DAILY MARKET RECAP 25 May 2017

Transcription

1 Market commentary Vietnam Stock Markets saw contrary tendencies as investors excitement cooled down due to the late retreat of large caps. After escalating higher toward the end of the morning, VN-INDEX suddenly reversed and pulled back sharply throughout the entire afternoon. Notably, following the positive outlook of oil prices, Utilities and Energy sectors extended gains, led by GAS and PVD. Other top performers consisted of CTD, ROS, BVH, MBB, BHS and DXG. However, such rallies were overwhelmed by the dramatic plunge in the majority of blue-chips. Notably, contrary to yesterday s positive performance, Banking tickers including VCB, CTG, BID and STB suffered miserably under investors relentless selloffs. Additionally, Consumer and Real Estate stocks (especially VNM, VIC, MSN, NVL and PNJ) also slumped and negatively affected the market s sentiment. Consequently, VN-INDEX sank below its reference threshold and closed at pts (- 0.11%) with 152 winners, 109 losers and 62 unchanged. Meanwhile, HNX-INDEX managed to maintain its movement in green during the whole session before landing at 93.47pts (+0.54%) with 113 advancers, 76 decliners and 193 unchanged. Most sectors increased, led by Information Technology (+2.1%), Utilities (+0.99%), and Industrials (+0.65%). Only Financials (-0.71%), Consumer Staples (-0.40%), and Real Estate (-0.21%) decreased. Top index laggards included VCB (- 1.72%), VNM (-0.99%), CTG (-1.82%), VIC (-1.11%), and MSN (- 1.15%). Top movers showed GAS (+1.75%), CTD (+4.48%), ROS (+1.19%), BVH (+1.39%), and MBB (+1.60%). Besides, SAB with around 2mn shares (VND381.6bn) was the biggest block trade, followed by NVL with 1.55mn shares (VND104.8bn) and AAA with 2.2mn shares (VND76.2bn). Foreigners net sold both exchanges with total net-selling value of VND30.7bn. They mainly sold SAB (VND387.3bn), VIC (VND47.6bn), and MSN (VND35.2bn) while bought SAB (VND384.9bn), VNM (VND32.1bn), and MBB (VND30.2bn). Snapshot HOSE HNX Close (pts) Day change (%) Volume (mn shs) Value (US$mn) Gainers Losers Unchanged Commodities & Currencies Close %chg Gold(USD/Oz) 1, WTI Oil ($/B) 1Mth Brent Oil ($/B) 1Mth USDVND 22, EURVND 25, Source: Bloomberg VN-INDEX HNX-INDEX Sectors Index P/E P/B Country Close 1D chg P/E P/B Market cap (VNIndex) 1D chg Wgt x x Peering Points % x x US$bn Consumer Discretionary 0.06% China 3, ,553 Consumer Staples -0.40% India 9, ,022 Energy 0.36% Indonesia 5, Financials -0.71% Laos 1, Health Care 0.34% Malaysia 1, Industrials 0.65% Philippines 7, IT 2.10% Taiwan 10, Materials 0.38% Thailand 1, Real Estate -0.21% Utilities 0.99% Vietnam Source: Bloomberg Source: Bloomberg

