Week 16/10 – 20/10

acb.vn, hbc.vn, hdb.vn, pdr.vn, vhm.vn, vjc.vn

Company

ACB VN: wants to issue an additional VND5,000 bn of individual bonds. Previously, ACB approved the first private bond issuance plan with a total value of VND20,000 bn. Thus, if completed both times, ACB will mobilize VND25,000 bn through the individual bond.

Comment: Perhaps one of the best performing banks in VN because they are risk-averse, hence why they’re able to successfully do private bond issuances.

HBC VN: won two lawsuits with a total amount of VND262 bn, and HBC also completed recovering VND304 bn of debt from FLC.

HBC VN: has settled debt of VND1,327 bn at 7 banks on October 16th. The remaining outstanding debt at these banks is about VND4,756 bn.

HDB VN: is included in the VN Diamond portfolio.

HDB VN: will buy up to 30% of the shares of HDS (equivalent to VND800 bn) according to the Resolution approved at the 2023 General Meeting of Shareholders.

Comment: I used to wonder why these bank shares are generally priced lower than its peers, but after learning (years ago) that it’s the same owner as VJC…well….there you go, but management does come across decent.

PDR VN: Thuan An high-rise residential complex project in Binh Duong with total investment of VND10,800 bn has been approved for 1/500 planning.

Comment: Oh, property coming back?

VHM VN: plans to issue 3 lots of bonds with a maximum total value of VND5,000 bn.

Comment: Will be curious to see the pricing on this

VJC VN: is about to issue 108 mn shares to pay stock dividends in 2021 at the rate of 20%.

Comment: So their D/E can magically decrease? I mean…c’mon, they should be bankrupt…

Country

• Banks’ bad debts had surged from 2% at the start of the year to 3.56% by the end of July. The figure had risen to VND440 tn (US$18.3 bn), the State Bank of Vietnam said, blaming it on the SCB incident, difficult businesses situation and property market slump.
• Domestic investors registered 172,695 new securities trading accounts in September, marking the second-highest number in over a year, according to the Việt Nam Securities Depository and Clearing Corporation (VSDC).
• The total trading value of private placement for corporate bonds reached nearly VNĐ9.5 tn (US$388.4 mn), equal to an average value of more than VNĐ99.22 bn per session, nearly double that of the previous month.
• Pangasius exports to China in the first eight months of this year fell 28%to US$406 mn.
• Vietnam’s public debt-to-GDP ratio has been inching down steadily since 2018, at 37.4% of the country’s GDP as of 2022.
• Data released by the General Statistics Office (GSO) on September 29 showed Vietnam’s GDP growth pace extended further in Q3, up from 4.14% year-on-year in Q2.
• World Bank will lend Vietnam $5 – $7 bn to build transportation infrastructure.
• The government plans to seek National Assembly approval to keep environmental taxes on gasoline and oil at half the regular rate until next year to keep fuel prices down.
• HCMC authorities have written to the prime minister proposing a mechanism to purchase electricity generated by rooftop solar power systems in a bid to promote more investment in this source of renewable energy.
• In the past 19 trading sessions, the SBV has withdrawn nearly VND243,645 bn of T-bills. The first batch of bills will begin to mature from the end of this week.
• Deputy Prime Minister has endorsed the Ministry of Finance’s proposal to extend a two-percentage-point reduction in value-added tax (VAT) until 1H next year but it needs approval from the National Assembly.
• Vietnam posted USD496.30 bn in import-export revenues in the first nine months of 2023, a fall of 11.20 % yoy. FDI firms continued to report the highest import-export values during the period, at USD 341.65 bn (down 11.90 percent on-year), while domestic firms reported revenues of USD154.65 bn (down 9.60 on-year).
• The real estate market saw a significant surge in the third quarter of this year, with 59,500 businesses entering and re-entering the market, according to the Ministry of Construction.
• The Government agrees to propose a 2% VAT reduction, starting from January 1st, 2024.

Financials

BMP VN: recorded, in Q32023, revenue of VND1,941 bn (+44% YoY) and PAT of VND710 bn (+19% YoY). For 9M2023, BMP’s net revenue of VND3,703 bn (-16% YoY) and BMP’s PAT of VND784 bn (+75% YoY), achieving 58% of the revenue plan.

BWE VN: recorded, in 9M2023, revenue of VND2,612 bn and PAT of VND493 bn (-8% and -6% respectively YoY), completing 66% of the revenue plan and 68% of the year’s profit target. For Q32023, BWE’s revenue was estimated at VND1,054 bn (+23% YoY), and PAT was about VND142 bn (-23% YoY).

FMC VN: recorded, in Q32023, net revenue of VND1,793 bn (+2% YoY) and PAT of VND89 bn (+11% YoY). For 9M2023, FMC recorded VND3,835 bn in revenue (-15% YoY) and VND213 bn in PAT (-11% YoY), achieving 65% of the revenue plan and 54% of the profit plan.

FPT VN: recorded, in 9M2023, revenue of VND37,927 bn and PBT of VND6,768 bn (+22% and +20% respectively YoY). FPT estimated revenue of VND13,000 bn and PBT of VND2,400 bn (+23 and +20% respectively YoY).

PHR VN: recorded, in Q32023, net revenue of VND453 bn (-13% YoY) and PAT of VND144 bn (+3% YoY). For 9M2023, PHR’s net revenue reached VND890 bn and PAT reached VND505 bn (-21% and +2% YoY, respectively).

SSI VN: recorded, in Q32023, net revenue of VND926 bn (-38% YoY) and PAT of VND209 bn (+111% YoY). For 9M2023, SSI recorded revenue of VND5,110 bn (+2.5% YoY) and PAT of VND1,780 bn (+22% YoY).

VIX VN: recorded, in Q32023, revenue of VND323 bn (+77% YoY) and PAT of VND199 bn (+126% YoY). For 9M2023, revenue and PAT reached VND1,283 bn and VND775 bn, respectively (+35% and +87% YoY, respectively), achieving over 84% of the profit plan..