The DHG s consolidated profit before tax in the first five months of 2014 is estimated at VND269 billion.

Transcription

1 25 June 2014 Daily Bulletin Market Review: TCSC Research T: E: research@tcsc.vn Continued to be a slightly rising Company News: In focus: Short News The DHG s consolidated profit before tax in the first five months of 2014 is estimated at VND269 billion. Vietnam Central Bank Net Withdraws VND2.118 Tln on June 24 VN-index % (mn shares) Total value (USD Foreign Net Buy (USD Top foreign Trading HSX HNX PET ,300 HAG ,700 ITA ,450 VSH ,670 VCB ,630 HPG ,910 CSM ,520 EIB ,710 DRC ,350 DIG ,390 KLS ,000 PVS ,700 VCG ,300 PVC ,000 SHB ,600 VNC ,000 VND ,000 MEC 6.4 5,000 HPC ,000 VNR ,800 HNX-index % (mn shares) Total value (USD Foreign Net Buy (USD Index Change % DowJones 16, FTSE 100 6, Hangseng 22, Kospi 1, Nasdaq 4, Nikkei , S&P 500 1, Shanghai 2, Thailand 1, P a g e

2 Top 5 stocks bought/sold by foreign investor VCB , MSN , VIC , GAS , CSM , HAG , HPG , MSN , VSH , PVD , Market Review VN-Index had a slightly rising session with 2,53 points in equivalence of 0,44% to close at 572,27. Advancers outnumbered laggards, 143:59. The market liquidity increased significantly by 42,79% in volume and 50,38% in value to 96,49 million shares and VND1.605,11bln, respectively. Trading value in putthrough fall slightly, equal to 18,67% of total trading value in HSX. The foreign investors has net purchased on HSX with total value of VND37,83bln. HNX-Index had a moderately rising session with 1,21 points equal to 1,46% to close at 77,75. Advancers outnumbered laggards, 123:63. The liquidity of market increased slightly by 15,31% in volume and decreased slightly by 2,00% in value to 63,27 million shares and VND686,89bln, in turn. Similar to the performance of HSX, the foreign investor has net purchased on HNX with the net buying value of VND7,45bln. When the ATO phase finished, the market rose slightly by 0,59 points. Start continous phase, the market gained well, sometimes the market has increased 4,88 points. However, selling pressure has increased sharply as VN-Index did not sustain the momentum and ended the continuous trading session, the VN- Index rose by only 3.57 points. To the ATC session, selling pressure continued to rise strongly advised VN-Index closed to rise only slightly 2.53 points. It should be noted in today's session when the market liquidity has improved quite good. The large-cap stocks and penny, midcap stocks has rallied together today so this is a good sign, showing that investors still want to participate in the market in the current period when prices stocks was low. However, we remain cautious in this period, and session tomorrow will be an important session so that we can make sure that the market will continue to grow or that today is the day discharge classics. KLS , VCG , PVS , SHB , VND , PVS , PVC , RCL , NHC , PMC , In view of the technical analysis chart of the VN-Index candles today hit the upper limit of the range Bollinger Bands (20 +/-1) and resistance is at 572. Besides, today s rally candle had a long upper shadow, this could be seen as a negative signal. Therefore, we believe that the VN-Index may fall sharply in few next sessions. 2 P a g e

3 Top 5 largest trading volume stocks FLC ,162,090 ITA 8.1 4,806,850 SSI ,487,610 HQC 7.8 3,822,610 MBB ,372,220 PVX 4.5 6,927,860 PVS ,720,060 KLF ,668,050 SCR 8.6 4,443,560 KLS ,630,040 Top 5 largest trading value stocks (USD SSI FLC HAG PET MBB PVS KLF KLS PGS SCR In view of technical analysis, the HNX-Index Graph returned the support channel and touched the upper boundary of Bollinger Bands (20 +/-2), while also touching the upper resistance line. There was a goog signal when the market liquidity rose again. Therefore, we think that might be HNX-Index fluctuated sharply in the next session and continue to rise. Company News The DHG s consolidated profit before tax in the first five months of 2014 is estimated at VND269 billion. According to Hau Giang Pharmaceutical JSC, 5 months consolidated revenue reached VND1.358,5 billion, up 9.5%; the produce goods reached VND1.239,9 billion, up 14.4%; business goods reaching VND49.3 billion, down 32.6% from the same period last year. Follow DHG, despite the impact of objective factors, hospital bidding situation remains difficult due to the impact of 01 Circular and the purchasing power of consumers decreased in 5 months of 2014, the goods produced by DHG has grown to 14.4% and increase the share back to 91.3% of total revenue compared to 85% in Sales of goods decreased to 32.6% compared to the same period last year due in DHG perform processing only, no further distribution of Eugica products. Excluding Eugica goods, net revenue from commodity trading to the first 5 months of 2014 increased 93.3%, primarily commodity groups increased from the exclusive distributor of MSD. Profit before tax in 5 months of the year reached VND269 billion, up more than 7% over the same period last year and completed 39.24% of the plan year. In the first 5 months DHG disbursed VND126.7 billion investment 3 P a g e

