Week 09/10 – 13/10

bid.vn, ctd.vn, ctr.vn, dgw.vn, hdb.vn, kdc.vn, mwg.vn, nvl.vn, pdr.vn, pc1.vn, tdm.vn, vic.vn

Company

BID VN: approved a plan to issue shares to pay stock dividends at the rate of 12.69% (equivalent to 642 mn additional shares).

Comment: YAY MORE SHARES ISSUED – and people wonder why we dumped a lot of VN names…

CTD VN: approved a resolution to establish a new subsidiary, Coteccons Constructions Inc, to carry out construction-related activities in foreign markets, specifically is providing construction services.

CTR VN: estimated, in September, net revenue of more than VND1,038 bn (+13% YoY) and PBT of nearly VND60 bn (+4% YoY). For 9M2023, CTR achieved revenue of VND8,104 bn (+19% YoY) and PBT of VND467 bn (+17% YoY), completing 76.1% of the year profit plan.

DGW VN: approved a loan from CTG for a maximum amount of VND1,800 bn with term of 15 months. Of which the short-term loan limit is VND1,500 bn and no collateral. Also, DGW will contribute additional capital of VND90 bn to Digiworld Venture, to increase charter capital from VND512 bn to VND602 bn and maintain 100% ownership.

Comment: Perhaps my favourite company in VN because it’s one of the few in the country where the management are the owners and haven’t done stupid things i.e. issue stupid amounts of equity

HDB VN: sold an additional 8 mn VJC shares from September 26th to September 29th. HDB holding VJC shares decreased from 18.8 mn shares to 10.8 mn shares (equivalent to 2%).

Comment: They need to sell the entire stake, because VJC is going bankrupt.

KDC VN: has increased its ownership ratio at Tho Phat International Joint Stock Company from 25% to 68% after 3 months.

MWG VN: Coro Energy recently announced to sign a Memorandum of Understanding (MoU) with MWG to deploy a series of rooftop solar projects across the country.

Comment: To fit ESG requirements? Or because the country doesn’t have enough power to sustain any commercial development?

NVL VN: was fined VND150 mn for violating information disclosure.

Comment: The hits keep on coming.

PDR VN: was approved to develop the Bac Ha Thanh residential area combined with urban renovation project worth more than VND2,000 bn in Binh Dinh.

PC1 VN: approved the plan to pay stock dividends in 2022 at the rate of 15%.

Comment: Let’s start a drinking game, 1 shot of vodka for every share issuance in VN.

TDM VN: estimated, in 9M2023, revenue of VND457 bn (+28% YoY) and PAT of VND240 bn (+64% YoY), completing 71% of revenue targets and 80% of profit targets.

VIC VN: announced the decision to dissolve the subsidiary operating in the field of artificial intelligence, Vantix Technology Solutions and Services Joint Stock Company, in order to restructure the operations of companies in the Group..

VIC VN: Mr. Pham Nhat Vuong announced to donate 99.8% of shares at VinES Energy Solutions Joint Stock Company to VinFast Company.

VIC VN: VinFast is considering buying Ford’s factory in Chennai (India).

Comment: Donate? So he’s donating shares, he’s donating capital to vin group, I mean….wtf

Country

• Vietnam’s state budget deficit this year is expected to account for 4% of gross domestic product (GDP), below the 4.42% projected by the Finance Ministry but above the figure in the post-pandemic period.
• Vietnam exported less fruit to China as the northern neighbor increased dragon fruit cultivation and allowed official import of passion fruit from Laos and longan from Cambodia. Dragon fruit exports to China totaled $442 mn (-4.4% YoY).
• The Government plans to borrow VND676 tn (US$28 bn) in 2024, VND55 tn higher than approved by the National Assembly.
• Overnight lending interest rates among banks have risen from close to 0% seven days ago to above 1%, the highest rate in the last three months.
• Industrial parks (IPs) in the northern province of Hai Duong have attracted over 293 mn USD in foreign direct investment (FDI) since the beginning of 2023, reaching 146.6% of this year’s set target.
• Total State budget revenue, in September, is estimated to reach VND89,600 bn (-VND52,200 bn MoM). For 9M2023, total state budget revenue is estimated to reach VND1,223 mn bn (-8.3% YoY) (central budget revenue is estimated to reach about 77.9% of the estimate.
• HSBC forecasts Vietnam’s economy to grow 5% this year and 6.3% next year. Exports will increase in 2024 when demand returns, helping Vietnam grow stronger. The country’s export turnovers were down over 8% year-on-year to nearly U$260 bn in the first nine months, according to the General Statistics Office.
• Indonesia has just opened a bid for 500,000 tons of imported rice, including from Vietnam, while the Philippines has placed orders again. Indonesia imported 871,000 tons of rice from Vietnam in the first nine months of this year, up 16 times against the same period last year.
• Semiconductor provider Amkor Technology has started operations at a new $1.6 bn factory in northern Bac Ninh Province Wednesday.
• Vietnamese pangasius, in September, exports nearly $9 mn to markets in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) (+17% YoY). For 9M2023, Vietnamese pangasius exports to the CPTPP market reached $167 mn (-32% YoY).
• Vietnam’s consumer price index (CPI) this year is projected to rise in the range of 3.2-3.6%, according to the Ministry of Finance.
• Around 50 businesses are in talks with creditors to extend the maturity of bonds worth VND95 tn due to tough business conditions.
• On October 12, SBV withdrew an additional 20,000 bn VND through the treassury bills, bringing the total amount of money withdrawn through T-Bills in 16 consecutive sessions to nearly 186,000 bn VND.