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VCB - Positive Earnings Outlook

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image07-07-2017
: VCB
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: Lam Nguyen
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According to Directive 24/CT-TTg, the credit growth to the economy must reach at least 18% in 2017. As mentioned in the previous analyst pinboard, we believe that to meet this target, the credit growth of some large banks will have to increase from their current plan because: (1) With large credit market share (3 state-owned banks account for more than 33% market share), some percentage change in terms of credit growth in these banks will be large enough to fulfill the Government’s guidance and (2) The room of credit growth in 2017 of large banks has set around 15-16% while the room for smaller banks are quite high (>18%). Hence, we believe that credit growth in three state-owned banks, including BID, CTG and VCB, will increase by 2-3% from the plan set in the early year.

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Concerns over the Divergence between Price and Volume Existing on the Market

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image06-07-2017
:
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: Others
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Although the market has entered into an uptrend, there are still concerns regarding its liquidity. In 6M17, the market liquidity plunged on both the HSX and the HNX by 19.1% and 5.4% respectively, equivalent to absolute values of VND839bn and VND34bn respectively.

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1H2017 Foreign Capital Inflows: a New Record since 2008

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image05-07-2017
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: Others
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After 1H2017, total net buying value was VND9,200 billion, a 9-year high. Foreigners tended to pay more attention to F&B, construction and other relating sectors.

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TTJ – A Small Ice Cream Company

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image04-07-2017
: TTJ
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: Vu Tran
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Thuy Ta JSC (Ticker: TTJ) has been listed on Upcom for 2 weeks and was traded in the last 2 trading days. Currently, the share price is staying at VND49,900, up 60% against to the closing price of the first trading session. 

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DNP - Update on water projects

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image03-07-2017
: DNP
: Materials
: Others
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Tomorrow is the ex-rights date for a stock dividend of 25% and preferential shares (40%) at par value to existing shareholders of Dong Nai Plastic JSC (HNX: DNP). This is the fourth consecutive year that DNP has paid high stock dividends, no cash and accelerated capital mobilization through the issuance of preferred shares to existing shareholders and private placement. However, DNP's earnings growth rate is good enough to maintain EPS as before dilution.

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The Booming Phase of LED Lighting in Vietnam is Coming

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image30-06-2017
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: Household goods
: Others
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In Vietnam, the LEDs are introduced 2-3 years later than in the global market. It was not until 2013 when local ligting companies, DQC and RAL, start commercialize LED products. Therefore, the LED penetration rate in Vietnam is also 2-3 years behind that of global lighting market. Based on these studies of product life cycle, as well as the estimated LED sales of DQC and RAL in recent years, we believe that the LED penetration rate in Vietnam is only around 10%. Thus, the lighting market in Vietnam in the next 3-4 years promises a booming of LED products.

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NKG- Efforts to Improve its Financial Strength

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image29-06-2017
: NKG
: Materials
: Others
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NKG is holding an extraordinary GM on July 29th to make important decisions regarding its new share issuance plan. After concluding two private placements during 2016 and proceeding over VND430 billion for new machineries, the 1-trillion-charter-capital firm now continues to seek funding from strategic partners

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KLB – Company Report Release on 06/29/2017

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image29-06-2017
: KLB
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: Lam Nguyen
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Going through the restructure phase of the banking industry, the rural joint stock commercial banks group, including KLB, faced many challenges and obstacles to maintain their operations. Contrary to many other banks in the same group that need to merge with big banks or fall into the category of "zero-dong", KLB has made great "self-restructure" efforts to go through this difficult period. Compared to state-owned banks or joint stock commercial bank in Groups 1 and 2, KLB does not have much advantage in terms of liquidity deposit or brand credibility. However, with a clear development strategy, KLB has been investing quite well in the technology platform as well as completing its product portfolio. Considering what KLB is working on, we believe KLB will be able to stand strongly and have good prospects for growth.

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ACV – 2017 AGM update

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image28-06-2017
: ACV
: Transportation
: Others
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At the 2017 AGM held early today, Airports Corporation of Vietnam (ACV – Upcom) passed though the 2017 Guidance to achieve VND13,293 billion in Revenue and VND3,669 billion in profit before tax. In 1H2017, the firm estimates to record VND7286 billion (completed 55% target) and PBT VND2,298 (completed 63% plan). Regarding the 2017 capital expenditure plan, ACV would need around VND 6000 billion (USD263 million) for airport facility expansion. Some of the urgent expansion projects are clearly seen such as 2nd Phase of Tan Son Nhat terminal and apron expansion estimated at VND 2000 billion, NoiBai airport’s Terminal 1 renovation and apron expansion worth VND1200 billion and upsizing Phu Quoc terminal’s designed capacity to 5 million passengers/year worth VND2000 billion. Given the unclear progress of finalizing strategic shareholder (20% stake sales plan: 17% from MOT and 3% from new shares issue), the majority of this expansion is likely to be funded by ACV’s operating cash flow.

 

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PAC – Business Result Update Release on 06/28/2017

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image28-06-2017
: PAC
: Consumer Durables
: Others
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PAC’s shares have been rising steadily since the beginning of the year. Compared with the beginning of the year, PAC’s shares have increased dramatically (~71%) despite rising raw material prices, lower gross margin and declining earning’s outlook this year. It can be seen that the factors that make stock prices rise rapidly in a short time are out of the business prospects. The bull run began with the VND76 billion adjustment of PBT in 2016, followed by a change in the Board of Directors’ structure with tighter control from the company’s main state-owned shareholder (Vinachem). In particular, the continuous net bought from foreign investors has contributed significantly to the sharp increase of the stock during 1H2017.

 

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TRA - Ambitious Plan for 2020

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image27-06-2017
: TRA
: Pharmaceuticals, Biotechnology
: Others
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TRA’s chairwoman Vu Thi Thuan has made a lot of game-changing decision in the past: from the successful equitization to the investment of Hoang Liet factory, from pioneering to develop the planting area to the restructuring of the sale network. She believes at the current scale, it is time for TRA to move into the western medicine market to maintain the growth. The question is whether the selected products can harmonize with the company's distribution system and established brand.

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Banking Industry Update

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image26-06-2017
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: Lam Nguyen
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In June 2017, the banking sector received two important information that we believe will have a big impact on the industry’s business prospects in the last two quarters of 2017 as well as the next few years.

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