2 Market News Oil weakened after OPEC was said to agree to extend output cuts for another nine months, disappointing investors who had hoped for more. Futures dropped as much as 2.3% in New York. OPEC has agreed to extend its supply deal for another nine months beyond June, said a delegate familiar with the matter, who asked not to be identified because the meeting hasn t yet concluded. The curbs are working, and a nine-month extension is a very safe and almost certain option to do the trick, Saudi Oil Minister Khalid Al-Falih said before the ministerial meeting in Vienna Thursday. The OPEC will empower its monitoring committee to recommend further interventions if needed, Al-Falih said. Libya and Nigeria, which have boosted output since the curbs started in January, will continue to be exempt from production cuts, he said. (Bloomberg) Japan has become the Vietnam s biggest shrimp importer in 1Q2017, citing the Vietnam Association of Seafood Exporters and Producers (VASEP). According to VASEP s Q1 statistics, Vietnam s shrimp exports to Japan reached US$135.4mn (+29.6% YoY) thanks to the rise of the Yen, which had encouraged Japanese firms to import more shrimp, and the changes in tastes of Japanese consumers who now prefer cheaper aquatic products to salmon, tuna and cuttlefish. Moreover, although Vietnamese shrimps are exported to Japan at a high price of US$12/kilo on average compared to Indonesia s rate of US$11 and Thailand s rate of US$10, they are still favored in Japan thanks to their improved quality. For more information, Vietnam s top ten importers were Japan, EU, the US, China, South Korea, Canada, Australia, ASEAN, Taiwan and Switzerland, which make up 95.4% of the country s shrimp export value during Q1. (Dtinews.vn) Total FDI in Vietnam reached US$11bn (+41% YoY) from the outset of the year, said the Foreign Investment Agency under the Ministry of Planning and Investment (MPI). Accordingly, more than 39,580 enterprises (+14% YoY in number of newly-established businesses) were set up in the first five months of the year with total registered capital of nearly VND370trl, equivalent to US$16.3bn (+48.9% YoY in capital). This is the result of improving business climate and competitive and business development. (En.vietnamplus.vn) Corporate News Petrovietnam Ca Mau Fertilizer JSC (DCM VN) key personnel change: On May 24, DCM appointed Mr. Nguyen Tuan Anh as new Vice CEO starting from Jun 01. (Cafef.vn) Rang Dong Plastic JSC (RDP VN) - dividend payment: May 29 and May 30 will be the ex-date and record date, correspondingly, for receiving 2016 cash dividend of VND1,612/share (est dividend yield of 9.8%). The payment is expected on Jun 15. (Vsd.vn) Thien Long Group Corporation (TLG VN) key personnel change: On May 24, TLG s BoD appointed Mr. Co Gia Tho as new Chairman and the legal representative in period. Besides, TLG also appointed Mr. Tran Kim Thanh as Vice Chairman for the same period. (Vietstock.vn)

3 FECON JSC (FCN VN) - shareholder s activity: Mr. Nguyen Van Thanh - a FCN s Director - has registered to sell 30,000 FCN shares (0.07%) via order-matching method from May 29 to Jun 27. If successful, he will reduce his stake from 45,613 shares (0.1%) to 13,613 shares (0.03%). (Vietstock.vn) Khang Dien House Trading And Invest JSC (KDH VN) - shareholders activities: On May 22, Vietnam Investment Property Limited sold 550,004 KDH shares via put-through method, thereby decreasing its stake from 3,487,484 shares (1.49%) to 2,937,480 shares (1.26%). Moreover, Venner Group Limited successfully purchased 1.4mn KDH shares and raised the stake of the group of related shareholders from 36,555,516 shares (15.62%) to 37,955,516 shares (16.22%) from May 24. (Hsx.vn) NoVaLand Investment Group Corporation (NVL VN) business activity: NVL receives 30-month loan package of US$30mn from Maybank and VietinBank Filiale Deutschland, a branch in Germany of Vietnam Joint Stock Commercial Bank for Industry and Trade (CTG VN), news website reports, without attribution. (Bloomberg) Dry Cell and Storage Battery JSC (PAC VN) - adjusted 2016 business results: PAC s BoD has announced the adjustments of the company s 2016 financial statements. Specifically, while net revenue remained unchanged at VND2.291trl (+9.4% YoY), COGS decreased by VND31.4bn compared to the previous report s to VND1.865trl. Thus, gross profit hit VND426bn (+7.9% vs. the original figure). Moreover, selling expenses and admin expenses were reported at VND146.7bn (-15.3% vs. the original figure) and VND45.1bn (-30.9% vs. the previous figure), respectively. Therefore, EAT hit VND187.7bn (+54.7% vs. previous figure and % YoY). Besides, the adjusted business results also reported a payroll fund reduction of VND43.9bn and an exclusion of provision for unemployment compensation of VND33.9bn. (Ndh.vn) Vietnam Stone Work - Top Fabrication JSC (STV VN UPCOM) shareholders activities: A & A Green Phoenix JSC (Phenikaa) bought 650,000 STV shares on May 18, thus raising its stake from 3,292,350 shares (50.55%) to 3,942,350 shares (60.53%). On the same day, Vicostone JSC (VCS VN) fully divested its stake of 2,044,800 STV shares (31.4%) via put-through method. (Hnx.vn) Vietnam National Reinsurance Corporation (VNR VN) dividend payment and shareholder s activity: May 31 and Jun 01 will be the ex-date and the record date, respectively, for receiving 2016 cash dividend of VND1,200/share (est dividend yield of 4.7%). The payment will be made from Jun 16. Besides, Bao Viet Investment Value Fund - which relates to VNR s Vice Chairman Phan Kim Bang - bought 415,900 VNR shares out of 4,275,500 shares registered from Apr 25 to May 19. After such transaction, Bao Viet Investment Value Fund raised its holding in VNR from 8,786,100 shares (6.7%) to 9,202,000 shares (7.02%). (Vsd.vn) Visaco Mineral and Investment JSC (VMI VN) shareholder s activity: Kim Cuong Investment JSC sold 106,700 VMI shares on May 17, thus decreasing its ownership to 4.38% (479,500 shares) and no longer being VMI s major shareholder. (Hnx.vn) An Phu Irradiation JSC (APC VN) shareholder s activity: Chairwoman cum CEO Vo Thuy Duong has registered to buy 100,000 APC shares from May 29 to Jun 27 via order-matching and putthrough methods. If successful, she will lift her ownership in APC to 2,919,390 shares. (Hsx.vn)

