Week 12/12 – 16/12
FCN: FECON secured VND400b contract in Haiphong seaport (Baolaodong)
HAH VN: estimated, in 2022, to reach VND3,145 bn in revenue (+61% YoY), exceeding 32% of the year plan. Net profit is estimated at VND835 bn (+87% YoY), completing 152% of the year plan. For Q4, the revenue is estimated at VND785 bn and PAT of VND177 bn (+17% and +13%, respectively YoY).
HAX VN: approved the capital contribution to Mitaco to expand the company’s business field. HAX’s maximum investment capital in Mitaco is VND100 bn, equivalent to 60% of the total share capital.
Comment: This is a car repair biz. Makes sense, can’t think of any regional comps off the top of my head.
KDC: KIDO wants to buy back 10m KDC shares to stabilize the price (Vietnambiz)
Comment: Can be viewed either positively, or the company is using it’s sister co to prop up the shares that the owners overleveraged on?
NVL: Novaland completed early redemption of VND200b of bonds (Vietnambiz)
Comment: Setting the precedent on how not to run a real estate company in Vietnam. It’ll be interesting to see which players, other than Vinhome come out stronger in the next 1-2 years.
VHC VN: recorded, in November 2022, export revenue of VND893 bn (-10% YoY). In which, revenue of pangasius – VHC’s main source of income recorded VND480 bn (-22% YoY).
TVB: Chairman charged with stock market manipulation (CafeF)
Comment: Another one bites the dust.
- In November, Vietnam’s import and export of goods reached $57.3 bn (-1.7% MoM). In which, export reached more than $29 bn (-4.4% MoM), import reached $28.3 bn (+1.3% MoM). However, in 11M22, the country’s import and export reached $673.7 bn (+11.8% YoY). In which, export reached $342 bn (+13.4% YoY), import reached $331.5 bn (+10% YoY). In November, the country had a trade surplus of $742 mn, bringing the trade surplus for 11M22 to now reach $10.7 bn.
- HCMC plans to obtain revenue of VND470,000 bn in 2023 (+21% from this year), according to a resolution on the state budget collection estimate and HCMC’s expenditure next year.
- Steel sales fell to their lowest level in the last two years in October, mainly due to the slowdown in the real estate market and public spending.
- In November, the Vietnam’s seafood export has reached $10.17 bn, exceeding year plan of $10 bn. By the end of year, Vietnam’s seafood exports will reach the goal of $11 bn (+25% YoY). Particularly, shrimp also surpassed the $4 bn mark for the first time, becoming the number one item in Vietnam’s seafood exports when accounting for 39% of the total export value of 11M22. Pangasius is second with a turnover of $2.3 bn (accounting for 22.4%).
- About 9 tn VND (382 mn USD) of public investment capital from foreign sources has been disbursed in the first 11 months this year, accounting for only 26% of the allocated capital.
- China has revised its regulations on agricultural imports, making it harder to sell the products to its market, the Plant Protection Department said.
- VanEck Vietnam ETF (VNM US) announced to change the index-tracking benchmark from “MVIS Vietnam Index” to “MarketVector Vietnam Local Index”, effective from March 17, 2023.*
- MarketVector Vietnam Local Index (MVVNML) covers the largest and most liquid local Vietnamese companies. The index is reviewed on a quarterly basis, float market capitalisation weighted, and the maximum component weight is 8%. As of November 30, 2022, the Vietnam Index included 47 securities of companies with a market capitalization range of between approximately $118 million and $15.6 billion and a weighted average market capitalization of $4.84 billion.
- VNM US currently has USD411m AUM and is allocating mostly for Asia Pacific including Vietnam (73.6%)*, Taiwan (12.65%), South Korea (7.59%), Japan (4.34%), Malaysia (0.35%) and Others (1.47%). Accordingly, VNM US will delete other countries and increase the weight for Vietnam, potentially up to 100%.
- VNM US is the 4th largest ETFs tracking Vietnam in terms of total assets*, after DCVFMVN Diamond ETF (Local), Fubon FTSE Vietnam ETF (Taiwan), and iShares MSCI Frontier and Select (US). YTD the Four attracted good inflows with net value of USD940m.
- MVVNML: https://www.marketvector.com/indices/country/marketvector-vietnam-local/weightings
- VanEck: https://www.sec.gov/Archives/edgar/data/1137360/000113736022001187/vaneckvnmsupplementtosumma.htm