Week 11/09 – 15/09

bid.vn, ctr.vn, eib.vn, gas.vn, fpt.vn, hvn.vn, nvl.vn, ocb.vn, pnj.vn, vic.vn, vjc.vn, vpb.vn,

Company

BID VN: announced a plan to issue private bonds worth VND2,500 bn in 2023.

CTR VN: recorded, in August, net revenue of VND1,013 bn (+17% YoY) and PBT of nearly VND59 bn (+7% YoY). For 8M2023, CTR’s net revenue reached VND7,065 bn (+20% YoY), completing 68% of the year’s plan and PBT reached VND407 bn (+19% YoY), equivalent to 66% of the year’s target.

EIB VN: announced to pay stock dividends at the rate of 18%. The ex-dividend date is September 22nd. EIB’s charter capital is expected to increase by VND2,656 bn to VND17,470 bn.

Comment: It’s becoming a weekly event, more dilution.

GAS VN: plans to pay stock dividend at the rate of 20% and the last registration date is September 25th (equivalent to 383 mn shares). GAS’s charter capital after issuance is expected to increase from VND19,139 bn to VND22,967 bn..

Comment: More equity dilution in Vietnam….

FPT VN: FPT has recently opened an office in Guadalajara, Mexico, which is its 72nd worldwide.

FPT VN : FPT has plans to invest US$100 mn into the U.S. market by the end of this year, suggesting that U.S. government help nurture a semiconductor ecosystem in Vietnam.

FPT VN: has received orders for nearly 70 mn chips by 2025 and is focusing on expanding the artificial intelligence (AI) segment.

Comment: After sleepy Joe Biden’s visit to Vietnam, FPT seems to have been the biggest winner by far.

HVN VN: Bloomberg has just quoted an anonymous source saying that Vietnam Airlines will sign a memorandum of agreement with Boeing Group to buy about 50 Boeing 737 Max jets worth $10 bn. This order will help Vietnam Airlines replace more than 40 older generation Airbus SE A321 aircraft.

Comment: No one in the right mind knows how the f they are going to pay for these orders.

NVL VN: announced late payment of principal and interest for bond lot NVLH2123011, including VND50.7 bn in interest and VND957.8 bn in principal. However, NVL has only paid VND2 mn in interest and VND10.6 bn in outstanding principal out of a total of more than VND1,000 bn to pay.

Comment: Hello, just go bankrupt already.

OCB VN: has just announced a plan to increase capital by issuing shares to pay dividends at a rate of 50% (shareholders who own 1 share will receive 1 option and 2 rights will receive 1 new share). Accordingly, the bank plans to issue nearly 685 mn shares from equity, thereby increasing charter capital from VND 13,699 bn to VND 20,548 bn.

Comment: 50% equity dilution!!!!

PNJ VN: was fined by Tax Department for false declaration, leading to a lack of tax payment of nearly VND2.1 bn. Also, PNJ plans to issue 6.6 mn ESOP shares to PNJ leaders and member companies. The issuance price is VND20,000 /share.

Comment: This company….when I first met them, the husband of the owner was jailed, it went on to become one of the best performing “consumer” names in the country and now there’s a tax fine. The company is never open about it’s margins per product category…but hey if close one eye then you would’ve done very well.

VIC VN: VinFast wants to invest about $1.2 bn in Indonesia. In which, $200 mn is expected to build a factory that can produce 30,000 – 50,000 vehicles/year.

Comment: With what money??

VJC VN: Vietjet and major US financial group Carlyle signed an aircraft sponsorship agreement worth USD 550 mn during the official visit of US President Joe Biden to Vietnam.

Comment: Vietjet is being taken to court by one of its financiers for not paying for its current fleet of planes. This is just ridiculous…

VPB VN: VPBank and the US International Development Finance Corporation (DFC) inked a Commitment Letter on a bilateral loan worth US$300 mn with a seven-year tenor. The loan arranged by DFC aims at improving Small- and Medium-sized Enterprises’ (SMEs) access to finance, especially women-owned, women-led, and climate-focused SMEs in Vietnam.

VPB VN: plans to offer more than 30.2 mn treasury shares to employees at a price of VND10,000 /share.

Comment: Helps the liquidity issue that the bank has, especially with it’s sub FE Credit.

Country

Vietnam’s State budget revenue in the January-August period declined by 8.8% over the same period last year, according to the Ministry of Finance. The total state budget revenue in the first eight months amounted to a little more than VND1.12 quadrillion, equivalent to 69.4% of the 2023 estimate.

In 8M2023, Vietnam attracted 1,924 new projects, while 830 others registered to adjust their investment capital, and 22,268 transactions of capital contribution for share purchases were recorded in the period with a combined value of nearly $18.15 bn.

By the end of August 2023, bilateral trade approximated 62.3 bn USD, down nearly 18% due to common difficulties in the global economy, but the US remains the biggest export market of Vietnam.

The Mekong Delta city of Can Tho City broke ground on September 9 for the first phase of the Vietnam – Singapore Industrial Park (VSIP) in Vinh Thanh district. Phase 1 of VSIP Can Tho will sit on 293.7ha of land with a total investment of over VND3.7 tn (equivalent to US$153.8 mn).

August saw a surge in stock market entrants, with more than 150,000 new securities trading accounts opened, according to the Vietnam Securities Depository and Clearing Corporation.

Vietnam’s auto sales in August plunged nearly 27% YoY to 22,540 units as consumers continued to tighten their spending amid economic difficulties.

By the end of Q22023, the Petroleum Price Stabilization Fund will have more than VND7,400 bn. The total amount allocated to the BOG Petroleum Fund is VND1,779.2 bn.

VASEP said that in the first 7 months of the year, Vietnam’s tuna exports to the US decreased by 49%, reaching just over 171 mn USD. VASEP believes that this decrease is considered temporary, not a major trend in the near future because in recent years, the US has always been the leading market for Vietnam’s tuna imports.

Vietnam’s coffee exports in August fell to the lowest level since November last year with a volume of 84,647 tons, worth $258.5 mn (-22.3% in volume and -16% in value MoM). For 8M2023, coffee exports reached 1.2 mn tons, worth nearly $3 bn (-5.4% in volume but +3.1% in value YoY as the increasing of selling price).

In 8M2023, import-export turnover between Vietnam and China reached $105.45 bn. Vietnam’s exports to China reached $36.61 bn (+2.35% YoY). The three largest export product groups to the Chinese market are: phones of all kinds and components with $8.87 bn; computers, electronic products and components $8.73 bn; fruits and vegetables $2.26 bn.

Tax revenue in the first eight months of 2023 fell by 6.1% year-on-year at VND962.1 tn, representing 70.1% of the full-year estimate.

The State Securities Commission (SSC) required securities companies to manage the use of AI-based robots for trading stocks. The phenomenon of using robot technology to automatically place online stock trading orders has many potential risks and affects the stability of the stock market.