4 Binh Dien Fertilizer JSC (BFC VN) - dividend payment: Jun 09 and Jun 12 will be the ex-date and record date, respectively, for receiving the second 2016 cash dividend of VND1,000/share (est dividend yield of 7.3%). The payment will be made from Jun 24. (Vietstock.vn) SaiGon Thuong Tin Real Estate JSC (SCR VN) - bond private placement: SCR s BoD has approved the plan to privately issue VND300bn worth of 12-month non-convertible bonds with the face value of VND1bn/bond to a maximum of 100 local and foreign investors within 2Q2017. The bond bears an interest rate of 11%/year, which will be paid every 3 months. (Hsx.vn) VietNam Fumigation JSC (VFG VN) bonus share issuance: Jun 15 and Jun 16 will be the ex-date and record date, respectively, for receiving VFC bonus shares. Accordingly, VFG will issue nearly 5.5mn bonus shares to existing shareholders at the ratio of 10:3. Following the issuance, the firm s chartered capital will be increased from VND182.9bn to VND237.7bn. Notably, the issuance will be funded by the surplus capital and the development and investment funds as of Dec 31, (Hsx.vn) Vietnam Prosperity JS Commercial Bank (VPBank - unlisted)- pre-listing private placement: VPBank plans to raise minimum of US$200mn through a pre-listing placement to boost market cap by 10% to US$2bn, saying Mr. To Hai - CEO of Viet Capital Securities JSC, the adviser and bookrunner for VPBank - in an interview. Accordingly, VPBank will conduct some private roadshows in Hong Kong, Thailand, Singapore, Paris and London for the share sale in June (share price is not announced). The pre-listing private placement will be completed in mid-july. Moreover, VPBank expects to list its shares on Ho Chi Minh City Stock Exchange (HOSE) in September. (Bloomberg) Viet Capital Securities JSC (VCSC - unlisted)- pre-listing private placement: VCSC is conducting a pre-listing placement as the firm seeks to raise about US$30mn before its August listing, according to CEO Mr To Hai. Specifically, 80% of investors taking part in the placement are foreign financial institutions and VCSC s clients. Moreover, the private placement will be completed in mid-july. Besides, VSCS also plans to seek market capitalization of about US$220mn to US$280mn via the stock listing on Ho Chi Minh City Stock Exchange (HOSE) in August. (Bloomberg) Cuu Long An Giang Fish JSC (ACL VN) 2017 AGM resolution: According to 2017 AGM s resolution, the shareholders approved its 2016 business results with VND1.289trl in revenue and VND24bn in EAT (completing 99% and 96%, respectively, of the annual target). The company also set its 2017 business plan with VND1.3trl in total revenue and VND25bn in EBT. (Fpts.com.vn)

