Week 24/10 – 28/10
dgc.vn, msn.vn, pc1.vn, tcb.vn , vic.vn, vjc.vn, vhm.vn

Company News
DGC VN: announced its business plan for Q4 with total consolidated revenue of VND3,299 bn (-5% YoY), PAT of VND1,100 bn (-21% YoY).

Comment: They’ve had a good run in the past 2 years purely due to the commodity price rises. Granted its a key commodity in the EV chain…so take the pricing into account…

MSN VN: approved the plan to issue two bonds to the public with a total par value of VND4,000 bn which are non-convertible, unwarranted and unsecured bonds. It is expected that these two bonds will be issued in the 1Q2023 and 2Q2023.

Comment: This is going to be interesting to 1) Test the market and see what rates can be made post the recent debacle 2) They need to refinance.

PC1 VN: will issue more than 35 mn shares to pay dividends and the ex-dividend date is November 1, 2022. The charter capital is expected to increase to about VND2.7 tn.

Comment: Wonderful! More equity dilution!

TCB VN: sharply reduced the value of holding corporate bonds to VND43,500 bn at the end of the third quarter to have credit lines for customers.

Comment: That’s going to hit their earnings…

VIC VN: ADB bank has arranged a $135 mn climate change financing package for VinFast to support the production of public transport electric buses and Vietnam’s first electric vehicle charging station network.

Comment: Putting lipstick on a pig.

VJC VN Vietjet’s first route connecting the coastal city of Nha Trang to Almaty, Kazakhstan, has officially begun operations, making it easier for people and tourists from Kazakhstan and Viet Nam to travel between the two countries. With just over nine hours of direct flight per leg and two return flights per week, Vietjet’s new route offers unprecedented convenience between the coastal city of Nha Trang and Almaty, the largest economic hub of Kazakhstan.

Comment: Borat would be proud.

VHM VN: On October 24, announced a plan to cooperate with VMI – a company owned by Mr. Pham Nhat Vuong, to sell real estate to small-cap investors.

Comment: Have fun figuring out the related party transactions within this group.

