Week 09/04 – 12/04

Company

hsg.vn, dgc.vn, hvn.vn, mwg.vn, pow.vn, vhc.vn, vic.vn,

HSG VN: plans to pay cash dividends for the 2022-2023 at the rate of 5%. The last registration date is April 25th.

DGC VN: spent more than VND253 bn to buy the assets of Dai Viet alcohol factory and will convert it into Duc Giang alcohol factory.

Comment: These guys have been going from strength to strength.

HVN VN: signed a memorandum of understanding with Chinese partners on April 9-11, with a total value of nearly $450 mn.

MWG VN: conducted a private offering of 5% shares of BHX Investment Company in April. The investor purchasing the shares is Green Bee 2 Private Limited under CDH Investments.

Comment: Some massive Chinese PE/Investment firm was willing to pay out for this stake.

POW VN: signed a short-term credit contract worth $300 mn with Citi Bank and ING Bank. This is a loan to supplement capital for the Nhon Trach 3 and 4 Thermal Power Plant project.

Comment: Pleeeeeeeeeeeeeeeeease for the love of god change the ticker…

VHC VN: approved the capital contribution to Vinh Phuoc Food Company Limited with an amount of VND350 bn. VHC’s total capital contribution in Vinh Phuoc will be increased to VND800 bn, accounting for 100% of charter capital.

VIC VN: approved a private bond offering plan, with a total issuance value of VND8,000 bn. This is a non-convertible corporate bond, without warrants, without guarantees and determines VIC’s direct debt repayment obligations.

Revenue Targets

anv.vn, baf.vn, bcg.vn, cii.vn, fpt.vn, hah.vn, hpg.vn, msn.vn, nkg.vn, pc1.vn, pdr.vn, pet.vn, plx.vn, stb.vn, vcg.vn, vic.vn, vnm.vn, vtp.vn

• ANV VN: sets, in 2024, revenue target of VND5,000 bn and PAT target of VND306 bn (+13% and +7 times respectively YoY). Expected dividend rate is from 5 -10%.
• BAF VN: sets, in 2024, revenue target of VND5,544 bn (+7% YoY) and PAT target of VND306 bn (+839% YoY).
• BCG VN: sets, in 2024, revenue target of VND6,102 bn and PAT target of nearly VND952 bn (+52% and +456% respectively YoY). In addition, BCG plans to issue shares at a ratio of 50% with par value of VND10,000 /share.
• CII VN: sets, in 2024, revenue target of VND4,194 bn (-11% YoY) and PAT target of VND430 bn (+10% YoY). Regarding profit distribution, CII plans to pay 2023 cash dividend at the rate of 16%.
• FPT VN: sets, in 2024, revenue target of VND61,850 bn and PBT target of VND10,875 bn (+17.5% and +18.2% respectively YoY). In addition, FPT proposes a cash dividend for 2023 of 20%. FPT plans to pay the remaining 10% in Q22024 after a 10% advance in September 2023. Also, FPT plans to issue more than 190 mn shares at the rate of 15%.
• HAH VN: sets, in 2024, revenue target of VND3,500 bn (+32% YoY) and PAT target of VND344 bn (-11% YoY). Also, HAH plans to 2023 stock dividend at the rate of 15%.
• HPG VN: sets, in 2024, revenue target of VND140,000 bn and PAT target of VND10,000 bn (+18% and +47% respectively YoY). HPG proposes a plan to issue bonus shares to increase equity capital in 2023 at a rate of 10%. Also, HPG plans to pay dividend in 2024 with an expected rate of 10%.
• MSN VN: sets, in 2024, revenue target of VND84,000 – VND90,000 bn (+7% – +15% YoY) and PAT target of VND2,250 – VND4,020 bn (+20% – +115% YoY). Also, MSN plans to offer shares in the form of common shares and/or preference shares at the rate up to 10%.
• NKG VN: sets, in 2024, revenue target of VND21,000 bn and PBT target of VND420 bn (+13% and +137% respectively YoY). Also, NKG plans to offer a maximum of 131.6 mn shares at the offering price of VND12,000/ share and proposes to issue more than 52.6 mn shares at the rate of 20%.
• PC1 VN: sets, in 2024, revenue target of VND10,822 bn and PAT target of VND525 bn (+39% and +73% respectively YoY). Also, PC1 plans to pay 2023 stock dividends at a rate of 15%.
• PDR VN: sets, in 2024, revenue target of VND2,982 bn and PAT target of VND880 bn (+383% and +29%, respectively YoY). Also, PDR plans to pay 2023 stock dividends at a rate of 15% and issue a maximum of 14.6 mn ESOP shares at a price of VND12,000 /share. In addition, PDR plans to issue 34.1 mn shares priced at VND20,000/ share to exchange for a $30 mn loan at ACA Vietnam Real Estate III LP.
• PET VN: sets, in 2024, revenue target of VND18,540 bn (+8% YoY) and PAT target of VND205 bn (+47% YoY).
• PLX VN: sets, in 2024, revenue target of VND188,000 bn (-32% YoY) and PAT target of VND2,900 bn (-26% YoY). Also, PLX plans pay 15% cash dividends for 2023.
• STB VN: sets, in 2024, PBT target of VND10,600 bn (+10% YoY) and total assets target of VND724,100 bn (+10% YoY).
• VCG VN: sets, in 2024, revenue target of VND15,000 bn and PAT target of VND950 bn (+15% and +140% respectively YoY). VCG proposes to pay stock dividends at a rate of 12% and plans to offer a maximum of 119.7 mn shares at the rate of 20%.
• VIC VN: sets, in 2024, revenue target of VND200,000 bn and PAT target of VND4,500 bn (+24% and +119% YoY).
• VNM VN: sets, in 2024, revenue target of VND63,163 bn and PAT target of VND9,376 bn (+4.4% and +4% respectively YoY). Also, VNM plans to pay 2023 cash dividend at the total rate of 38.5%.
• VTP VN: sets, in 2024, revenue target of VND13,189 bn (-33% YoY) and PAT target of VND370 bn (-2.6% YoY).

