Week 20/05 – 24/05

acb.vn, acv.vn, bcm.vn, bid.vn, cii.vn, dcm.vn, hbc.vn, idc.vn, lpb.vn, nlg.vn, nvl.vn

Company

ACB VN: June 3rd is the last registration day to receive 2023 cash dividends at the rate of 10% and stock dividends at the rate of 15%. ACB plans to pay cash dividends on June 13th.

ACV VN: invested nearly VND5,000 bn to expand T2 Noi Bai international terminal.

Comment: And they’ll need to get to the mainboard and do a cap increase at a far higher valuation…but the major issue is that there is still no liquidity…

BCM VN: The state will sell 30% of BCM’s capital, decrease from 95.44% to over 65%.

BID VN: plans to sell at the initial price a batch of bonds with a total value of VND3,741 bn as of April 15 issued by HAG, the starting price will be equal to the bond value with interest at the time of signing the auction contract.

Comment: The corporate bond market in Vietnam appears to be functioning normally again. But all the funny real estate stuff is done.

CII VN: is completing the acquisition of a large BOT project in June 2024, with an investment of VND1,650 bn, expected to collect fees early next year (2025).

DCM VN: completed the transaction of purchasing 100% of the capital at Korea – Viet Fertilizer Company (KVF).

HBC VN: signed a strategic cooperation agreement with Pavana Technology Joint Stock Company to bring smart monitoring technology integrating artificial intelligence (AI) into monitoring all project implementation activities of HBC.

HBC VN: signed a strategic cooperation agreement with CNCTech Group to execute projects that will be implemented in the period 2024 – 2028. The total contract value expected to be delivered in this period is up to VND12,000 bn.

IDC VN: announced to pay cash dividends for the third period of 2023 and advance dividends for the first period of 2024 with a total rate of 25%. The ex-dividend date is June 3rd, 2024.

Comment: I think they’re the best run IE in VN.

LPB VN: VIS Rating – Vietnam’s leading Credit Rating Company has announced the results of the Development Organization Long-term Credit Rating performance for LPB is at A+ with “Stable” Outlook

NLG VN: Dragon Capital’s fund group bought nearly 2 mn NLG shares equivalent to an increase in ownership ratio from 4.67% to 5.18%.

Comment: It’s the only property company that isn’t too cheeky.

NVL VN: have officially signed an investment cooperation agreement with HQC to build social housing projects.

Comment: Oh Vietnam…you donkeys…fine give the bankrupt entity w/o a balance sheet the right to build “social housing projects”

Financial

FPT VN: will pay the remaining cash dividend at a rate of 10% in Q22024. FPT also plans to issue 190.5 mn shares at the rate of 15% to increase capital. In addition, SCIC plans to divest 5.8% shares at FPT and no longer the shareholder.

FPT VN: recorded, in 4M2024, revenue of VND18,989 bn (+20.6% YoY) and PAT of VND2,455 bn (+21.6% YoY), completing nearly 31% of revenue targets and 32% of profit targets.

LPB VN: plans to issue an additional 800 mn shares in 2024 – 2025 to increase charter capital from VND25,576 bn to a maximum of VND33,576 bn.

PNJ VN: recorded, in April, net revenue of VND3,455 bn (+50% YoY) and PAT of VND177 bn (+61% YoY). For 4M2024, PNJ recorded net revenue of VND16,049 bn (+33% YoY) and PAT of VND915 bn (+6.5% YoY), completing 43.2% of revenue plan and 43.8% of profit plan.

PVT VN: estimated, in 4M2024, revenue of VND3,350 bn (+19% YoY) and PBT of VND460 bn (+53% YoY), completing 38% of revenue plan and 48% of PBT plan.

PVD VN: estimated, in 4M2024, revenue of VND2,436 bn (+20% compared to plan), PBT of VND279 bn (+97% compared to plan) and PAT of VND190 bn.

TCM VN: recorded, in 4M2024, revenue of VND13,200 bn (+8% YoY) and PAT of VND86 bn (+36% YoY), completing nearly 35.5% of revenue targets and 54% of profit targets.

VRE VN: approved capital contribution to establish the subsidiary Vincom NCT Real Estate LLC with a charter capital of more than VND3,620 bn (VRE owns 99.99%).

Country

• Vietnam’s shrimp exports in April witnessed an upward trajectory, with exports to the EU market soaring by 28% year on year to US$38 mn, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
• Binh Duong Province has so far drawn nearly 4,300 foreign direct investment (FDI) projects worth US$40.6 bn from 65 countries and territories, official data showed.
• The first few months of 2024, disbursement of Viet Nam’s public investment using foreign funds reached just over 8.5%, said Vo Huu Hien, deputy director of the Ministry of Finance’s (MoF) debt management department, during a conference yesterday in Ha Noi.
• The State Bank of Vietnam (SBV) has raised the lending rate to 4.5% in open market operations (OMO) as the foreign exchange rate has come under rising pressure.
• In May, the country’s goods exports reached $14.64 bn. Overall, for 5M2024, total export turnover reached $138.59 bn (+16% YoY). In addition, in May, goods imports reached $17.26 bn. For 5M2024, the country’s total import turnover reached $132.23 bn (+17.5% YoY). Thus, as of mid-May, the trade balance is a surplus of $6.36 bn.
• Viet Nam’s import of mobile phones and components reached over USD3 bn during the 1Q 2024, according to data from the General Department of Vietnam Customs.
• The disbursement rate of public investment capital from foreign sources of ministries and branches only reached 8.58% of the assigned capital plan (equivalent to VND802.549 bn). Among that, there are 8 ministries and branches that have not yet disbursed the 2024 capital plan.
• Viet Nam’s retail real estate market is thriving in terms of scale and quality, with occupancy rates above 90% in major city shopping centres, according to a report from the Vietnam Association of Realtors (VARS).
• According to reports, 503 social housing projects with 418,200 units have got underway nationwide, but only 75 of them have been completed, providing 39,884 units. While a VND120 tn credit package has been set up to support the plan, disbursement has been slow due to difficult access to land and other reasons.
• The Viet Nam Institute for Economics and Policy Research (VEPR) has forecast the Vietnamese economy will expand at 5.6-6% in 2024 on global persistent uncertainties.
• China was the sixth-largest investor among 146 countries and territories investing in Vietnam in the first quarter, with registered capital of over $27.6 bn, according to the Ministry of Planning and Investment (MPI).
• The Viet Nam Steel Association (VSA) has announced a significant achievement after it secured a position among the top 12 crude steel producers worldwide.