4 Trading by sector: Sector Change % Retail 0.02 Insurance 1.93 Technology 0.60 Petro 0.90 Public services 0.32 Financial services 0.48 Consumer Goods Entertainment Commodities 1.03 Chemical Banking 0.65 Auto parts 3.19 Resources 0.00 F&B Media & Telecom 0.13 Construction & Materials 1.62 Health 1.05 Transactions of 10 largest market cap stocks: % Change OutSt Share ( Market Cap bn) GAS ,895 9,511 VNM ,815 MSN ,062 VCB ,317 2,886 VIC ,796 CTG ,187 2,218 BID ,606 1,851 BVH ,295 STB ,127 1,099 HPG ,062 % Change OutSt Share ( Market Cap bn) ACB PVS SQC SHB VCG PVI OCH VNR LAS KLS allocation for DHG plant PP1 (extra 14.7 billion); VND111 billion new plant. DHC adopted the plan about 10% dividend for 2013 In 2013, net profit of DHC was over VNS27 billion, up significantly from a loss of VND2.5 billion the previous year. With this result, the company has accumulated losses easily removed, and through plans 10% dividend to shareholders. The AGM adopted the business plan targets in 2014 with net revenue and net profit respectively VND479 billion and VND28 billion. It is expected that in 2014, DHC will produce 39 thousand tons and 17 million kraft paper carton packaging products. Plan proposed the dividend of 2014 at least 12% in shares or cash. DHC plans to issue up to 690,000 shares under the ESOP par with the price. This price is lower than 4000 compared with the current price of the stock DHC (closed session 23/6, DHC shares stood at 14,300 VND / share). ALV expects to issue more than 1.02 million individual stocks Minerals Corporation Vinas A Grid informed the Board Resolution dated on the issue of individual stocks for strategic investors. Accordingly, the Board adopted plans to issue million shares equivalent to the total value calculated in nominal value of VND10.26 billion for strategic investors. The purpose of this issuance is to clearing debt and additional working capital for the company. It is expected that the release be done right in quarter 2/2014. In focus: Vietnam Central Bank Keeps Dollar Exchange at VND21,246 on June 25 Commercial banks are allowed to apply effective exchange rate +-1% from the official exchange rate set by the central bank, accordingly, the ceiling price for a dollar today was VND21,458. Today, some commercial banks raised, some lowered dollar prices, offering at VND21,290-21,320/dollar for bid and VND21,360-21,380/dollar for ask, respectively. Vietnam Central Bank Net Withdraws VND2.118 Tln on June 24 In details, the SBV neither pumped nor withdrew any money through open market operation. As of June 24, there was no outstanding loan on OMO. On the day, the SBV issued VND4.226 trillion Treasury bills and there were VND2.108 trillion T-bills falling due, resulting in VND2.118 billion net withdrawal by selling outright. From Mar 15, 2012 to date, the central bank issued in total 4 P a g e

5 Rates: Exchange rate(vcb) 24-June 25-June Change (%) US$/VND 21, , EUR/VND 28, , Yen/VND Trade: External factors US$ mn Mar-14 Apr-14 May-14 Export 12,000 12,300 12,000 Import 12,300 12,500 12,400 Trade Balance Implement FDI 1,794 1, VND trillion T-bills, of which VND trillion T-bills have been mature and VND trillion T-bills have not been mature. On the interbank market, interest rates rose across the board. Overnight, 1 week, 1-month and 3-month interest rates were at 2.38%, 2.72%, 3.37% and 4.16% respectively. Vietnam Gold Eases to VND36.85Mln/Tael on June 25 Today, SJC Hochiminh was traded at VND36.72 million/tael for bid and VND36.85 million/tael for ask, respectively. SJC in the North quoted at VND36.72 million/tael for bid and VND36.87 million/tael for ask. Techcombank gold prices were listed at VND VND36.84 million/tael for bid and ask, respectively. Domestic gold premium stood high at VND3.13 million/tael higher than the world gold price based on Vietcombank s today rate ($1=VND21,360), little changed from yesterday morning. 5 P a g e