Country

• In 3M2024, GDP is estimated to increase by 5.66% YoY. Of which, the agriculture, forestry and fishery sector increased by 2.98%, contributing 6.09% to the increase in total added value of the entire economy; The industrial and construction sector increased by 6.28%, contributing 41.68%; The service sector increased by 6.12%, contributing 52.23%.
• Vietnam exported 2.1 mn tons of rice in the first three months, worth $1.4 bn in total, up 42% year-on-year in value.
• Vietnam’s cement sector is grappling with a crisis as multiple businesses teeter on the brink of bankruptcy or foreign acquisition due to plummeting production and consumption levels, according to the Vietnam National Cement Association (VNCA).
• In March, Vietnam’s cashew exports reached 55 thousand tons, worth $289 mn (+106.8% in volume and +103.4% in value MoM and +10.7% in volume and -2.2% in value YoY). For 1Q2024, Vietnam’s cashew exports reached about 147 thousand tons, worth $782 mn (+31.8% in volume and +20.5% in value YoY).
• Vietnam’s rattan, bamboo, sedge, and carpet exports during the first quarter of the year surged by 28.3% to reach US$212.07 mn against the same period from last year, according to the General Department of Vietnam Customs.
• Power consumption in Vietnam this summer is expected to increase by 13% year-on-year between May and July, 9.6% higher than forecast, posing possible supply challenges. This is because the weather is expected to become hot sooner than normal, and this could cause pressure on supply, especially in the north.
• Banking credit grew by 1% to VND13.79 quadrillion (US$552.4 bn) in the first three months of 2024, according to the State Bank of Vietnam.
• Vietnam exported 147,000 tonnes of cashew nuts worth US$782 mn in the first quarter of the year, representing a rise of 31.8% in volume and 20.5% in value year on year, according to the General Department of Vietnam Customs.
• The US website finance.yahoo.com placed Vietnam 6th among the fastest growing economies in Asia in 2024 in its article published on April 4. The article cited projections for Vietnam’s real GDP growth to reach 5.8% and per capita GDP growth at 7.41%.
• Thailand continues to be a major contributor of FDI in Vietnam, being the ninth biggest investor with $14 bn. In August last year Thailand’s second largest lender, Kasikornbank, said it would invest $1 bn in Vietnam by 2027.