Week 22/04 – 26/04

Corporate

ctr.vn, fpt.vn, msn.vn, nvl.vn, vic.vn

CTR VN: plans to pay cash dividends at a rate of 27.2% (VND311 bn); Development investment fund VND100 bn, bonus and welfare fund VND125 bn.

Comment: Finally…….and this name is well positioned given the telco investments/capex.

FPT VN: announced cooperation with Nvidia to promote AI artificial intelligence research. FPT plans to invest $200 mn to build AI Factory, using Nvidia technology. FPT won bids for 15 large projects (over $5 mn/ project) in Q12024, focusing mainly on the Japanese and Asia-Pacific markets

MSN VN: officially received an investment of $250 mn in cash from Bain Capital, increasing the amount of capital raised in the past two years to $1.5 bn.

Comment: So have they raised more capital than they have returned to shareholders?

NVL VN: approved a plan to offer additional shares to existing shareholders at a rate of 60% of the total outstanding shares at offering price of VND10,000/share. The expected offering time is from Q22024 – Q42024.

Comment: ……. it should be bankrupt.

VIC VN: announced a resolution on the merger of subsidiaries including Ngoc Viet Trading and Business Joint Stock Company and VSN Trading and Business Company Limited into VinSmart Research and Production Joint Stock Company.

Financials

anv.vn, dgc.vn, fmc.vn, fpt.vn, frt.vn, mbb.vn, nt2.vn, pdr.vn, phr.vn, pow.vn, pvs.vn, sab.vn, tcb.vn, vib.vn, vgc.vn, vnm.vn, vre.vn

• ANV VN: recorded, in Q12024, revenue of VND1,016 bn (-12% YoY) and PAT of VND17 bn (-82% YoY), completing 21% of revenue target and 5.5% of PAT target.
• DGC VN: recorded, in Q12024, revenue of VND2,385 bn (-4% YoY) and PAT of VND704 bn (-14% YoY), completing 23% of revenue target and 23.4% of PAT target
• FMC VN: recorded, in Q12024, net revenue of VND1,461 bn (+45% YoY) and PAT of VND57 bn (+18% YoY).
• FPT VN: recorded, in Q12024, revenue of VND14,093 bn (+20.6% YoY) and PAT of VND1,798 bn (+20.4% YoY).
• FRT VN: recorded, in Q12024, revenue of VND9,042 bn (+17% YoY) and PBT of VND89 bn (+43 times higher YoY), completing 24% and 71%, respectively of the year’s target.
• MBB VN: recorded, in Q12024, revenue of VND9,062 bn (-11% YoY) and PAT of VND4,624 bn (-11% YoY), completing 21% of the year’s target.
• NT2 VN: recorded, in Q12024, revenue of VND262 bn (-88% YoY) and net loss of VND158 bn. This is also NT2’s record quarterly loss since going public.
• PDR VN: recorded, in Q12024, net revenue of VND162 bn (-16% YoY) and PAT of VND52.6 bn (+135% YoY).
• PHR VN: recorded, in Q12024, net revenue of VND323 bn (-1% YoY) and PBT of VND90 bn (-68% YoY), achieving 11% of revenue target and 4% of PBT target.
• POW VN: estimated, in Q12024, revenue of VND6,279 bn (-19% YoY) and PBT of VND51 bn (-92.7% YoY).
• PVS VN: estimated, in Q12024, revenue of VND3,169 bn (-18% YoY) and PBT of VND202 bn (-24% YoY), achieving about 23% of the year’s target.
• SAB VN: recorded, in Q12024, revenue of VND7,184 bn (+15.6% YoY) and PAT of VND1,024 bn (+2% YoY), completing 21% and 22%, respectively of the year’s target.
• TCB VN: recorded, in Q12024, revenue of VND12,262 bn (+31.8% YoY) and PBT of VND7,802 bn (+38.7% YoY), completing 28.8% of the year’s target.
• VIB VN: recorded, in Q12024, operating income of VND5,320 bn (+8% YoY), PBT of more than VND2,500 bn and total assets of VND414,000 bn (+1% YoY).
• VGC VN: recorded, in Q12024, net revenue of VND2,639 bn (-5% YoY) and PAT of VND237 bn (+56% YoY), achieving 20% of revenue target and 31% of PAT target.
• VNM VN: estimated, in Q12024, total revenue of VND14,120 bn and PAT of VND2,200 bn (+1.2% and +15.8%, respectively YoY).
• VRE VN: sets, in 2024, net revenue target of VND9,500 bn (-3% YoY) and PAT target of VND4,420 bn.

Country

• Vietnam’s central bank has injected VND36 tn into the banking system through open market operations (OMO).
• U.S. company Apple had Southeast Asia’s highest number of suppliers in Vietnam last year and fourth highest globally. Globally Vietnam was behind China (158), Taiwan (49) and Japan (44). In 2016-23 Vietnam saw the strongest increase in the number of suppliers with the entry of Foxconn, Luxshare and others. Analysts expect Vietnam to account for 65% of Apple’s Airpods, 20% of iPad and Apple Watch and 5% of Macbook by 2025.
• Standard Chartered Bank lowered its forecast for Vietnam’s GDP growth to 6% in 2024, compared to the previous forecast of 6.7%, due to lower first quarter growth than expected and challenges coming from global trade.
• Vietnam IT giant FPT Corp will spend $200 mn building an AI Factory that incorporates technology from U.S. chipmaker Nvidia.
• Credit institutions have proposed to raise the cap of small loans not requiring feasible capital use plans and related person information from 100 mn VND to 400 mn VND (15,710 USD).
• Vietnam became Singapore’s biggest rice supplier in value terms for the first time with a 32% market share in the first quarter, followed by India and Thailand.
• The State Bank of Vietnam (SBV) has announced its intention to sell U.S. dollars at VND24,450 in a bid to stabilize the exchange rate.