VCB - Business Update

VCB’s PBT reached more than VND 8 Tn (+52.6% YoY) in 1H 2018, the highest growth observed since 2009. The positive results came from faster growth in incomes and slower growth in operating and provision expenses.

Currencies: the Real

The world has been focussed on the Turkish Lira of late, for good reasons, but what is going on with the Brazilian Real (BRL)?

Noteworthy Recent Acquisition Offer in Pharma in Vietnam

Our calculation shows that the DMC deal is done at 12.2x EV/EBITDA in 2016, while DHG deals are completed at 8.9x EV/EBITDA in 2016 and 17.6x EV/EBITDA in 2018.

Real estate update in District 7, Ho Chi Minh City

Overview

Statistical Update on Industrial Zones

Jones Lang LaSalle has released its update on the current status of industrial hubs across Vietnam. Most industrial zones are operated by several longstanding names such as: Sonadezi, Becamex, Viglacera, IDICO and KBC. These developers possess a huge land bank across the country. The research compared statistically land area as well as industries operated between regions. The northern region is a reasonable destination for companies that shift their manufacturing out of China. The region has a relatively developed infrastructure, thus making transportation from China affordable. Warehouse leasing activity is interesting due to steady demand from hi-tech enterprises and logistics firms who need a large area for stocking. The asking rent is around USD4.1/sqm/month, 30% higher than that of the southern region.

Update On Vietnam’s Budget And Debt

Recently, the Ministry of Finance released preliminary documents of the public budget for 1H2018. The most important point is that, sot seen for a long time, the budget is in surplus. That is due to lower growth of current expenditures, which accounts for 80% of the total state budget expenditures. Meanwhile, tax revenue was adversely affected by lower import-export taxes as Vietnam joined many Free Trade Agreements (FTAs). The pressure on debt repayment is the lowest than it will be in the next three years. Payment on the principal has been lower this year and therefore positive for the budget.

NT2 - Result Update on PetroVietnam Power Nhon Trach 2 JSC

RongViet Securities Corporation hereby presents the Result Update on PetroVietnam Power Nhon Trach 2 JSC (HSX: NT2) with the overall opinion as follows:

FRT - Update on 1H’s result

In the first 6 months, FRT achieved a growth of 17% in sales (target is 22%) and 30% in NPAT. The company opened 43 new stores, increasing the total store count to 517. The unimpressive revenue growth was the result of the two installment programs (F.Friends and Subsidy) not meeting expectation as well as the delay in the expansion plan for F.Studio which was due to difficulties coming from Apple. The bright spot came from the improvement in performance of Long Chau – the drugstore chain.

1H2018 Update on seaports in Haiphong

The overall picture for seaports in Haiphong in 1H2018 was in-line. The trend is to move containers from upstream ports to downstream ones as shipping lines prefer the latter ones because of more favorable  technical conditions.

PVS – Prospect From 2019 on

We believe that PVS will benefit the most due to its leading position in the upstream segment. Despite a not so “bright” outlook in 2018, we should expect a growth in net profit from 2019 on.

MPC – Efforts to Come Back to the Race

After two years of being delisted, Minh Phu comes back trying to resolve long existing issues to get ready to re-list on HOSE in 2018.

Greece finally exits from eight years of international financial assistance

The country, on Monday, ended eight years of international financial assistance but has a high tax level, poor competitiveness and a gigantic public debt. Is it the end of the Odyssey?