Week 28/08 – 31/08


bsr.vn, cii.vn, ctg.vn, dxg.vn, gas.vn, hbc.vn, nvl.vn, pow.vn, sab.vn, tcm.vn, vic.vn, vng.vn

BSR VN: estimated, in 8M2023, revenue of VND91,600 bn (-19% YoY) and PAT of VND4,400 bn, fulfilling 96% of the revenue target and 270% of the profit target in 2023.

CII VN: wants to implement 6 more BOT projects with a total investment of nearly VND75,000 bn.

Comment: I do want to like this company, because the model is attractive, guaranteed IRR by the government even if there delays in road traffic, but far too many q marks over management…

CTG VN: plans pay stock dividends at expected rate of 11.7415% with a maximum of 564.3 mn shares (equivalent to VND5,643 bn) in Q32023 and Q42023.

Comment: *none stop swearing*

DXG VN: Dragon Capital fund group bought a total of 4 mn DXG shares in August 25th. Specifically, member fund CTBC Vietnam Equity Fund bought 3 mn shares and DC Developing Markets Strategies Public Limited Company bought 1 mn shares.

Comment: Well I presume they’re taking a 5 year viewpoint on this name otherwise I don’t understand why anyone wants to buy a property broker in VN as there is no real supply hitting the market for the next 2-3 years.

GAS VN: With a ratio of 36% and more than 1.9 bn outstanding shares, it is estimated that the oil and gas giant will spend nearly VND 7.3 tn to complete this payment. The ex-dividend date is August 29, and payment is expected to be on November 2, 2023.

HBC VN: announced the 2023 semi-annual review report with an after-tax loss of VND713 bn. As a result, HBC is still far from the target of VND125 bn of PAT in 2023.

NVL VN: NovaGroup has successfully sold 43 mn shares of NVL. After the transaction, NovaGroup only holds nearly 409 mn shares, equivalent to 20.8%.

NVL VN: announced the reviewed consolidated financial statements for 6M2023 with a loss after tax of VND1,094 bn, an increase of more than VND483 bn compared to the financial report previously announced.

Comment: Even this must be a lie, the losses are far higher…

POW VN: was agreed by VCB to grant a credit of VND4,000 bn to invest investment for Nhon Trach 3 & 4 power plant project.

Comment: A small step to improving VN’s lack of power situation.

SAB VN: announced the completion of phase 1 of the Warehousing – Dispatch Master Project which is one of four major projects of Sabeco Supply Chain 4.0.

TCM VN: approved implementing a stock bonus plan at the rate of 13% with charter capital increased from VND820 bn to VND927 bn.

Comment: *continued none stop swearing and cursing the board and their families for being another VN plc for issuing more equity*

VIC VN: approved the capital contribution to GSM (Green – Smart – Mobility) – with a capital contribution of more than VND 297 bn, equivalent to 5% of charter capital.

Comment: That’s it. They’re just creating slush funds to take money out of VN, because nothing that VIC is doing makes commercial sense.

VNG VN:  targets to raise about USD150 mn through IPO of VNG Limited in the US. On August 24, VNG Limited announced that it had filed a prospectus with the US Securities and Exchange Commission to be listed on Nasdaq Global Select Market.

Comment: The Zalo play. That doesn’t make money (yet?)


  • The country’s total import and export turnover hit over 402 bn USD in the period, including 209.43 bn USD in export value, representing a yearly decline of 10.1%, or 23.5 bn USD in comparison with the same period last year.
  • According to the Ministry of Industry and Trade, textile exports fell by 15.1 per cent year-on-year in the first two quarters to US$18.93 bn.
  • According to the Foreign Investment Department, Ministry of Planning and Investment (MPI), the FDI registered in Vietnam in the past eight months reached nearly 18.15 bn USD, up 8.2% yoy, and increased stronger than 7 months (up 3.7 %).
  • Vietnam’s exports in August -7.6% yoy, its sixth consecutive drop since March, due to declining orders from major markets. In 8M, exports -10% to $227.71 bn, according to the General Statistics Office.
  • Ho Chi Minh City’s CPI + 0.7% in August, with eight out of the 11 groups of commodities and services witnessing an increase in prices, according to the municipal Statistics Office. The office reported that transportation prices recorded the highest growth of 4.15%.
  • During the January-August period, Hanoi attracted 2.34 bn USD of FDI, with 262 new projects worth 120 mn USD and 116 projects permitted to increase investment capital by 197 mn USD.
  • In August, gasoline prices, domestic rice prices and rental housing prices were the main reasons for the consumer price index (CPI) increased 0.88% MoM. For 8M2023, CPI increased by 3.1% YoY; core inflation increased by 4.57%.
  • Vietnam’s rice exports in the January-August period are estimated to have risen about 23% from a year earlier to 5.9 mn metric tons. Revenue from rice exports in the period is seen up 37.3% at $3.2 bn. August rice exports from Vietnam were estimated at one mn metric tons, worth $582 mn.
  • In 7M, Vietnam’s tuna exports reached nearly $445.6 mn, down 31% yoy.
  • Vietnam enjoyed a trade surplus of 20.19 bn USD in 8M. In the period, the total import-export turnover of goods hit 435.23 bn USD, posting a yoy decrease of 13.1%. Specifically, export value hit 227.7 bn USD, a fall of 10% year on year and import value was down by 16.2% to 207.52 bn USD.
  • In 8M2023, the total export and import turnover of agro-forestry-fishery products is estimated at $59.7 bn, of which exports are $33.2 bn (-9.5% YoY), and imports are $26.5 bn. Trade balance had a trade surplus of $6.7 bn. Export turnover of agro-forestry-fishery products in August was estimated at $4.3 bn (-7% YoY).

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