5 MARKET MOVEMENTS HOSE Top gainers VND Top gainers VND RIC 8, C92 9, BBC 110,200 7, , DC4 7, , HAS 8, , PMC 80,000 7, , VRC 29,300 1, , BXH 18,100 1, SGT 11, , DHT 74,000 6, , Top losers VND Top losers VND SC5 30,300-2, , DNC 24,300-2, , SII 25,100-1, SJE 22,500-2, HOT 26,150-1, , VE1 8, PNC 13, L44 1, , DHM 9, MLN HBS 2, Top index movers VND Top index movers VND GAS 58,100 1, , PVS 17, MLN CTD 210,000 9, , SHB 7, MLN ROS 127,500 1, MLN DBC 28,500 1, , BVH 58, , DHT 74,000 6, , MBB 19, MLN VCG 18, MLN Top index laggers VND Top index laggers VND VCB 37, MLN ACB 25, MLN VNM 150,000-1, , SHS 11, MLN CTG 18, MLN PTI 24,000-2, , VIC 40, MLN SJE 22,500-2, MSN 43, , VC3 31, , Top active volume VND Top active volume VND HQC 3, MLN SHB 7, MLN BID 19, MLN ACB 25, MLN KSA 1, MLN PVS 17, MLN SCR 12, MLN HUT 12, MLN FLC 7, MLN PVX 2, MLN Source: Bloomberg HNX

6 FOREIGN ACTIVITIES Volume (Mn'shs) HOSE d/d HNX d/d Value (VND'bn) HOSE d/d HNX d/d F.BUY % % BUY % % % of market 6.6% 1.5% % of market 14.7% 1.7% F.SELL % % SELL % % % of market 0.0% 0.0% % of market 0.0% 1.8% NET BUY (SELL) (0.9) 0.0 NET BUY (SELL) (30) (1) Source: HSX, HNX 500 Foreign net buy/sell (30 days) in VND'bn (100) (200) (300) HOSE HNX 2017 ACCUMULATION Volume (Mn'shs) HOSE % of 2016 HNX % of 2016 Value (VND'bn) HOSE % of 2016 HNX % of 2016 BUY 1, % % BUY 44, % 1, % % of market 6.0% 2.4% % of market 13.1% 3.3% SELL 1, % % SELL 38, % 1, % % of market 6.5% 2.3% % of market 11.3% 2.9% NET BUY (SELL) (76.2) 4.9 NET BUY (SELL) 6, Source: HSX, HNX

7 FOREIGN ACTIVITIES HOSE Top buy by foreigners (value) VND'bn Top buy by foreigners (value) VND'bn SAB 191, PVS 17, VNM 150,000-1, DBC 28,500 1, MBB 19, BVS 18, HCM 44,500 1, LHC 62, HSG 50, CTS 10, HNX Top sell by foreigners (value) VND'bn Top sell by foreigners (value) VND'bn SAB 191, VCG 18, VIC 40, PVS 17, MSN 43, DHT 74,000 6, MBB 19, NET 29, VNM 150,000-1, VIT 28, Top net buy by foreigners (value) VND'bn Top net buy by foreigners (value) VND'bn HBC 62, DBC 28,500 1, HSG 50, PVS 17, HCM 44,500 1, BVS 18, PHR 33,900 1, LHC 62, HPG 29, CTS 10, Top net sell by foreigners (value) VND'bn Top net sell by foreigners (value) VND'bn VIC 40, VCG 18, MSN 43, DHT 74,000 6, KDC 44,000 2, NET 29, NT2 28, VIT 28, BVH 58, SPI 2, Source: Bloomberg, HOSE, HNX

