NLG - Company report release on Aug 30, 2017

Using the RNAV method, the fair value of NLG is around VND30,000, 15% higher than our previous target price in our 2017 strategy report. In recent years, NLG has maintained a stable cash dividend policy, an average of VND500 per share. Thus, compared to the closing price of VND27,850 per share on August 30, NLG’s total expected return is 9.6%. Therefore, we recommend NEUTRAL to NLG.

HBC- Taking Advantage of the Real Estate Market Expansion

The domestic construction demand has ample room for growth in most segments. Even though the housing segment is predicted to be saturated in the next few years, it could still bring about increasing construction demand. The commercial segment continues to receive great boost from the vast number of new firms’ office renting demand. The strong growth of retailing activities and the leveling up of income of the Vietnamese people indicate that the demand for lease area is still abundant. Additionally, the industrialization trend and the FDI flow in Vietnam are important factors in determining the construction demand owing to the inclining size of the projects. Moreover, the Government’s recent focus on infrastructure development has created a promising amount of work for contractors in the field and the fact that the public-private partnership is increasingly common has brought about enormous potential for private construction contractors.

Q3/2017 ETFs’ Reconstitution Forecast

2 foreign ETFs will reconstitute their portfolios in September. 

ACB: Bright Prospects from Core Banking Operation

After ACB’s (HNX:ACB) analyst meeting today, we believe that ACB’s core banking operation has been under favorable growth conditions.

HAX – The Profit Paradox

After the meeting with representatives of Hang Xanh Motors Service JSC (HAX - HSX), the sole MBV distributor listed, we would like to would like to give investors some updates on this company.

PPH – The Difficult Period Is Not Over Yet

Phong Phu JSC (PPH) ended its first listing day on the UPCoM at VND21,000 (-16%). We have some quick comments on the company’s operation and the attractiveness of its current trading price.

HAH – Short-Term Change for Long-Term gain

Hai Phong seaport and HAH’s stock price in particular, once appreciated 50-60% supported by one-off gain from congested frozen container situation and TPP rumor, have come back to reality of fierce competition just one year after. The most inflicted victims here are small sized seaport operators sitting upstream in Hai Phong’s Cam River.  

QNS - Company report release on Aug 21, 2017

We believe the fair price of QNS is around VND87,400/share. This target price, coupled with a VND2,500 cash dividend, yields a total return of 24.6% (calculated based on the closing price on August 18, 2017) Therefore, we recommend investors to BUY the stock.

PTB Result Update – Company Report Release on 22/08/2017

RongViet Research has just released Q2 2017 Result Update Report on Phu Tai JSC (PTB-HSX) with the following overview and recommendation.

PVD - Oil Rig Operation Update

Rong Viet Research would like to give some updates about the rig operation of PVDrilling (HSX: PVD) after a meeting with their representative.

PC1 - Update on its business performance

We recently had a conversation with representative of Power Construction JSC No.1 (HSX: PC1) to update about the current business performance of the company. Recent movements in the company has helped us confirm that that our expected catalysts for a robust growth in 2018 is gradually evident by the end of this year.

VPB - More Option for Banking Investors

Today was the first trading day for more than 1.33 billion shares of Vietnam Prosperity JSB. (VPB – HSX) on the HSX with the initial price of VND39,000 per share. VPB closed the day with an unchanged price and more than 58 million shares were traded (foreign investors net bought approximately 37.4 million shares). The maximum foreign ownership ratio at VPB is 25%, while the remaining 5% is currently locked to make private placement to IFC (via convertible bonds). Thus, after the trading day, the foreign ownership in VPB reached 25% (out of total outstanding shares of 14.06 billion).

Although it is the 12th bank listed on Vietnam stock exchange, VPB's products and services are completely different from the other traditional banks. Therefore, VPB is expected to be a new option for investors interested in banking stocks.