NTC - Plan to increase charter capital has not been decided

Bottom lines in 2017 and 1Q 2018 were driven by a strong surge in financial income. Revenue from core business was modest due to narrowing leasable areas. No space remains for lease in NTU 1 and NTU 2, while NTU 3 is in its final steps of legal application. Financial income reached VND 114 billion (+72% yoy), mostly interest income. The company currently has ample cash and short-term investments. These, along with investments in several associate companies, will partly ensure NTC’s income in 2018.

TCB – A representative of dynamic private business in Vietnam

After two trading days, TCB’s stock price decreased more than 33.3% from its initial opening price. We think it is due to profit-taking  from individual investors, who invested in TCB at a low price. In today’s analyst pinboard, we would like to briefly discuss the bank’s business.

SGP - AGM Update

Saigon Port Jsc (UpCOM: SGP) is a state-owned logistics company with Vinalines owning 64%. Freight handling (container and bulk cargo) is the core business, which accounted for 88% of net sales in 2017.

Japan continues to open its doors to foreign workers

As Japan’s population ages, the construction industry is more and more dependent on foreign workers. The country will hold the 2020 Olympic games. The country’s infrastructure is on average 40 years old.

CTD-Result Update on Coteccons Construction JSC

Rong Viet Securities Corporation hereby presents the Result Update on Coteccons Construction JSC (HSX: CTD) with the overall opinion as follows:

ANV - Improved Results thanks to Non-core Business Divestment

Since 2016, ANV has started to divest from non-core businesses and that has shown positive results.

FX Rate: Updates on Free Market’s Moves

Over 1.5 months ago, the Dong’s slight depreciation was mostly caused by the negative “spread-out” effect of ASEAN currencies’ depreciation. The USDVND on the free market increased by 0.4% during the time. In addition, an expected sessional trade deficit and significant increase in inflation also played key points in May.

Updates on Recent Market Movements

Total margin has been on the rise since 2014. Keep in mind that the data is collected at the end of every quarter. Brokerage houses manage to smooth out the numbers in a way to reduce the amount to a more reasonable level. Actual margin lending, within the year is likely to be higher.

PVS - Result Update on PetroVietnam Technical Services Corporation

We have a BUY on PVS, based on a valuation of VND22,500 per share and VND700 of cash dividend, 39% higher than the closing price in 30/5/2018. In our opinion, the drop in the stock market provides an opportunity for investors to buy this ticker.

Updates on HSG

H1 2017-2018 result lowered. Net revenues and NPAT-MI are reported at VND 15,549 billion (+29.8% yoy) and VND 420 billion (-50.9% yoy), respectively. A significant increase in COGS along with operating and interest expenses weakened the bottom line. In particular, COGS increased 36.4% compared to a 29.8% growth in revenues. Selling, administration and financial expenses jumped 33.2%, 44.8% and 99.7%, respectively. Q2 performance fell heavily as NPAT-MI decreased 79%, at VND 86 billion. However, revenues rose 23% to VND 7,663 billion. According to HSG, the difference came from lower-cost inventory in Q2 2016-2017 when HRC price were favorable. The HRC price has been increasing since the beginning of 2018, yet gross margin and net profit margin have shrunk to 14% and 3%, respectively.

Vietnam Pharma Retail Market Overview

Mom-and-pop stores dominate the pharma retail market in Vietnam. There is 57,000 pharmacies and drug stores around the country. Pharmacy chains account for less than 1% of total stores.

Q2 2018 ETFs: Forecast on Changes

2 foreign ETFs will reconstitute their portfolios in June.