Week 11/03 – 15/03

Company hdb.vn, hhv.vn, qns.vn, ree.vn, ssb.vn, vci.vn, vib.vn, vix.vn, vnm.vn

HDB VN: is considering a plan to mobilize $500 mn through issuing new shares, according to sources from Bloomberg.

HHV VN: plans to invest and build 300 km of highways and ring roads with a total investment of more than VND82,000 bn in 2024.

QNS VN: plans to pay cash dividend in 2023 at the rate of 40% (equivalent to nearly VND1,428 bn). Also, QNS plans to issue more than 10.7 mn ESOP shares (equivalent to 3% of the number of outstanding shares).

Comment: A proper sugar play, unlike the ones listed in amazing Thailand.

REE VN: plans to pay dividend at the rate of 25%. Specifically, REE wants to spend VND355 bn to pay cash dividends at a rate of 10% and pay stock dividends at a rate of 15%, (equal to issuing 61.3 mn new shares).

Comment: Ok only 2/3’s of this div is paid as a stock divvy….

SSB VN: International financial group IFC officially increased the trade finance limit SSB to $40 mn within the framework of the Global Trade Finance program (GTFP). IFC’s total investment in SSB, including trade finance, reached nearly $400 mn.

VCI VN: proposes to issue 280.6 mn shares to increase charter capital to VND7,000 bn in 2024.

Comment: It’s a PP, it’s 20% of new cap, it’s to prep Viet cap’s balance sheet for the VN market upgrade, they are the #1 insti broker in the country BUT (sorry guys love u but…) the quality of their research is now $hit, and foreign insti’s now know that they were flipping shares on behalf of favoured funds, shafting others @ stupidly high premiums.

VIB VN: plans to pay dividends at a rate of 29.5% on charter capital. In particular, the maximum cash dividend is 12.5%, stock dividend is 17% and bonus shares are issued to employees at the rate of 0.44%.

Comment: Magical stock divs…Shoot me

VIX VN: plans to pay 2023 dividends in stock at a rate of 10% and issue shares to increase charter capital at a rate of 10%.

Comment: Magical stock divs…Shoot me

VNM VN: finalized the payment time for the 3rd installment of 2023 cash dividends at a rate of 9%. The corresponding ex-rights date is March 15th. Including the previous two installments, it is estimated that the company needs an advance of about VND6,000 bn.

Comment: So they are paying an actual cash dividend…but in installments?

Country

The total number of securities trading accounts for both domestic and foreign investors reached 7.53 mn units as of February 29, according to VSD. This represents an increase of 113,281 accounts compared to January 31. The majority of the new accounts were opened by domestic individual investors

On March 13th, the State Bank withdrew an additional VND15,000 bn on the market, bringing the total number of outstanding T-bills to VND45,000 bn. All of the T-bills have an interest rate of 1.4%/year.

Vietnam witnessed the establishment of 22,128 enterprises in the first two months of the year with combined registered capital of nearly 219 tn VND (8.88 bn USD), according to the Ministry of Planning and Investment’s Business Registration Management Agency.

In February, Vietnam imported 9,650 completely-built units (CBU) cars of various types with a total cost of US$203.4 mn. This marks a 38.7% increase in volume and a 40.1% rise in value compared to the previous month.

Bank loans rose around 13.5% year-on-year in 2023, slightly below the targeted range of 14-15%. This year, the SBV wants loan growth at about 15%, with flexibility to adjust based on economic developments.

Vietnam earned 2.68 bn USD from forestry exports in the first two months of 2024, up 47.4% year-on-year, according to the Department of Forestry under the Ministry of Agriculture and Rural Development. The sector enjoyed a trade surplus of about 2.46 bn USD in the period.

On March 12th, the State Bank continued to withdraw VND15,000 bn through T-bills on open market channel. Overall, in two consecutive sessions, the SBV withdrew nearly VND30,000 bn out of the banking system through T-bills channel.

The total retail sales of goods and consumer service revenue in February increased by 8.5 per cent over the same period last year to VNĐ509.7 tn (US$20.63 bn), according to the General Statistics Office (GSO).

The Ministry of Industry and Trade has asked the prime minister for approval to import wind power from Laos to mitigate potential electricity shortages in the northern region. EVN said that the total power capacity Laos had approved for export to Vietnam until 2025 is 1,977 MW, which is lower than the 3,000 MW outlined in the signed agreements.

The Hanoi Stock Exchange (HNX) held 12 auctions of government bonds with a total volume of nearly VND28.2 tn ($1.1 bn) in February. Interest rates saw an upward trend, reaching 1.42% for 5-year bonds, 2.31% for 10-year bonds, 2.51% for 15-year bonds and 2.65% for 20-year bonds. Bonds with 10-, 10-15-, and 7-year maturity were traded the most, accounting for 16.92%, 15.15% and 12.66%, respectively.

Financials

ACB VN: sets, in 2024, revenue target of VND22,000 bn (+10% YoY) and total assets target of VND805,050 bn (+12% YoY). Also, ACB plans to pay dividends in 2023 at a rate of 25%, of which 15% is in stocks and 10% is in cash.

DPM VN: sets, in 2024, revenue target of VND12,800 bn and PAT of VND542 bn (+2% YoY). DPM plans to reduce the cash dividend rate from 40% to 20% as not completing business plan in 2023.

FPT VN: sets, in 2024, revenue of VND61,850 bn (+17.5% YoY) and PBT of VND10,875 bn (+18.2% YoY). Regarding the dividend plan, FPT proposes a dividend rate for 2023 of 20% in cash and issue 9.2 mn ESOP shares with offering price of VND10,000 /share.

GVR VN: sets, in 2024, revenue plan of VND24,999 bn and PAT target of VND3,437 bn (a slight +1-2% YoY). Also, GVR plans to sell shares of SIP, VRG, VIR, EIC and TL4.

HPG VN: targets, in 2024, revenue of VND140,000 bn and PAT of VND10,000 bn (+18% and +47% respectively YoY). Also, HPG plans to issue more than 581 mn bonus shares (equivalent to the ratio of 10%), aiming to increase charter capital to VND63,962 bn.

PHR VN: sets, in 2024, total revenue target of VND1,455 bn (-10% YoY) and PAT target of VND245 bn (-46% YoY). Also, PHR plans to pay dividend at the rate of 20%.

POW VN: recorded, in February, revenue from electricity sales of VND1,560 bn (-45% YoY). Of which, the largest contribution is revenue from the Ca Mau 1 and 2 Power Plant project with VND839 bn, followed by Vung Ang 1 Power Plant with more than VND645 bn..

VCI VN: sets, in 2024, revenue target of VND2,511 bn and PBT of VND700 bn (+2% and +23% respectively YoY).