Week 20/11 – 24/11

baf.vn, bsr.vn, kdc.vn, pnj.vn, vhm.vn, vic.vn

Company

BAF VN: has approved a plan to issue more than 68.4 mn shares via private placement to existing shareholders at a price of VND10,000 per share.

BAF VN: was approved to list a bond batch (BAFH2225002) of VND300 bn.

Comment: So more equity…again…but this is a baby CPF/GFPT in the making in VN. Seems to be a decent operator.

BSR VN: has achieved revenue of VND105,491 bn and PAT of VND6,186 bn, exceeding revenue target by 10% and 3.8 times the annual profit plan.

KDC VN: cooperates with TikTok to launch E2E shopping entertainment channel.

Comment: Moving away from its food&drink business to tiktok shopping? Well why not..

PNJ VN: recorded, in October, net revenue of VND3,008 bn and PAT of VND193 bn (+1.6% and +31.6% respectively YoY). For 10M2023, net revenue reached VND26,384 bn (-7.5% YoY), but PAT reached VND1,533 bn (+3.1% YoY), achieving 74% of the revenue target and 79% of the year’s profit plan.

Comment: Finally, one of the sell side firms did a dive into their cashflows and couldn’t figure out the discrepancies between profit and cash flow (its YUGEEE).

VHM VN: Vinhomes will contribute more capital to make SV Holding a subsidiary of Vinhomes. After capital contribution, SV Holding has a charter capital of 5,248 bn VND, of which Vinhomes owns 84%, equivalent to 4,408.5 bn VND.

VIC VN: established VSN Trading and Business Company Limited with charter capital of VND4,975 bn.

Comment: “contribute more capital” as a gift? equity? loan? This entire Vin Group is a house of cards

Country

• In 10M2023, a total of 70 companies issued bonds amounting to VND180.4 tn. The amount of early bond redemptions during this period reached VND190.7 tn (+30.2% YoY).
• The value of imported goods in October reached $29.52 bn (+3.6% MoM). Compared to the lowest month of the year, October’s import value increased by 28.7%, equivalent to an increase of $6.59 bn.
• HCMC could miss its public investment disbursement target this year as a mere 38% of the total has been disbursed so far. The city had disbursed VND25.8 tn in public investment, representing 38% of the total capital allocated for 2023.
• Remittances to Việt Nam have been on the rise since the outset of 2023, and will continue to increase in the remaining months of the year. The southern economic hub had received more than US$6.68 bn in remittances, a year-on-year surge of 40 per cent and equivalent to 101.3 per cent of last year’s figure.
• HCM City’s export turnover reached $3.7 bn last month, and $3.4 bn in September. However, HCM City still leads the country in export turnover for the first 10 months of 2023, reaching nearly $35 bn, $2 bn higher than Bắc Ninh.