Stock news

dgw.vn, kdc.vn, vic.vn, msn.vn, nlg.vn, vng.vn, lpb.vn , tcb.vn

DGW VN: In 4Q 2022, DGW targets a net profit of VND300 billion, down 8.3% yoy from the highest in Q4/2021 with a net revenue target of VND7,500 billion (down 5.3% yoy).

Comment: High comp base, followed by a slowdown in consumer spending.

KDC VN: has divested its entire stake in Cai Lan Oils and Fats Industries Company, the producer of cooking oil brands like Neptune, Simply and Meizan.

LPB VN} State Bank of Vietnam (SBV) has approved LPB’s request regarding the sale of 122.2mn LPB shares owned by Vietnam Post. No further information has been provided yet.

Comment: Is there a foreign buyer ready? Otherwise this is just going to pressure the share price.

MSN VN: approved a plan to issue individual bonds with a maximum par value of VND1,700 bn securities investors. The bond lot is named MSNH2227007, par value is VND1 bn /bond, term is 60 months (5 years).

Comment: Seems to be the only company in country whose bonds are being snapped up.

NLG VN: approved to repurchase shares with a total value not exceeding VND1,000 bn from undistributed profit.

Comment: Share price smacked along with with every other prop developer even though NLG is arguably the cleanest one on the block.

PNJ VN: recorded, in October, net revenue of VND2,960 bn and PAT of VND147bn (+42.3% and +22.7% respectively YoY). For 10M22, net revenue reached VND28,535 bn and PAT reached VND1,487 bn (+95.5% and +113.8% respectively YoY).

Comment: And 2023 will be difficult for them because of how well they’ve done in 2023. Management still talks about achieving double digits growth..lets see.

TCB VN: TCBS plans to privately offer 105 mn shares to TCB. The issuance price is expected to be VND95,600/ share, equivalent to the total proceeds from the offering of more than VND10,038 bn.

VIC VN: VinES Energy Solutions, a unit of Vietnam’s largest conglomerate Vingroup JSC and China’s Gotion High-Tech, have commenced construction of a $275 million battery factory in the Southeast Asian country. VIC VN Chairman Pham Nhat Vuong successfully transferred 243.46mn VIC shares via VSD on Nov 17 to VMI Real Estate Investment and Management JSC (a.k.a VMI JSC) as his capital contribution. After the transaction, Mr. Vuong holds 19.18% stake in VIC (742.04mn shares) while VMI JSC now holds 6.29% (243.46mn shares). FYI, Mr. Vuong is the major shareholder cum BoD member of VMI JSC.

Comment: Well let’s see how far they can go.

VNG Corp., the Vietnamese online gaming firm backed by Singapore wealth fund GIC Pte, plans to list shares on the Unlisted Public Company Market, known as UpCom, according to a statement on its website. Co. says Nov. 28 is closing date for shareholders to register for centralized depository at the Vietnam Securities Depository (VSD).

Comment: This is a hotly anticipated IPO.

Country News

• Vietnam’s textile and garment export revenue is expected to hit US$47 billion in 2023, according to the Vietnam Textile and Apparel Association (VITAS).
• Prime Minister Pham Minh Chinh has formed a working group that will adopt measures to remove difficulties plaguing property projects in HCMC, Hanoi and other municipalities.
• The export value of Vietnamese fruits and vegetables in October reached $309.7 mn (+23% MoM and + 28% YoY). For 10M22, the export value of vegetables and fruits reached $2.75 bn (-8% YoY).
• Many manufacturers in HCMC are facing bankruptcy due to a sharp plunge in revenues caused by a lack of new orders, while steeling themselves to continue paying salaries. The International Finance Corporation (IFC) has proposed a total investment of $320 mn in three Vietnamese banks to support the loan for SMEs. The three investment banks will be SHB, VIB and OCB.
• Fitch Ratings has just upgraded the long-term IDR to CTG, VCB and MB with a positive outlook. Specifically, Fitch Ratings has upgraded the IDR ratings of VCB and CTG from ‘BB-‘ to ‘BB’. The MB has also been raised from ‘B+’ to ‘BB-‘.
• IMF downgraded Vietnam economic growth forecast for 2023 from 6.2% to 5.8% due to slowing external demand and tighter financial conditions.
• BP Group (from the UK) and Sovico Group Joint Stock Company (Vietnam) have proposed to invest in an offshore wind power project in Quang Ninh province. Total investment is expected to be $8-$10 bn.