6 Event Calendar: s Bourse Ex-right date Event MPC HSX 26/06/2014 Cash divident payment for 2013, VND1.500/share SPC UPCOM 26/06/2014 Cash divident payment for 2013, VND400/share VTL HNX 27/06/2014 Cash divident payment for 2013, VND450/share TTR UPCOM 27/06/2014 Cash divident payment for 2013, VND810/share HAR HSX 27/06/2014 Do the right, rate 2:1 VNR HNX 30/06/2014 The second cash divident payment for 2013, VND1.000/share Share bonus, rate 10:3 S99 HNX 30/06/2014 Extraordinary general meeting 2014 PVI HNX 30/06/2014 Cash divident payment for 2013, VND1.000/share C47 HSX 30/06/2014 Share divident payment for 2013, rate 5:1 CTG HSX 01/07/2014 Extraordinary general meeting 2014 SNG HNX 01/07/2014 Cash divident payment for 2013, VND3.000/share GIL HSX 01/07/2014 Cash divident payment for 2013, VND1.000/share CMV HSX 02/07/2014 The second cash divident payment for 2013, VND1.100/share SAP HNX 04/07/2014 Shareholders' approval in writing L61 HNX 08/07/2014 Cash divident payment for 2013, VND800/share HDG HSX 08/07/2014 Share issue, rate 100:17 D11 HNX 17/07/2014 Cash divident payment for 2013, VND1.500/share 6 P a g e

7 DISCLAIMER AND RISK STATEMENT This material does not seek to comment on the fundamentals of any companies mentioned, Unless indicated, all views expressed herein are the views of the author s and may differ from or conflict with those of our research analysts or others in the Firm, The information provided herein has been prepared solely for informational purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell the securities or instruments mentioned or to participate in any particular trading strategy, This information is based on or derived from information generally available to the public from sources believed to be reliable, No representation or warranty can be given with respect to the accuracy or completeness of the information,or with respect to the terms of any future offer or transactions conforming to the terms hereof, This report does not provide individually tailored investment advice, It has been prepared without regard to the circumstances and objectives of those who receive it, We recommend that investors independently evaluate particular investments and strategies,and encourage them to seek a financial adviser s advice, The appropriateness of an investment or strategy will depend on an investor s circumstances and objectives, Our Strategy & Economics research product does not constitute an offer to buy or sell any security or to participate in any trading strategy, The value of and income from your investments may vary because of changes in interest rates or foreign exchange rates,securities prices or market indexes,operational or financial conditions of companies or other factors, Past performance is not necessarily a guide to future performance, Estimates of future performance are based on assumptions that may not be realized, This document is produced using open sources believed to be reliable,however,their accuracy and completeness cannot be guaranteed, The statements and opinions herein were formed after due and careful consideration for use as information for the purposes of investment, The opinions contained herein are subject to change without notice, This document is not,and should not be construed as,an offer or the solicitation of an offer to buy or sell any securities, The use of any information contained in this document shall be at the sole discretion and risk of the user, Global Alliance Partners (GAP) is an international network of financial services companies employing over 1,500 investment professionals dedicated to delivering innovative solutions for our clients across private equity,corporate fundraising and M&A, stockbroking and fund management, Partner firms have advised on more than 350 corporate transactions worth a total of over USD10bn and manage in excess of USD4bn in client assets, Our latest projects include a USD100M-dedicated Philippines equity fund run from Tokyo and two joint venture RMB-denominated venture capital funds in China, The fast growing network includes partners whose local expertise spans strategic markets in Africa,Asia,Europe,the Middle East,and North America, Global Alliance Partners bridges the gap between investment opportunities in leading emerging and frontier markets and key sources of investment risk capital,www,globalallinacepartners,com 7 P a g e