Earnings Related
ACB VN: recorded, in 9M22, net interest income of VND17,079 bn (+21% YoY). Non-interest income also grew as interest from services increased by 21% (VND2,599 bn), profit from other activities increased 12 times (VND849 bn).
ANV VN: recorded, in Q3, net revenue of VND1,238 bn (+89% YoY), mainly due to a 93% increase in semi-finished products sales. PAT was nearly VND120 bn, improved compared to the loss of 13 bn in 2021.
ANV VN In 3Q, ANV achieved net sales of VND1.24trl (+89% YoY) and PBT turned to profit of VND138bn (vs. 3Q21: loss of VND19bn). ANV posted upbeat growth in 9M22, with 54% YoY in sales (VND3.75trl) and 709% YoY in PBT (VND647bn), which fulfilled 72% and 65% of its FY22 top and bottom-line targets.
BSR VN: announced, in Q3, net revenue of VND39,567 bn (+124% YoY). For 9M22, BSR reached net revenue of VND126,717 bn (+90% YoY) and PAT of VND12,899 bn (+223% YoY).
BSR VN For 3Q22, BSR generated net revenue of VND39.6trl (+124% YoY) and PAT slightly declined to VND454.9bn (-3.3% YoY). For 9M22, BSR achieved net revenue of VND126.7trl (+90.3% YoY, exceeding FY target by 38%) and PAT of VND12.9trl (+223% YoY, vs FY plan of only VND1.3trl).
CII VN For 3Q22, CII impressively achieved VND2.2trl in net revenue (vs. only VND258.7bn in 3Q21’s) and PAT significantly escalated to VND51.7bn (+385% YoY). For 9M, co. reached VND3.9trl in net revenue (+75% YoY, completing 49% of FY target) and VND852.4bn in PAT (vs. only VND126bn in 9M21’s, exceeding FY plan by 13%).
DBC VN For 3Q22, DBC generated net revenue of VND3.6trl (+33% YoY) and PAT escalated to VND206.4bn (+49.5% YoY). For 9M, although DBC achieved VND9.3trl in net revenue (+20.5% YoY, fulfilling 41.4% of FY target), co’s PAT deteriorated by 68.1% YoY to VND229.2bn (fulfilling 25% of FY target).
DCM VN For 3Q22, DCM achieved net revenue of VND3.31trl (+82.5% YoY) and PAT soared to VND730.8bn (+95.5% YoY). For 9M22, DCM’s net revenue and PAT significantly jumped to VND11.5trl (+89.6% YoY, surpassing FY target by 27%) and VND3.3trl (+298% YoY, vs whole year plan of only VND513bn), correspondingly.
DGC VN For 4Q22, DGC targets its consolidated total revenue of VND3.3trl (-10.7% YoY) and consolidated PAT of VND1.1trl (-21% YoY).
DPM VN For 3Q, DPM generated net revenue of VND3.9trl (+37.6% YoY) and PAT strongly leapt to VND1trl (+58.9% YoY). For 9M, DPM reached VND14.7trl in net revenue (+91.3% YoY, fulfilling 85% FY target) and VND4.5trl in PAT (+197% YoY, exceeding FY target by 29%).
DXS VN: estimated, in 9M22, revenue VND3,200 bn (+7% YoY), of which the real estate service segment contributes 63% of revenue and public profit. DXS, in Q3, reached revenue VND1,100 bn (+18% YoY).
EIB VN: announced 9M22’s PBT of VND3,181 bn (+229% YoY) and exceeding the 2022 plan. Specifically, credit activities brought VND4,154 bn (+64% YoY). Net profit from services and foreign exchange trading also increased by 11.7% and 32.4%, respectively YoY.
FPT VN: recorded, in 9M22, revenue of VND30,975 bn and PBT of VND5,665 bn (+24.1% and +23.8%, respectively YoY), equivalent to 73% and 74 % of annual plan.
KDC VN: recorded, in Q3, net revenue of VND3,227 bn (+26% YoY). PAT was VND30 bn (-75% YoY).
HCM VN For 3Q, HCM’s operating revenue noticeably sank to VND759bn (-30.6% YoY). 3Q PAT significantly dropped by 48.2% YoY to VND165.1bn. For 9M22, HCM recorded VND3.01trl in operating revenue (-9.7% YoY, completing 84% FY target) and VND727.2bn in PAT (-21.3% YoY, accomplishing 60% FY plan).
HDB VN: recorded, in 9M22, PBT of VND8,016 bn (+31.7% YoY) and completing 82% of the year plan. Capital adequacy of 15.3% belongs to the highest banks and is nearly 2 times higher than the minimum requirement of 8%.
HT1 VN For 3Q22, HT1 reached VND2.26trl in net revenue (+118% YoY) and PAT improved to VND36.5bn (vs. the net loss of VND19.7bn in 3Q21). For 9M, HT1 presented net revenue of VND6.6trl (+31% YoY, achieving 84% FY plan), PBT of VND252.1bn (-33% YoY, completing 50% FY target), and PAT of VND203.9bn (-35.6% YoY).
