Compilation of the past week notes

GDT VN
GDT spent USD3mn to acquire Duc Tam Wood Manufacturing and Exporting Ltd., a wooden furniture manufacturer in Dong Nai Province.

Comment: That’s a sizeable acquisition for this firm, rev ~USD 15 mn p.a.

LPB VN
2022 targets include credit growth of 18.0%, funding growth of 18.5%, pure NFI growth of 34% and 2022 PBT of VND4.8tn (+31.9% YoY).

Comment: The share price has been smacked along with the most of the market when the bond scandals hit a month ago. This despite the great #’s

MCM VN
For 1Q22, MCM reported VND674.7bn in net revenue (+8.6% YoY) and PAT significantly surged to VND85.7bn (+73.1% YoY).

Comment: Milk prices are going through the roof globally, this co benefits domestically.

PVS VN
Shareholders approved conservative 2022 guidance for revenue of VND10tn (USD435mn; -29.7% YoY) and net profit of VND488bn (USD21mn; -28.0% YoY).

Comment: Would’ve thought that the services players to O&G names would do far better….

VPB VN
VPB registered to buy 842.8mn shares of ASC Securities Corp. (ASC – Unlisted) via executing the purchase right method. FYI, currently VPB holds 97.42% of ASC’s charter capital.
VPB receives another USD600mn offshore syndicated facility with arrangement of SMBC. With a term of three years, the loan is co-arranged and fully underwritten by Sumitomo Mitsui Banking Corporation (SMBC) and Maybank Securities Pte (Maybank).

Comment: On top of this they are going to raise an additional amount of equity with another share sale to Sumitomo. Their balance sheet is going to be ridiculously strong.

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