Week 19/08 – 23/08

Company – bsr.vn, dig.vn, frt.vn, kdh.vn, mwg.vn, nvl.vn, vnm.vn

BSR VN: submitted an application to list 3.1 bn BSR shares on HOSE on August 21st, corresponding to a charter capital of more than VND31,004 bn.

DIG VN: signed a credit contract with BID with a total limit of VND1,500 bn to finance the Cap Saint Jacques Complex project phases 2 and 3.

FRT VN: completed opening 100 vaccination centers in just 8 months. Thus, Long Chau Vaccination has achieved its plan to open the center for the whole year nearly 5 months early.

Comment: And now…will they make $? all i see is that revenues are up 2.1x, gross 3x, ebitda +25%, and the company’s losing money today whereas in the past npm’s were ~2%. But ok, the share price is +40%, fine I’m wrong.

KDH VN: Vietnam Ventures Limited fund registered to sell almost 12 mn KDH shares to restructure the investment portfolio, decreasing its ownership 2.06% to 0.74%.

MWG VN: announced the dissolution of subsidiary Tran Anh Digital World Joint Stock Company for optimizing operations.

MWG VN: the An Khang pharmacy chain is going to close about 200 stores as restructuring and working inefficient.

Comment: They’re doing the right things. And the market is pricing it as such…

NVL VN: Novagroup Joint Stock Company continues to register to sell 3 mn NVL shares for the reason of balancing its investment portfolio and supporting debt structure during August 27th  – September 6th.

NVL VN: announced the reduction of capital contributions in two subsidiaries, Nova Princess Residence Joint Stock Company and Nova Rivergate Company Limited.

Comment: Perhaps the new Vietnamese Photin is going to shut this company down.

VNM VN: approved to pay 2023 and 2024 cash dividends with a total rate of 24.5%. The last registration date is September 25th, corresponding to the ex-dividend date of September 24th. Expected payment date is October 24th.

Country

• Fresh data from the Ministry of Industry and Trade (MoIT) showed that in 7M, the total export turnover of manufacturing and processing items reached nearly $192 bn, accounting for 84.6 % of the country’s total export value, marking a +15.4 % yoy.
• IIP + 2.84 % on-year in 2023. The growth accelerated to 5.7 % in 1Q, and further to 7.7 % in 1H. Notably, IIP + 11.2 % on-year in July, bringing the cumulative seven-month growth rate to 8.5 %. This compares favourably to the same period last year, when the IIP recorded a 0.8 % decline.
• Vietnam’s wood exports surged by 25% to US$10.7 bn in the first seven months of 2024, according to the Vietnam Chamber of Commerce and Industry – HCMC Branch (VCCI-HCMC).
• According to the General Department of Vietnam Customs, the January-July period saw a significant increase in fertilizer imports compared to exports. The import value totaled nearly US$980.5 mn, up by 46.3%, with the quantity totalling about three mn tons, a 55.5% increase in volume.
• The total import-export turnover between Vietnam and Singapore surged 20.91% year-on-year to more than 3.1 bn SGD (USS$about 2.3 bn) in July, according to the Vietnam Trade Office in Singapore.
• Full-year GDP growth in Vietnam is expected to reach 5.5 % by the end of 2024. In the long term, the rate is projected to trend around 6 % in 2025 and 6.2 % in 2026, according to Trading Economics.
• Statistics from the association show that over the past seven months, Việt Nam has exported over 5.1 mn tonnes of rice, with a turnover of $3.2 bn, an increase of 25 % in volume and 5.8 % in value yoy.
• Between January and June, fresh foreign investment approvals in Vietnam reached US$15.2 bn, + 13.1% yoy, according to the Foreign Investment Agency under the Ministry of Planning and Investment.
• Vietnam’s trade surplus in July was US$2.36 bn, bringing the total surplus for 7M to US$14.53 bn, down from US$16.5 bn yoy.
• In 6M2024, seafood exports totalled $4.355 bn (+4.9% YoY), with most key products showing notable growth.
• The country earned $3.83 bn from exporting fruit and vegetables in 7M2024 (+24.3% YoY).
• Vietnam’s automobile market recorded its highest growth in July, with nearly 29,000 cars delivered to consumers.
• In 7M2024, among 91 countries and territories investing in Vietnam, China held the top position in the number of new investment projects (accounting for 29.7% of the total).
• Total assets of the Vietnamese credit institution system by the end of June 2024 reached more than VND21.07 quadrillion (+4.97% YoY).