Week – 18/11 – 22/11

Corporate bcm.vn, dbc.vn, gmd.vn, kbc.vn, nvl.vn, pvd.vn, ree.vn, ssi.vn, vib.vn, vic.vn, vhm.vn,

BCM VN: will issue 10,800 asset-backed bonds worth VND1,080 bn to repay loans from BID and CTG. Collateral includes land use rights in Binh Duong Province.

DBC VN: Pyn Elite Fund has cut its ownership in DBC to under 6% between November 5–7, selling 4.1 mn shares worth around VND113–VND115 bn.

GMD VN: Gemalink, an associate company of GMD, has submitted a proposal to the Prime Minister to invest in the development of the Cai Mep Ha general and container port. The project’s total investment exceeds VND50,000 bn.

Comment: Still the best asset play that rides Vietnam’s export story.

KBC VN: plans to offer 250 mn shares to 11 professional investors domestically and internationally. The shares will be subject to a one-year transfer restriction, with the offering scheduled for Q1–Q3 2025.

Comment: One day this company will be sued for not correctly informing shareholders about their actual landbank and sales.

NVL VN: recovered nearly VND400 bn from the Saigon Golf deal with Saigontourist, resolving a long-standing receivable. Also, Dong Nai’s chairman approved a master plan adjustment, removing legal obstacles for Novaland’s Aqua City project after more than two years of delays.

Comment: And now is it time?

PVD VN: plans to establish a joint venture in Indonesia, PT PVD Indo with expected capital of $700,000, to provide jack-up rig leasing and well services. The venture will be split among PVD (40%), PT Quest Semesta Raya (40%), and Yosep Arianto (20%), with an initial 10-year operation period.

Comment: Indonesia’s o&g capex is going to sky rocket between 2025-2029 as the country wants to become a net exporter again.

REE VN: Platinum Victory plans to acquire 30 mn REE shares from November 22nd to December 20th. This will raise its ownership from 35.7% to 42.07%.

Comment: I’ve always thought REE was decent…but for a singaporean fund to go up to 42%…well ok..

SSI VN: successfully raised nearly VND2,184 bn by selling over 96% of its 151.1 mn shares at VND15,000/each. The remaining 5.3 mn shares will be offered at the same price, with a payment deadline of November 21st.

VIB VN: Quang Kim Investment and Development JSC purchased 17.2 mn VIB shares on November 11th, increasing the ownership of the company and its related shareholder group to 9.836% of the bank’s capital.

VIC VN: has established a subsidiary, VinRobotics, with a charter capital of VND1,000 bn. VIC holds a 51% stake, Chairman Phạm Nhật Vượng contributes 39%, and his sons each contribute 5%.

Comment: Is this going to be an AI spin? EV Cars, AI, Robots…shall we just call Vin Group’s the Phuc’ed up version of Tesla.

VHM VN: On Nov 21, the number of shares bought back by VHM increased dramatically to 35.7 mn shares. The majority were bought through order matching, and the remaining 9 mn shares were tranfered by put through between foreign investors. Nov 21 was the last day VHM completed its huge stock purchase deal. In total, after 22 trading sessions, from Oct 23 to Nov 21, VHM bought a total of nearly 247 mn treasury shares, estimated to be worth about VND 11,000 bn.

Comment: Whenever uncle decides to stop f’ing around all vin group companies will double…

Financials:

BWE VN: estimated, in October, revenue of VND357 bn and PAT of VND40 bn. For 10M2024, BWE recorded revenue of VND3,258 bn (11% YoY) and PAT of VND508 bn (-6% YoY), completing 73% of the year plan.

FPT VN: reported, in 10M2024, revenue of VND50,796 bn (+19.6% YoY) and PBT of VND9,226 bn (+20% YoY), achieving 82% of revenue plan and 85% of PBT target. Also, FPT will pay a 10% cash dividend on December 13th, with a record date of December 3rd.

Country

• According to statistics from the General Department of Customs, Viet Nam’s export value to the UK in 9M of this year reached $5.6 bn, showing an annual increase of 21%.
• According to banks’ financial statements, the total net profit from the foreign exchange trading segment of 29 banks in 3Q 2024 reached more than VNĐ19.62 tn, + 7 % yoy.
• The production index of four key industries including machines, electronics – information technology, pharmaceuticals – rubber and plastic, and food processing increased by 4.7 per cent over the same period a year ago.
• According to the Ministry of Industry and Trade, in 10M 2024, Việt Nam’s trade value with the Americas region reached more than US$136.5 bn, + 20.7 % yoy.
• Việt Nam’s export turnover to the United Kingdom in October was US$687.2 mn, up more than 13 % compared to September, statistics from the General Department of Customs showed.
• Vietnam’s textile industry has set an export target of US$47-48 bn for 2025, according to Vu Duc Giang, chairman of the Vietnam Textile and Apparel Association (VITAS).
• From November 11-18, the SBV injected VND48,300 bn into the banking system via open market operations, lending VND115,000 bn in repos and auctioning VND2,950 bn in bills at rates of 3.9-4%.
• The Hanoi Department of Industry and Trade reported that the Asian, African and Oceanic markets, comprising 120 countries, have been crucial for the city’s exports in recent years. By the end of the third quarter of 2024, the total export value to these markets reached nearly US$10 bn, accounting for 67% of Hanoi’s total export turnover.