Week 29/08 – 09/09

MWG VN

For Jul’22, MWG’s net revenue and consolidated PAT increased by 16% YoY and 32% YoY, respectively. For 7M22, co. achieved net revenue of VND81.87trl (+14% YoY, completing 58% of FY target) and PAT of VND2.88trl (+3% YoY, fulfilling 45% of FY goal).

Comment: And just wait for the deal for BHX to go through and then it can re-rate again.

NVL VN

NVL has revised the plan of issuing from 477.7mn bonus shares (equivalent to 24.5% of outstanding shares) to max 482.6mn bonus shares (equivalent to 24.75% outstanding share) at the ratio of 1:0.2475. Expected time will be in 2022 after getting approval from SSC.

Comment: Have followed this name on and off since its IPO and I’ve always had question marks…

QNS Binh Duong Nutifood Nutrition JSC, which is the affiliate of Nutrifood Nutrition Food JSC, bought total 3.64mn QNS shares on Aug 18 and Aug 22, thus increasing its stake from 3.42% to 4.44% (15.84mn shares). Thereby, the total stakes of the related shareholders increased from 7.02% to 8.04% (28.68mn shares).

Comment: That’s the shareholder looking to secure sugar supply.

TCB VN

Moody’s Investors Service has upgraded TCB’s long-term local and foreign currency deposit and issuer ratings to Ba2 from Ba3. Outlook changed to stable from positive. Rating upgrade reflects the company’s strong standalone creditworthiness and the upgrade of Vietnam’s issuer rating to Ba2 from Ba3 on September 6.

Comment: All the major banks are going to receive continual upgrades over the coming years, still no-brainer buys at the right price.

VPI VN

VPI was fined VND200mn for the violation in the securities market. Accordingly, VPI bought 3.72mn shares of Hanoi Foodsuff JSC (HAF VN) (equivalent to 25.65% of HAF’s charter capital) without registering and disclosing information as tender offer. In addition to the fine, VPI is required to reduce its stake in HAF below 25% within 6 months.

Comment: This story started in 1Q22 and is continuing to play out, arguably political in nature, but at the end, he’s a repeat offender and is in shock that the fine/repercussions are so large given that the last time around he only received a slap on the wrist.

  1. I agree totally about MWG and the banking sector. In both cases foreign buyers can also benefit from foreign room premiums going forward. In the case of of MWG that opportunity is now closed after foreign room briefly opened during summer. Now full quota again, likely for a long time.

    • Or they could completely flop with BHX, and write off an untold amount of invested capital, and they are now far behind masan’s retail version having had to shut down some 300 stores.

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