MBB VN: announced, for 9M22, PBT of VND18,190 bn (+53% YoY )and completing nearly 90% of year plan.
MSB VN: For 3Q22, total assets reached over VND194 tn. Loans to customers recorded more than VND VND112.100 tn (+14% YoY). For 9M22, the bank’s total operating income reached more than VND8 tn (+5% YoY); in which net interest income reached more than VND6.2 tn (+38% YoY).
NLG VN For 3Q, NLG’s net revenue strongly escalated to VND881.7bn (+484% YoY) while PAT sank to VND50.9bn (-82.8% YoY). For 9M22, NLG generated net revenue of VND2.7trl (+244% YoY, completing 38% of FY’s plan)) and PAT of VND275.8bn (-61.1% YoY, fulfilling 18% of FY’s target).
NLG VN: recorded, in 9M22, sales of VND9,900 bn (double figure YoY), mainly from Izumi City projects (more than VND1,900 bn), Mizuki Park (VND2,800 bn), Akari City (VND2,800 bn), and Southgate (VND2,200 bn).
NT2 VN: recorded, in Q3, revenue of VND2.2 tn (+74% YoY) and PAT of VND199 bn (-27% YoY). For 9M22, NT2 increased in PAT to VND723 bn (+75% YoY) and revenue reached VND6.8 tn (+52% YoY).
PDR VN: recorded, in Q3, revenue of VND1,260 bn, bringing a 9M22’s PBT of VND1,790 bn (+28% YoY).
PNJ VN: recorded, in Q3, net revenue of VND7,364 bn (+739.7% YoY) and PAT of VND252 bn. For 9M22, net revenue and PAT reached VND25,574 bn (+104.4% YoY) and VND1,340 bn (+132.7% YoY), respectively. PNJ has completed 99% of revenue plan and 101.5% of profit plan in 2022.
SCS VN For 3Q, SCS recorded VND200.8bn in net revenue (+16.9% YoY) and PAT increased by 22.6% YoY to VND148.3bn. For 9M, SCS reached VND655.5bn in net revenue (+13.7% YoY, completing 68% of FY target), VND527.1bn in PBT (+21% YoY, fulfilling 79% of FY target), and VND488.8bn in PAT (+20.5% YoY).
SHB VN The bank plans to pay 2021 stock dividend at the ratio of 100:15 in 4Q22 after getting approval from SSC.
TCB VN 3Q PAT strengthened by 21.1% YoY to VND5.4trl. For 9M, TCB posted upbeat performance with PBT of VND20.8trl (+21.8% YoY, completing 77% of FY plan), and PAT of VND16.9trl (+23% YoY).
TCM VN For 3Q, TCM impressively reported net revenue of VND1.2trl (+57% YoY) and achieved VND92.5bn in PAT (vs net loss of VND2.5bn in 3Q21). For 9M, net revenue and PAT improved to VND3.4trl (+25.6% YoY, fulfilling 81% FY target) and VND221.3bn (+86.7% YoY, fulfilling 87% FY target), respectively.
TPB VN: recorded, in 9M22, net interest income of VND8,607 bn (+21% YoY). Service activities increased by 78%, earning nearly VND1,876 bn in profit, due to revenue from payment activities of VND1,282bn (2.7 times higher YoY).
VCI VN For 3Q22, VCI’s operating revenue slumped by 43.3% YoY to VND521.6bn. PAT deteriorated to VND122.7bn (-62.7% YoY). For 9M22, VCI posted VND2.4trl in operating revenue (-8.3% YoY, fulfilling 73% of FY target) and VND840.6bn in PAT (-18.5% YoY, fulfilling 55% of FY target).
VGC VN For 3Q22, VGC reached net revenue of VND3.2trl (+45.5% YoY) and PAT improved to VND264.6bn (+26.9% YoY). For 9M22, VGC generated VND11.3trl in net revenue (+50.7% YoY, completing 75% of FY target), VND2.05trl in PBT (+20% YoY, exceeding FY plan by 21%) and VND1.7trl in PAT (+104% YoY).
VHM VN: recorded, in Q3, net revenue of VND17,805 bn. VHM, in 9M22, reached sales of VND110 tn, completing 92% of the year plan.
VPB VN 3Q PAT uplifted to VND3.5trl (+64% YoY). 9M PBT hit VND19.84trl (+69% YoY, completing 67% of FY target), and PAT of VND15.8trl (+68.3% YoY).
VSC VN For 3Q, VSC generated net revenue of VND507.3bn (+7.1% YoY) while PAT sank by 20.7% YoY to VND100.5bn. For 9M, VSC achieved VND1.5trl in net revenue (+7.4% YoY, fulfilling 78% FY target) and VND323.3bn in PAT (+5.2% YoY, fulfilling 81% FY target).
VRE VN: recorded, in Q3, net revenue of VND2,005 bn (+154.7% YoY). For 9M22, VRE reached revenue of VND5,224 bn (+63% YoY) and PAT of VND1,944 bn, achieving more than 80% of the whole year plan.

