Week 05/09 – 08/09

dxg.vn, nvl.vn, tar.vn, vcg.vn, vic.vn, vpb.vn, vnz.vn

Company

DXG VN: will offer nearly 102 mn shares to existing shareholders before private placement and ESOP. Also, Mr. Luong Tri Thin (Chairman of DXG) registered to sell 20 mn shares to support the company’s loan.

Comment: So they are offering new shares…again…and then the Chairman is selling his shares…I mean c’mon…

NVL VN: adds assets at NovaWorld Phan Thiet to guarantee a VND1,500 bn loan from MB bank. The collateral is the entire capital contribution of KM and Nova Lexington Investment in Delta Valley – Binh Thuan and all projects and assets of the Ocean Valley tourist complex.

Comment: I’m going to have the head back to VN and see if the family has finished selling all their cars, yachts, liquor, etc etc

TAR VN: approved a loan plan at Malayan Banking Berhad (Malaysia) with a limit of VND230 bn to supplement working capital. The loan is secured by Trung An’s assets.

VCG VN: recorded, on the semi-annual consolidated financial report after review, revenue targets of VND6,533.6 bn (+85% YoY) and PAT of VND177 bn.

VCG VN: Pacific Holdings Investment Joint Stock Company sold 39 mn VCG shares during August 9th – August 31st.

VGC VN: recorded, in August, profit of nearly VND151 bn. For 8M2023, VGC recorded PBT of VND1,463 bn, exceeding 21% of the year plan.

VIC VN: VinFast recorded a loss of more than VND18 tn in 6M2023 and liabilities at VND153 tn.

Comment: And this is the company representing VN?

VPB VN: announced the adjustment of the maximum foreign ownership ratio to 30% of charter capital. Currently, VPB’s foreign room is reaching nearly 18%.

Comment: Well telegraphed to the market, and I don’t see the # of foreign shares being reduced. There’s a dearth of new foreign capital coming into the market at these levels. VPB used to bang on heavily about FE Credit – but they’ve been quiet about it for the past year, NPLs are probably 20-30%.

VNZ VN: plans to issue more than 1 mn shares (corresponding to nearly 3.5% of outstanding shares), including 389,296 shares at an offering price of VND30,000/share and 613,240 shares at a price of VND10,000/share.

Comment: If we had a shot for every time a vietnamese company issued new equity….

Country

• The General Statistics Office has released data indicating that real estate has emerged as the second most attractive field for foreign direct investment. As of late August, this sector had attracted over US$1.76 bn, constituting more than 9.7% of the total pledged capital.
• The Vietnam-Singapore Industrial Park Joint Venture company said PAT for 1H were VND440 bn (US$18.2 mn), down 55% yoy.
• Industrial parks (IP) based in the northern province of Vinh Phuc attracted US$445 mn in foreign direct investment (FDI) during the initial eight months of the year, thereby fulfilling 171% of the annual plan, according to the Industrial Park Management Board of Vinh Phuc province. Throughout the reviewed period, Vinh Phuc province lured a total of 17 new FDI projects with 28 capital-added projects, reaching 189% of the plan for the year.
• In August, seafood export turnover was estimated to reach $846 mn (-15% YoY). For 8M2023, seafood export turnover is expected to reach $5.8 bn (-25% YoY).
• In August, Vietnam exported 1 mn tons of rice (+40% YoY). Generally, in 8M2023, Vietnam exported about 5.9 mn tons of rice, equivalent to $3.2 bn (+23% in volume and +37% in value).
• The disbursement of public investments reached VND352.1 tn in January- August, representing 49.4% of the full-year plan and surpassing the year-ago figure by 23.1%, according to the General Statistics Office.
• S&P Global’s Manufacturing Purchasing Managers’ Index™ (PMI) for Vietnam’s manufacturing industry in August rose again above the 50-point threshold for the first time in 6M2023. With a result of 50.5 (+0.8 MoM), business conditions in the manufacturing industry have improved slightly.
• A total of 181 social housing projects, offering 94,390 units, have been completed as part of a plan to construct at least one mn social homes for low-income earners and industrial park workers by 2030, according to the Ministry of Construction.
• The Ministry of Industry and Trade has proposed a plan to implement the National Power Development Plan VIII, which outlines the need of substantial investments worth US$134.7 bn in the country’s electricity sector by 2023.
• The Ministry of Finance has thrown no weight behind a proposal to provide direct financial assistance to electric vehicle (EV) manufacturers and buyers, stating that the Government’s financial resources should prioritize social welfare programs over high-income earners, including EV manufacturers and buyers.
• As of August 29th, credit to the economy reached about VND12.56 mn bn (+5.33% YoY). In the last 3 years, the entire system’s credit increased on average by about VND1 mn bn/ year.