Week 24/06 – 28/06

Financials

• DIG VN: recorded, in Q22024, revenue of VND874 bn (+439% YoY) and PBT of VND160 bn (+815% YoY). For 6M2024, revenue reached about VND875 bn and PBT reached VND40 bn (+143% and -66% respectively YoY), completing 38% of the revenue plan and only approximately 4% of the profit plan.
• MWG VN: recorded, in 5M2024, net revenue of VND54,240 bn (+15% YoY), completing 43% of the revenue plan.
• PVT VN: estimated, in Q22024, revenue of VND2,664 bn (+27% YoY) and PBT of VND354 bn (-22% YoY). For 6M2024, PVT’s revenue reached VND5,200 bn and PBT reached VND740 bn, completing 59% of the year plan.

Company: baf.vn, bcm.vn, lpb.vn, kbc.vn, hsg.vn, msb.vn, nlg.vn, nvl.vn, ssb.vn, vcg.vn, vnm.vn

BAF VN: the State Securities Commission (SSC) issued a decision to sanction administrative violations in the field of securities and stock market for BAF. The total fine is VND242.5 mn.

Comment: What? I thought this was a decent co…sigh..

BCM VN: will issue 300 mn shares to the public in the form of Public auction format at HOSE at the starting price of VND50,000.

LPB VN: changes its capital increase plan to pay stock dividends in 2023 at the rate of 16.8%.

Comment: Aren’t you so happy to see this?

KBC VN: approved a loan of VND500 bn from Trang Cat Urban Development One Member Company Limited to serve production activities, business. This is an unsecured loan, with no collateral.

KBC VN: Giant Foxconn invested $383 mn to build a new factory to produce circuit boards in Kinh Bac Industrial Park.

Comment: If only they were a purer & cleaner play.

HSG VN: officially signed a strategic cooperation agreement with SP Group (Singapore) in the sustainable development of clean energy at HSG’s factories.

MSB VN: was approved by SBV to increase charter capital by VND6,000 bn through issuing shares to pay stock dividends at a rate of 30%.

NLG VN: has just successfully issued 5,500 bonds, total value of VND550 bn. Accordingly, the bond batch code NLGB2429001 has a par value of VND100 mn/bond, 5-year term, was issued on June 17th, 2024 and matures on June 17th, 2029.

NVL VN: registered to sell 2 mn shares to balance the portfolio and support debt structure. The transaction is expected to take place from June 27th to July 12th.

NVL VN: Aqua City Co., Ltd. uses the collateral of 3 lots of bonds worth VND2,400 bn to secure the VND1,100 bn credit limit at MBB for the purpose of borrowing to build the Aqua 112ha project.

Comment: Look at this money game continuing…

SSB VN: the International Finance Corporation (IFC) will provide a funding package of $150 mn for SSB to build a blue financial market, while promoting green bonds and supporting small and medium-sized enterprises in Vietnam.

VCG VN: has completed the transfer of all shares and no longer contributed capital at Van Ninh International Port Joint Stock Company from June 21st (equivalent to VND198 bn).

VNM VN: F&N Dairy Investments PTE LTD registered to buy nearly 20.9 mn VNM shares. The transaction is expected to take place from July 1st to July 30th, 2024.

Comment: It is “only 15x PE” which isn’t THAT expensive…given the longterm outlook, and 20 mn shares is ~1% of shares.

Country

• The State Bank just had to sell $600 mn in one session (June 25th) to stabilize the exchange rate at VND25,450, bringing the total intervention level to $5.5 bn.
• Vietnam surpassed China to lead the market share of textile-garment exports to the U.S. during 5M, and also achieved the highest export growth for these items among the world’s top three exporters, the Vietnam National Textile and Garment Group reported.
• Philippines lowers rice import tax to 15%. Vietnam exported 1.44 mn tons of rice to the Philippines as of May 23, accounting for 72.9% of the total import of the grain of the country. The reduction of rice import tax by the Philippines is said to increase opportunities for Vietnamese rice in the market.
• Vietnam’s fruit and vegetable exports have reached nearly US$3.5 bn in the year to date, up by over 28% year-on-year.
• The U.S.-based S&P Global Ratings has affirmed its ‘BB+’ long-term and ‘B’ short-term sovereign credit ratings on Vietnam, and forecasted that the country will earn a 5.8 % economic growth and GDP per capita of US$4,500 this year.
• Vietnam is in the top 14 countries with the highest export/GDP ratio in the world. The exports in the remaining months of 2024 are forecast to continue increasing. The export turnover in the first half of the year was estimated at $188.97 bn, up 13.8 per cent on year.
• Vietnam’s coffee exports have reached over US$3 bn this year, as reported by the General Department of Customs (GSO).
• Deposits made by individual customers at banks in Vietnam reached an all-time high of nearly VND6,700 tn (US$262.9 bn) as of March this year, according to data released by the State Bank of Vietnam (SBV).