Week 12/08 – 16/08

Company: bic.vn, cii.vn, ctr.vn, fpt.vn, gex.vn, hbc.vn, pow.vn, ssb.vn, tnh.vn,

BIC VN: recorded, in Q22024, revenue of VND1,124.79 bn (+26% YoY) and PAT of VND168.91 bn (+31% YoY). For 6M2024, BIC recorded revenue of VND2,109.03 bn (+25% YoY) and PAT of VND275.26 bn (+33% YoY), completing 59% of profit target.

CII VN: announced a public offer to buy 5 mn shares of NBB at the offering price of VND25,488 /share. If the transaction is completed, CII will increase its ownership to more than 59.6 mn shares (equivalent to 59.5% of capital).

Comment: This is still one dodgy construction company…

CTR VN: recorded, in July, revenue of nearly VND1,126 bn (+11% YoY) and PBT of nearly VND58 bn. For 7M2024, CTR recorded VND6,777 bn in revenue (+11% YoY) and PBT of about VND363 bn (+4% YoY), achieving 54% of the annual revenue and profit plan.

FPT VN: recorded, in 7M2024, revenue of VND34,243 bn and PBT of VND6,075 bn (+20.5% YoY) and PAT of VND4,285 bn (+23% YoY), achieving more than 55% of revenue targets and 56% of annual profits.

Comment: And they keep getting it done… just impressive..

GEX VN: recorded, in 7M2024, net revenue of VND18,527 bn and PBT of VND1,975 bn, completing 57% of revenue plan and 103% of PBT’s target.

GEX VN: bought 89 mn EIB shares on August 7th – 8th, increasing its ownership to 174.6 mn shares (equivalent to 10% of charter capital) and becoming a major shareholder of EIB.

Comment: I suppose this company should be viewed as a utility co…but they also have a construction materials are, electrical equipment…perhaps it makes sense on paper…until I see this..yeah they increased capital by 5x

HBC VN: HOSE has announced the delisting of HBC shares from September 6th, 2024.

Comment: Another bites the dust.

POW VN: signed a cooperation agreement with EN Technologies Inc. to research and develop charging station systems in Vietnam.

SSB VN: signed a convertible loan contract with The Norwegian Investment Fund worth $30 mn. Also, SSB announced to pay 2023 stock dividends at a rate of 13.2% and bonus shares at the rate of 0.41%. The ex-dividend date is August 23rd.

SSB VN: will issue 329 mn shares to pay stock dividends and issue an additional 10.3 mn shares with a total rate of 13.6% on August 26th.

Comment: More shares? Well why not…

TNH VN: asked to delay the payment date for the third time after borrowing VND92 bn from leaders to repay bonds. Also, TNH was removed from MSCI Frontier Markets Small Cap Index basket.

Comment: A hospital co that can’t pay back loans….I mean … what else should surprise us?

Country

• Ho Chi Minh City targets an economic growth rate of 8-8.5% next year, with digital economy accounting for at least a quarter.
• South Korea imported US$164 mn worth of agriculture produce from Vietnam in 1H, a 55% year-on-year increase.
• Since the beginning of this year, Vietnam’s corporate bond issuance has totaled approximately US$7.8 bn, according to a report by the Vietnam Bond Market Association.
• According to the financial reports of banks for 1H 2024 released in the past week, Vietnam’s four largest state-owned commercial banks hold the highest customer deposit amounts, totalling approximately $267 bn.
• Viet Nam’s finished steel production is projected to hit 30 mn tonnes this year, marking a +7 % annual, according to the Ministry of Industry and Trade (MoIT).
• Viet Nam’s export turnover of processed and manufactured industrial goods hit nearly US$192 bn in 7M 2024, + 15.4 % yoy, a report from the Ministry of Industry and Trade (MoIT) showed.
• Vietnam’s exports to the European Union (EU) have soared at a double-digit rate annually to a total of US$200 bn since the EU-Vietnam Free Trade Agreement (EVFTA) came into force in early August 2020.
• Rice was the Vietnamese product with the highest export value to Philippines in the first six months of 2024, with a turnover of $1.2 bn,  41% yoy.
• The GSO last week reported that in 7M, the economy recorded a $10 bn surplus in the state budget. Total state budget expenditures are estimated to have reached $39.5 bn, up 0.6 % yoy. All types of spending continued to increase.
• Viet Nam is the eighth largest tea exporter in the world, earning US$135 mn from tea exports in 7M, an increase of 34.8 % yoy.
• Viet Nam earned US$4.29 bn from exporting textile and garment products in July, + 12.4% yoy.