Week 13/11 – 17/11
ACB VN: was rated stable outlook by Fitch and Moody’s.
FPT VN: recorded, in October, revenue of VND4,538 bn and PAT of VND665 bn. For 10M2023, FPT recorded revenue of VND42,465 bn (+21% YoY) and PAT of VND 5,407 bn (+18.8% YoY), completing 81.2% of the revenue plan and 84.9% of the profit target.
Comment: Look at this as a for-profit uni that happens to provide IT services.
GEX VN: Sembcorp acquires shares in GEX energy projects.
HHV VN: finalized November 29th as the final registration date to exercise the right to offer an additional 82.3 mn shares at the rate.
Comment: More equity increases…
MWG VN: estimated, in October, revenue of more than VND11,000 bn. For 10M2023, MWG’s revenue is estimated at VND97,858 bn, achieving 72% of the yearly plan.
Comment: They are doing what’s necessary to stay cf positive.
NVL VN: wants to use the real estate products of Novaworld Phan Thiet and The Grand Manhattan to pay bondholders of NVLH2123009, NVLH2123014 and NVLH2224006.
NVL VN: NovaGroup continued to be forced sell 461,015 NVL shares by the securities company.
Comment: Well…..why not?
- Fitch Ratings believes that Vietnam’s financial and monetary policies have greatly supported the economy. Accordingly, Fitch forecasts that Vietnam’s economic growth will reach 6.3% in 2024 and 7.0% in 2025.
- The Ministry of Finance has prohibited banks from selling insurers’ investment packages two months before and after customers take loans to prohibit lenders from tricking borrowers into buying them.
- Recently approved by Deputy Prime Minister Tran Hong Ha, a national plan to increase labor productivity through 2030 has set an average labor productivity growth target rate of over 6.5% per year.
- The 10-month state budget revenue is estimated to reach VND1,398.7 tn (equal to 86.3% of the estimate and -9.2% YoY). Of which, central budget revenue is estimated reaching about 88.9% of the estimate; Local budget revenue is estimated to reach about 83.3% of the estimate.
- According to the Ministry of Planning and Investment, FDI in the first 10 months of 2023 was worth $25.7 bn, a 14.7% increase year-on-year. There have been some notable M&A transactions this year involving investors from Japan and the U.S., including Sumitomo Mitsui Banking Corporation buying 15% of VPBank in a private placement (valued at US$1.5 bn) and KKR Global Impact investing US$120 mn in EQuest.
- The Ministry of Finance is reviewing and amending legal documents to expedite the sluggish pace of equitization of state-owned enterprises (SOE). As of October, authorities had granted approval for a business restructuring plan for 49 SOEs, in accordance with the Government’s Decision 360. This plan encompasses six centrally-run and 43 provincially-governed SOEs, according to the ministry.
- The allocation for the Long Thanh International Airport resettlement totaled nearly VND22.86 trillion but as of end-2022, VND2.5 trillion that remained undisbursed was removed from the budget, affecting the resettlement progress.
- In 10M2023, the whole country had 1,067 dissolved real estate businesses (+9.5% YoY).