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Daily Market Summary

FEB 19


1) On February 16, 2024, CII's road toll revenue reached 11 billion VND, a record fee collected by the company in a day.

CII's daily toll collection rate has increased sharply since the beginning of 2022 when the company was allowed to increase the toll collection rate at Ca Na Toll Station (Ninh Thuan) and Co Chien Bridge Toll Station (Tra Vinh). The increase in toll rates (about 18%) is implemented according to the decision of the Ministry of Transport. CII 's fee income also increased thanks to the sharp increase in traffic at the projects the company manages at the end of the lunar year.

 

2) Increased world demand but limited supply has continued to push up prices of rice and durian, while coffee prices have set a record.

 

3) Corporate bonds issued in 2024:

 

According to data consolidated by VBMA as of 02/02/2024, there were 2 issuances of corporate bonds under private placement in January 2024 with the issuing value of VND 1,650 billion and one public offering worth VND 2,000 billion. Compared to the previous months, the issuance value decreased significantly from an average of about VND 43 trillion, equivalent to a decrease of 91%. These issuances had an average coupon rate of 10.7%/year, the average tenor was 5.25 years.

January also had an announcement of corporate bonds issued to the public worth VND 2,813 billion by Ho Chi Minh City Infrastructure Investment JSC, this bond was issued in December 2023, but the distribution was completed in January. The bond was convertible with a coupon rate of 10.5%/year for the first 4 periods and floated in the following periods.

 

In January 2024, corporates redeemed VND 7,394 billion of corporate bonds, 30.1% lower compared to the same period of 2023. In 2024, VND 279,219 billion of corporate bonds will reach maturity. Real estate bonds account for the largest share, VND 115,663 billion, equivalent to 41.4%. 7 issuers announced late interest/principal payments in the month with a total value of VND 8,432 billion (including interest and the remaining value of the bonds) and 5 bond codes had maturities extended.

 

Corporate bond issuance plan in 2024

 

Thanh Thanh Cong - Bien Hoa JSC

 

The Board of Directors of Thanh Thanh Cong - Bien Hoa JSC has announced the plan to issue corporate bonds in the first quarter of 2024 with a total value of VND 500 billion. These bonds are non-convertible, without warrant, and secured. The expected face value would be VND 100 million/bond with a 3-year term to maturity.

The coupon rate will be fixed at 11%/year in the first two periods. For the remaining periods, the rates = reference rates + 3.85%/year.

 

Viet Capital Bank

 

The Board of Directors of Viet Capital Bank has approved the plan to privately issue bonds in 2024, with a total value of VND 5,600 billion divided into 6 batches.

These bonds are non-convertible, non-warrant, and secured. The expected face value would be VND 100,000/bond with an 8-year term to maturity, and the fixed coupon rate would be 8%/year.

 

4) Thanks to the domestic market starting to stabilize at the end of 2023, Thuan Duc (TDP) recorded a revenue of 1.1 trillion VND in the fourth quarter, the highest level this enterprise has ever achieved. 

 

5) Once the second most beer drinker in Southeast Asia with 170 liters/person/year, now the prolonged reluctance of consumers to drink beer has dragged down the revenue of Sabeco, Habeco, and Heineken. The consumption market weakened more in near-premium segment beer lines such as Tiger, and the decrease was lower in popular beer lines such as 333, Lager, Lac Viet

 

6) With a decrease in both net revenue and financial revenue, the 2023 net profit of NLG is down 13% compared to the previous year, to nearly 484 billion VND.

 

7) On February 7, NVL approved adjusting the conversion price to shares for a batch of bonds worth 300 million USD issued to the bond market. Specifically, the new conversion price will be 40,000 VND/share, 2.3 times higher than its market price on the exchange.

 

This is the fourth time this company has changed the conversion price of the above-mentioned bond batch. Most recently, on January 19, Novaland announced that the conversion price for this batch of bonds was 77.00 VND/share, with a ratio of 59,771 shares/bond.

 

Initially, the bond had a conversion price of 135,700 VND/share and the conversion rate was 33,916 shares/bond, then the conversion price was adjusted to 85,000 VND/share and the conversion rate was 54,145 shares/bond on January 19, 2022.