Week 07/10 – 11/10

baf.vn, kbc.vn, ft.vn, nlg.vn, pnj.vn, ppc.vn, tcb.vn , vic.vn, vjc.vn,

Corporate

BAF VN: BAF wants to issue 65 mn individual shares to professional securities investors at a price much lower than the current market price. The offering price is VND15,500/share, 30% lower than the close price on October 8 of VND22,200/share and 26% higher than the book value of BAF shares according to the 2024 semi-annual audited consolidated report.

Comment: I do find this company interesting….but these type of issuances always raise red flags

KBC VN: The Trump Organization and Hưng Yên Hotel Services JSC (a subsidiary of KBC) announced a $1.5 bn partnership to develop a luxury hotel, golf course, and residential complex in Hưng Yên, Vietnam.

Comment: Make Vietnam Great Again!

FRT VN: The HOSE has reinstated margin trading eligibility for FRT shares.

Comment: Unleash the retail pump

NLG VN: added 12.9 mn shares in Nam Long VCD as collateral, totaling 73.5% ownership, 8.3% from Nam Khang, and a cash account at OCB, following the VND1,000 bn bond issuance to IFC in 2022 for Waterpoint Phase 2.

PNJ VN: was fined VND1.34 bn following a government inspection of gold trading businesses for violations in the monetary and banking sectors.

PNJ VN: Dragon Capital’s shareholder group increased their stake in PNJ to 6.2% after acquiring 1.11 mn shares on October 2nd.

Comment: I do not understand how people can blindly buy into a company where the cashflows just do not reconcile. And how many more times would this company need to be fined by authorities before it is taken down?

PPC VN: will distribute a final 2023 cash dividend at 6.25% on November 6th, with payment scheduled for December 6th.

TCB VN: will end their exclusive bancassurance partnership with Manulife Vietnam on October 14th, 2024.

Comment: The industry had a stupid amount of issues and they’ve all basically been blackballed by the public.

VIC VN: approved a payment guarantee and pledged assets to secure bonds issued by its subsidiary, VinFast, on October 9th. Also, VIC and Vietnam Railways (VNR) signed a memorandum of understanding (MOU) on October 10th, to promote green transformation initiatives.

Comment: They’re broke………vinfast is losing USD500-800 mn a quarter.

VJC VN: signed with Castlelake a $560 mn financial deal for four aircraft.

Comment: Their balance sheet is phucked….I can’t believe this…

Financials

BSR VN: estimated, in 9M2024, revenue of VND88,600 bn, completing 93% of the year’s plan. Also, Fitch Ratings assigned BSR a “BB+” rating with a stable outlook in its second annual assessment.

HPG VN: recorded, in Q32024, revenue of VND34,000 bn (+19% YoY). For 9M2024, HPG recorded revenue of VND105,000 bn (+23% YoY), completing 75% of the revenue plan.

PVT VN: In 9M, PVT estimated revenue at VND8,100 bn, + 21% yoy, while PBT remained unchanged, estimated at VND1,200 bn. State budget contribution reached VND380 bn, equivalent to 146% of the 9-month plan.

TDM VN: estimated, in 9M2024, revenue of VND352 bn (+3% YoY) and PAT of VND147 bn (-39% YoY), completing 71% of revenue plan and 76% of PAT’s target.

VIX VN: recorded, in Q32024, revenue of VND553.7 bn (+71.4% YoY) and PBT of VND324.7 bn (+30.7% YoY). For 9M2024, VIX recorded revenue of VND1,293.2 bn and PBT of VND681.5 bn.

Country

• Provinces, ministries and government agencies had allocated 664.9 trillion VND (26.7 bn USD) for public investment as of the end of September, showed data from the Ministry of Finance.
• Revenue from consumer goods retail sales and services in Vietnam grew by 8.8% year-on-year in the first nine months of this year to VND4.7 quadrillion, according to data from the General Statistics Office of Vietnam (GSO).
• The total number of newly registered businesses and those resuming operations rose by 25% to over 183,000 in the first nine months of this year, according to the General Statistics Office (GSO).
• In September, Vietnam saw 24 private corporate bond issuances worth VND22,333 bn and one public issuance worth VND1,467 bn. For 9M2024, 268 private issuances totaled VND250,396 bn, and 15 public issuances amounted to VND27,054 bn.
• Viet Nam’s index of industrial production (IIP) surged 8.6 per cent year-on-year in the first nine months of this year, extending the sector’s recovery, the General Statistics Office (GSO) has announced in its monthly report.
• HCMC’s gross regional domestic product (GRDP) grew by 7.33% year-on-year in the third quarter of the year, up from 6.31% in the second quarter and 6.54% in the first quarter, according to the HCMC Statistics Office.
• Vietnam’s consumer price index (CPI) picked up 3.48% in the third quarter of the year over the same period last year, showed data from the General Statistics Office.
• The Ministry of Industry and Trade (MoIT) forecasts that the revenue of the food and beverage (F&B) industry will grow by 10.92% this year, reaching more than VND720 tn (US$29.8 bn).
• Revenue from import-export activities hit US$578.47 bn in 9M, which was an annual rise of over 16 %, according to the General Statistics Office (GSO).
• Viet Nam earned US$46.28 bn from exporting agricultural, forestry and fishery products, while spending $32.42 bn importing them in the first nine months of 2024, said the Ministry of Agriculture and Rural Development.
• Vietnam attracted US$24.78 bn in foreign direct investment in the first nine months of 2024, +11.6% yoy.
• State budget revenue from import-export activities in the first nine months of 2024 reached more than VNĐ306 tn (US$12.4 bn), accounting for 81.7 % of the set target and increasing 13.5 % from the same period last year, the General Department of Vietnam Customs (GDVC) has reported.
• Vietnam’s GDP expanded by 7.4% year-on-year in the third quarter, second highest in the last five years, according to the General Statistics Office.