Week 04/12 – 08/12

ctd.vn, dxg.vn, hah.vn, hdb.vn, msn.vn, mwg.vn, fpt.vn, sab.vn, tng.vn, vhc.vn, vgc.vn, vjc.vn

Company

CTD VN: announced a resolution approving the policy of acquiring 100% capital of a company operating in the mechanical and electrical field.

DXG VN: will finalize the list of shareholders to offer nearly 102 mn shares on December 15th at the rate of 16.67% with the asking price of VND12,000/ shares..

HAH VN: approved the transfer of more than 4.6 mn shares of Luu Nguyen Cai Port Services Joint Stock Company Edge (equivalent to 51.54% of the capital) with value of VND124 bn.

HDB VN: registered to sell an additional 3.3 mn VJC shares.

HDB VN: was allowed by SBV to increase its charter capital by a maximum of VND200 bn from the issuance of ESOP shares.

Comment: They need to dump as much VJC as possible before the coming recap.

MSN VN: announced to receive an additional investment $50 mn from Bain Capital (from $200 mn to $250 mn).

Comment: So, they’re desperate for cash at this rate.

MWG VN: has signed a cooperation agreement with Viettel to provide money transfer services to bank accounts at more than 2,200 Mobile World and Dien May Xanh stores.

Comment: This is an incredibly interesting development. They dominate the electronics retail, they’re going to be the kingpins for the supermarkets, and now they’re adding this. When the market wakes up to realise that MWG has a great network to utilise for additional services. For the Thai’s think about the counter service that 7-11 offers. It only began in the mid 2000s and effectively became worth it’s own

FPT VN: announced the purchase of 80% shares of AOSIS – a technology consulting company headquartered in France

Comment: That’s the second acquisition announcement this quarter.

SAB VN: announced advance cash dividend in 2023 at a rate of 15%. The last registration date is January 5th, 2024, corresponding to the ex-rights transaction date of January 4th, 2024.

Comment: Note that these cash dividends % are based upon par value of the shares not the current trading price.

TNG VN: recorded, in November, sales revenue of VND556 bn (+10% YoY). For 11M2023, TNG’s sales revenue reached VND6,563 bn (+4% YoY), reaching 97% of the year plan.

VHC VN: approved the issuance of more than 37.4 mn shares to pay stock dividends at rate of 20%.

Comment: Shoot me.

VGC VN: recorded, in 11M2023, PBT of VND1,856 bn (+7% YoY), exceeding the yearly plan by 42%. For October and November, VGC estimates PBT of about VND74 bn.

VJC VN: proposed to postpone stock dividend payments , prioritizing the private issuance of 24.5 mn shares in Q42023.

Comment: Oh whaaaaat no free shares? C’mon VJC, we know you’re bankrupt, we know you have to raise capital as quickly as possible.

Country

• In the last two months 16 out of 91 companies making issuances – worth VND14.6 tn (US$602.37 mn) — have offered rates of 10-14%, according to the Hanoi Stock Exchange. The highest rate of 14% was offered by Hanoi property developer Anh Quan Construction Consultancy and Services. It issued bonds worth VND1.5 tn maturing in November 2028.
• Coffee exports will gradually increase again when Vietnam has entered the coffee harvest of the 2023 – 2024 crop year. The new coffee crop year begins when Vietnam’s average coffee export price in October 2023 continues to establish new record high of 3,603 USD/ton, up 8.9% compared to September 2023 and up 40.7% compared to October 2022. In the first 10 months of 2023, the average export price of coffee reached 2,535 USD/ton, up 10.6% yoy.
• Can Tho City, looking to remain the economic center of the Mekong Delta, has set its sights on an annual gross regional domestic product (GRDP) growth rate ranging from 7.5% to 8%.
• The government of HCMC has set a target to achieve an annual gross regional domestic product (GRDP) growth rate of 7.5% to 8% in 2024.
• In 11M2023, Vietnam – China trade in goods is estimated to reach $155.6 bn (-4% YoY). Trade deficit balance is $43.6 bn (-23% YoY). Of which, China is Vietnam’s second largest export market with an estimated turnover of nearly $56 bn (+6% YoY), accounting for 17% of the country’s total export turnover.
• November exports rose 6.7% YoY with shipments of computers and parts surging 20.2% while those of machines went up 5%.
• In 11M2023, 77 businesses issued corporate bonds with a value of VND214,300 bn (-35% YoY). Of which, the main investors buying individual corporate bonds are institutional investors, accounting for 96% of the total issuance volume (mainly banks accounting for 55%) and individual investors bought nearly 4%.
• In November, Vietnam imported about 700,000 tons of petroleum, equivalent to more than $595 mn (-13% in volume and -22% in value YoY). For 11M2023, Vietnam imported 9.5 mn tons of petroleum, equivalent to $7.9 bn (+19% in volume but -3% in value YoY).