8 TOP 70 MARKET CAPS SNAPSHOT ON HOSE No. change (%) Mkt. Cap Outs. Vol. Float ratio Avail. FII Ave. daily vol. EPS P/E P/B ROE ROA VND 1M 3M 6M US$mln Mln'shs % % (30 days-shs) T12M Diluted 1Y Gr. x x % % 1 VNM VM 150, ,596 1, ,793 6,281 5, VCB VM 37, ,883 3, ,141,803 1,668 1, SAB VM 191, N/A 5, ,799 7,265 6, GAS VM 58, ,900 1, ,523 4,119 3, VIC VM 40, ,656 2, ,519 1,255 1, PLX VM 59, N/A N/A 3,365 1, N/A 4,254 4, CTG VM 18, ,102 3, ,067,402 1,867 1, BID VM 19, ,878 3, ,007,867 1,843 1, ROS VM 127, , ,137,084 1,136 1,136 N/A MSN VM 43, ,157 1, ,400 2,467 1, VJC VM 126, N/A N/A 1, ,164 8,726 8, BVH VM 58, , ,519 1,641 1, NVL VM 67, N/A 1, ,986 3,396 3,059 N/A HPG VM 29, ,635 1, ,645,878 5,944 4, MBB VM 19, ,442 1, ,779,096 1,811 1, MWG VM 98, , ,312 5,709 4, FPT VM 42, ,775 3,538 3, STB VM 12, , ,947, BHN VM 80, N/A ,568 3,236 3, CTD VM 210, ,465 20,854 20, EIB VM 11, , , DHG VM 157, ,835 7,212 6, SSI VM 26, ,700,764 2,133 1, REE VM 33, ,622,039 4,274 3, HSG VM 50, ,352,732 9,222 7, CII VM 39, ,439,038 7,950 3, PNJ VM 95, ,312 5,654 4, KDC VM 44, ,937 5,672 5, DPM VM 22, ,341 2,394 2, HNG VM 11, ,832,542-1,252-1,273 N/A N/A NT2 VM 28, ,925 3,508 3, HT1 VM 21, ,850 2,062 2, BMP VM 174, ,828 11,637 13, KBC VM 16, ,348,233 1,361 1, TCH VM 21, ,216,701 1,407 1,407 N/A N/A N/A

9 (Continued) No. change (%) Mkt. Cap Outs. Vol. Float ratio Avail. FII Ave. daily vol. EPS P/E P/B ROE ROA VND 1M 3M 6M US$mln Mln'shs % % (30 days-shs) T12M Diluted 1Y Gr. x x % % 36 GMD VM 42, ,995 2,196 2, SBT VM 28, ,365,568 1,111 1, DCM VM 13, ,180,518 1,416 1,011 N/A HAG VM 8, ,661,599-1,279-1,291 N/A N/A PPC VM 20, ,798 2,665 1, PVD VM 16, ,195, N/A KDH VM 27, ,592 1,658 1, QCG VM 22, , HBC VM 62, ,801,064 7,190 5, BHS VM 20, ,681,543 1,312 1, HCM VM 44, ,955 2,624 2, DXG VM 20, ,880,682 2,603 2, PDR VM 23, ,252 1,121 1, VHC VM 55, ,343 6,096 5, FLC VM 7, ,839,860 1,818 1, BIC VM 38, ,036 1,129 1, VCF VM 167, , , LGC VM 22, N/A 4.0 2,223 1,608 1, PGD VM 48, ,285 1,769 2, TRA VM 105, ,507 4,867 5, GTN VM 17, , PAN VM 41, ,494 1,763 2, DMC VM 116, ,605 5,224 4, TLG VM 103, ,658 5, PVT VM 14, ,579 1,438 1, NLG VM 27, ,470 2, , DRC VM 30, ,041 3, , VSH VM 17, ,420 1,549 1, ITA VM 3, ,556, PC1 VM 42, ,317 4,064 4, NKG VM 31, ,405 7,479 6, CAV VM 53, ,660 4,626 4, ASM VM 14, ,492, SJS VM 30, ,354 1,680 1, PTB VM 135, ,057 10,215 10, Source: Bloomberg

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