduce the operating interest rate.
• Ho Chi Minh City targets to increase its GDP share to 40% and per capita GRDP to about US$14,500 by the end of this decade.
• For 5M2023, the total value of corporate bond issuance was recorded at nearly VND34.3 tn, with 7 public issuances worth VND5,521 bn (accounting for 16% of the total issuance value) and 19 private placements worth VND28.737 bn (accounting for 84%). Regarding to bonds repurchase, businesses have repurchased VND25,598 bn of bonds.