Week 05/08 – 09/08

Company – acb.vn, dbc.vn, dgw.vn, frt.vn, mbs.vn, vhm.vn

ACB VN: approved the second private bond issuance plan in 2024 with a maximum total scale of VND15,000 bn. Accordingly, ACB will issue a maximum of 150,000 bonds in 15 tranches with a face value of VND100 mn/bond.

DBC VN: Pyn Elite Fund purchased an additional 1.63 mn DBC shares increasing its ownership to 22.8 mn shares (equivalent to 9.45% of capital).

Comment: How on earth…are they going to exit.

DGW VN: plans to issue more than 50 mn shares to pay 30% stock dividends and spend VND84 bn to pay 5% cash dividends, a total spending of 35% will be executed in Q32024.

Comment: Noooo, not you too DGW. Stop (*^&king issuing shares Vietnamese co’s. Btw I still think that despite this, DGW is one of the better managed companies in Vietnam.

FRT VN: Dragon Capital fund group bought nearly 3 mn FRT shares from June 6^th to August 6^th, increasing its ownership ratio to 12.06% of capital.

VCI VN: close the list to receive advance cash dividends for the first phase of 2024 at the rate of 4%, corresponding to needing to spend nearly VND177 bn. The ex-dividend date is August 15th and the payment date is August 30th

VHM VN: Thai Son Construction (a subsidiary of VHM) has just been approved as an investor in the new urban area of Nham Bien mountain golf course in Bac Giang province with total investment value of VND6,400 bn.

VHM VN: announced to buy 370 mn treasury shares, accounting for 8.5% of the company’s total outstanding shares.

Comment: Perhaps the “cleanest” company in the group – which means f all…if the company didn’t have the Vin Group stink on it the shares should be +50% higher.

Financials

• PNJ VN: achieved a stable net revenue plan of VND 33,137 bn. Notably, PNJ’s total contribution to the state budget in 2023 is VND 1,418 bn, bringing the budget contribution to nearly VND 4,500 bn in just the last 3 years.
• BCM VN: recorded, Q22024, revenue of VND1,161.8 bn (-9.7% YoY) and PAT of VND394.1 bn (+1,147.2% YoY). For 6M2024, BCM recorded revenue of VND1,973.5 bn (+4.7% YoY) and PAT of VND498.8 bn (+188.3% YoY), completing 38% of revenue plan and 40% of profit target.
• POW VN: recorded, Q22024, revenue of VND9,407 bn and PAT of VND450 bn (+12% YoY). For 6M2024, POW recorded revenue of VND15,650 bn (-1% YoY) and PAT of VND678 bn (+3% YoY), completing 49% of revenue plan and 101% of profit target.
• VNM VN: recorded, Q22024, revenue of VND16,656 bn (+10% YoY) and PAT of VND2,695 bn (+21% YoY).
• DHG VN: recorded, Q22024, revenue of VND1,106 bn (-4% YoY) and PAT of VND192 bn (-27% YoY). For 6M2024, DHG recorded revenue of VND2,364 bn (-1% YoY) and PAT of VND415 bn (-34% YoY), completing 46% of revenue plan and 34% of profit target.
• DPM VN: recorded, Q22024, revenue of VND3,948 bn (+7% YoY) and PAT of VND236 bn (+124% YoY). For 6M2024, DPM recorded revenue of VND7,255 bn (+4% YoY) and PAT of VND503 bn (+37% YoY), completing 88% of revenue plan and 93% of profit target.
• FRT VN: recorded, 6M2024, revenue of VND18,281 bn (+22% YoY) and PBT of VND161 bn, completing 100% of revenue plan and 129% of profit target.
• DBC VN: recorded, Q22024, revenue of VND3,185 bn (-8% YoY) and PAT of VND145 bn (-56% YoY). For 6M2024, DBC recorded revenue of VND6,437 bn (+11% YoY) and PAT of VND218 bn (+3,533% YoY), completing 26% of revenue plan and 30% of profit target.
• REE VN: recorded, Q22024, revenue of VND2,181 bn and PAT of VND404 bn (-35% YoY). For 6M2024, REE recorded revenue of VND4,019 bn (-12% YoY) and PAT of VND952 bn (-43% YoY), completing 38% of revenue plan and 40% of profit target.
• KDH VN: recorded, in Q22024, revenue of VND645 bn (+10% YoY) and PAT of VND279 bn (+12% YoY). For 6M2024, KDH recorded revenue of VND980 bn and PAT of VND342 bn (-24% YoY), completing 26% of revenue plan and 58% of profit target. Also, Dragon Capital has bought more than 20 mn KDH shares increasing its ownership up to 9.16%.

Country

• Vietnam’s exports to the U.S. surged 24.4% YoY to $66.09 in 7M2024, the highest growth rate among its export markets.
• In 7M2024, Vietnam saw more than 95,200 new businesses established with registered capital of $35.6 bn, creating around 600,000 jobs, marking increases of 6.3%, 2.4%, and 2%, respectively, YoY.
• Vietnam’s tuna exports to South Korea have grown at a triple-digit rate over the past three months, with June’s export value alone reaching nearly US$6 mn, almost six times higher than the same period in 2023, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
• During the seven-month span, the country’s export revenue rose 15.7 per cent to US$226.98 bn, with a trade surplus of $14.08 bn, according to the General Statistics Office.
• Ha Noi authorities granted certificates to 3,007 new enterprises in July, up 20 per cent over last year’s corresponding period, with a total registered capital of VNĐ24.1 tn (US$959 mn), up 4 per cent, according to the municipal People’s Committee.
• Vietnam saw 174 private placements of corporate bond issues totaling VND161.5 tn in 7M, a 2.6-fold increase over the same period last year, showed data from the Ministry of Finance.
• Total retail revenue from consumer goods and services in July picked up by 9.4% against the same period last year, with tourism being a primary contributor, according to the Ministry of Industry and Trade’s portal.
• According to data from the Payment Department under the State Bank of Viet Nam, Viet Nam has reached 9.13 mn mobile-money accounts as of June and carried out 128 mn transactions worth VNĐ4.78 tn (US$197.2 mn).
• The State Bank (SBV) reduced the interest rate for valuable papers mortgage lending (OMO) from 4.5%/year to 4.25%/year. Also, the winning interest rate on treasury bills also decreased similarly, to 4.25%/year.
• More than 6,800 enterprises resumed operations in July, up 26.2 % over the previous month but – 0.7 % yoy, according to the Agency for Business Registration (ABR) under the Ministry of Planning and Investment.
• Three wind power projects in Hoa Binh District, Bac Lieu Province, will sell 990,000 carbon credits in the European market by the end of the year, bringing in 1.78 mn euros.
• IIP +8.5% in 7M yoy, according to the General Statistics Office (GSO).
• Vietnam’s Manufacturing Purchasing Managers’ Index (PMI) remained unchanged at 54.7 in July, showing that business conditions in Vietnam’s manufacturing industry continue to improve significantly