Country News

1. Companies have bought back VND135.18 tn ($5.63 bn) worth of bonds this year. The biggest buyers have been banks, followed by property companies.
2. Minister of Finance said that the state budget collection in 9M22 reached VND1,327.3 bn (equaling 94% of the estimate). State budget expenditure reached VND2,035.4 tn (equaling 114.1% of the estimate). In 2023, total expenditure to balance the budget is expected more than VND2,076 tn.
3. In September, Vietnam’s shrimp exports reached $349 mn (-12% MoM but +13% YoY). For 9M22, shrimp export value reached $3.4 bn (+23% YoY).
4. Vietnam’s central bank surprised with a back-to-back one percentage point hike in interest rates to help ease pressure on the dong after the local currency slumped. The refinance rate will be increased to 6% from 5%, while the discount rate will be raised to 4.5% from 3.5%, starting Oct. 25, the State Bank of Vietnam said in a statement Monday. The decision came about a month since the central bank unexpectedly increased benchmark rates to cushion the dong, in a rare tightening move. The regulator, effective Tuesday, will also raise its cap on the dong deposit rate for one month to less than six months to 6% from 5% and increase the interbank overnight lending rate to 7% from 6%, the SBV said.
5. In September, coal imports reached 2 mn tons ($305 mn), (-31% in volume and -49% in turnover MoM). For 9M22, coal imports reached 24.3 mn tons ($5.8 bn), (-17% in volume but +85% in turnover YoY).
6. October 24, the SBV continued to sharply increase the selling price of USD at the Exchange from VND24,380/USD to VND24,870/USD, an increase of VND490 – the strongest adjustment in many years.
7. The total import and export value of Vietnam in September reached $58.21 bn (-11.8% MoM). In which, exports were more than $29.8 bn (-14.6% MoM); imported nearly $28.4 bn (-8.6% MoM). However, for 3Q22, the export value reached $282.4 bn (+17.2% YoY); the import value reached $275.6 bn (+12.8% YoY).
8. October 24, the SBV continued to sharply increase the selling price of USD at the Exchange from VND24,380/USD to VND24,870/USD, an increase of VND490 – the strongest adjustment in many years.
9. The total import and export value of Vietnam in September reached $58.21 bn (-11.8% MoM). In which, exports were more than $29.8 bn (-14.6% MoM); imported nearly $28.4 bn (-8.6% MoM). However, for 3Q22, the export value reached $282.4 bn (+17.2% YoY); the import value reached $275.6 bn (+12.8% YoY).
10. By the end of Q3, fertilizer exports reached nearly 1.4 mn tons (equivalent $886 mn, +45% in volume and 166% in value YoY).
11. In the first half of October, the total import-export turnover reached $27.75 bn (-12.6% MoM, but +14.5% YoY). In which, exports reached $14.11 bn (-17.5% MoM). Imports reached $13.64 bn (-6.9% MoM).
12. HSBC has raised Vietnam’s growth forecast to 7.6% this year thanks to the country’s broad-based recovery and significant improvement in the manufacturing sector.
13. Hanoi has welcomed nearly 983,000 international tourist arrivals in the first 10 months, almost reaching the target of 1mn – 1.2mn for the whole of this year, the municipal Tourism Department said on Oct. 26. Tourism revenue is estimated at VND43.69trl (over USD1.7bn), increasing over five times year on year.
14. Pangasius exports in October 2022 are estimated at $183 mn, bringing the export value in 10M22 to $2.06 bn (+76.5% YoY). China, the US, Mexico and Brazil are still the four main markets, accounting for nearly 60% of Vietnam’s pangasius export value with nearly $1.2 bn.