Week 03/07 – 07/07

Company

fmc.vn, hbc.vn, hah.vn, hvn.vn, kbc.vn, mbb.vn, nvl.vn, pet.vn, shb.vn, ssb.vn, vcb.vn, vcg.vn, vgc.vn, vhc.vn

FMC VN: recorded, in 6M2023, sales of $86.7 mn (VND2,063 bn) (-20% YoY). In June, sales reached $18.6 mn (VND443 bn).

Comment: Looks like it’s the baby version of VHC, which is the baby version of Thai Union.

HBC VN: recorded a net loss in 2022 of nearly VND2,567 bn according to the 2022 audited financial statement, an increase of VND1,429 bn compared to the independent report.

HAH VN: approved the payment of stock dividends in 2022 at the rate of 50%. The last date of registration is July 22nd, corresponding to the ex-rights date of July 21st.

HVN VN: estimated, 6M2023 revenue of VND45,255 bn (+49% YoY). In 2Q2023, the revenue is estimated at VND21,615 bn (+17% YoY).

HVN VN: HVN shares of Vietnam Airlines will only be traded in the afternoon session from July 17 due to the carrier’s delay in submitting its audited financial statement for 2022.

Comment: Amusing…then again Thailand has STARK so there isn’t much to complain about…although given that VJC is close to being sued to death for not honouring payments for its plane leases, if HVN can relist successfully, it’ll be the only real airline play.

KBC VN: registered to buy 11.9 mn shares offered for private placement of SHP with total realized value of VND1,188 bn.

Comment: Still a funny mess of an IE player…and yet they still easily beat amata vietnam

MBB VN: MBB will issue ~ 680 mn shares to pay stock dividend at the rate of 15%. The bank will increase its charter capital from VND 45,339 bn to VND 53,683 bn.

Comment: Yayyyy more shares! urgh…

MWG VN: disclosed July 28th as the closing date to receive the 2022 cash dividend at the rate of 5%.

Comment: Remember these dividend rates are based upon…the par value…not the market value, note that the monthly revenue figures are improving for MWG.

NVL VN: announced the termination of the transferring 99.99% of contributed capital at Vung Tau Investment Co., Ltd (equivalent to a capital of VND2,860 bn).

NVL VN: approved the addition of collateral from the guarantor Delta Valley – Binh Thuan Co., Ltd. to secure the maximum loan obligation of VND1,600 bn at MSB.

Comment: They just don’t want to go bankrupt….

PET VN: will issue 7.9 mn shares to pay dividends in 2022 at the rate of 8%. After paying dividends, PET’s charter capital will increase by VND79 bn to VND1,073 bn.

SHB VN: According Reuters, SHB is in the process of working to sell 20% of its equity to a strategic partner this year. Potential valuations could range from $2 bn to $2.2 bn.

SSB VN: SeABank will issue 295,200,000 shares (equivalent to 14.5%) to pay dividends in 2022 and issue 118,201,732 bonus shares (equivalent to 5.8%). SeABank’s charter capital will increase by more than VND 4,134 bn, from nearly VND 20,403 bn to VND 24,537 bn.

Comment: Yayyy more shares! urgh…

VCB VN: In 2022 AGM, VCB approved the plan to issue nearly 856.6 mn shares to pay dividends at the rate of 18.1%. Vietcombank will increase its charter capital from VND 47,325 bn to VND 55,891 bn.

Comment: Yay more shares! urgh…

VCG VN: plans to buy nearly 17 mn more shares of Bach Thien Loc, raising the holding ratio to nearly 50 mn shares (99.94%).

VGC VN: expects, in 6M2023 net revenue of VND7,000 bn (-14% YoY) and PBT of VND913 bn (-48% YoY), completing 52% and 75%, respectively of the plan in 2023. In 2Q2023, VGC recorded net revenue of VND4,225 bn (-1% YoY) and PBT of VND692 bn (+18% YoY).

VHC VN: approved to issue more than 3.66 mn ESOP shares. After that, VHC will continue to issue more than 37.4 mn shares to pay dividends for 2022 at the rate of 20%.

Country

• The State Bank of Vietnam (SBV) has issued a new circular banning commercial banks from providing loans for the purpose of depositing money at other banks, buying gold, or refinancing existing debts.
• Personal income tax revenue in the first half of 2023 dropped by 7% YoY at VND86.9 tn.
• Foxconn (2354.TW) is set to invest about $250 mn in two new projects in Vietnam, including for the production of components for electric vehicles (EVs), the world’s largest contract electronics assembler.
• HCMC recorded a 3.55% GRDP growth in the first six months with public investment and services being the main driver. It is expected to be nearly 7% this year, even under the most favorable conditions.
• In 1H, foreign investment capital disbursement was $10.02 bn, a slight increase of 0.5 per cent on-year. However, the total registered capital fell to $13.43 bn.
• Total revenue from retail sales of consumer goods and services increased 10.9% YoY in 6M of this year to more than 3 quadrillion VND (127 mn USD).
• Vietnam attracted nearly 5.6 mn international visitors in the first half of this year, achieving 69% of the full-year target. The Ministry of Culture, Sports and Tourism said that this accomplishment signifies the country’s tourism industry returning to 66% of pre-pandemic levels.
• The Ministry of Planning and Investment (MPI) has built two scenarios for GDP growth in the second half of the year, based on the situation in the first half. In the first scenario, the yearly GDP is envisioned to expand by 6%, so the growth in the third quarter should reach 6.8% and 9% in the fourth quarter. The second scenario estimates the yearly GDP growth at 6.5%, with the rates for Q3 and Q4 at 7.4% and 10.3%, respectively. The growth rate for the second half of the year should be 8.9%.
• In 5M, credit to real estate increased 14% while credit to real estate consumption decreased by 1.32%, much lower than the same period last year (up 15%).
• The Ministry of Finance has just announced the reduction of gasoline import tax from 10% to 5.62%. Along with that, the standard cost in the base price of petrol was adjusted slightly by VND30 /liter.
• South Korean’s giant retailers including Lotte Group, Shinsegae, GS Retail, Yanolja Cloud are stepping up efforts to tap into the Vietnamese market, which has huge growth potential thanks to its rapid economic growth and a high proportion of the working age population..
• The Japan International Cooperation Agency has signed an official development assistance agreement with the Vietnamese government to provide a loan of 60.98 bn yen (US$422 mn) for three projects. The majority of the soft loan, 50 bn yen, to be given under a quick disbursement mechanism, will be for a post-Covid support program for recovery and development. The rest will be used for a public transport infrastructure improvement project in Binh Duong Province and agricultural infrastructure upgrades in Lam Dong Province.
• Chinese automaker Great Wall Motor is set to sell its first vehicle in Vietnam in August as part of a plan to expand in ASEAN, SUV HAVAL H6 Hybrid Electric Vehicle.
• Coffee is an export highlight of agricultural products in the H1 2023, as the industry’s export revenue earned $2 bn in the period, as of June 15, 934,900 tonnes of coffee were exported with export prices increasing nearly $2 per tonnes.
• The total value of corporate bond issuances was recorded at 42.783 tn VND (1.86 bn USD) in 1H, Specifically, there were seven initial public offerings with a total value of 5.521 tn VND, accounting for 12.9% of the total issuance, and 35 private placements worth 37.262 tn VND, or 87.1%.
• From January to June, foreign trade plunged 15%, resulting in a 19.9% YoY drop in state budget revenue. The General Department of Vietnam Customs reported that state budget revenue from import-export activities in 1H totaled over VND183.7 tn, equivalent to 43.23% of the projected amount.
• The State Treasury raised over 179.89 tn VND (7.57 bn USD) worth of Government bonds via 84 auctions on HNX in 1H 2023. The amount was equal to 62.52% of the issuance plan in 2Q, and 44.97% of the plan set for 2023.
• Despite a 4.3% reduction in the volume of foreign investment inflows into Vietnam in 1H, experts said there are positive signs when looking into the structure of the investment. Out of more than 13.43 bn USD worth of foreign investment poured into Vietnam in 1H, newly-registered capital reached almost 6.5 bn USD, accounting for 48.3% of the total, up 31.3% yoy.