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Daily Market Summary

APRIL 10th

1)
In 2024, VIC targets revenue of 200,000 billion VND and profit after tax of 4,500 billion VND, up 23.89% and 118.87% respectively compared to 2023. Vingroup has ambitious targets for its various sectors:

 

Technology Sector (VinFast):

Plans to expand distribution channels globally, aiming for 400 stores worldwide by the end of the year.

Intends to introduce new models in the US market, export cars to Europe, and commence distribution in Indonesia.

Construction of an electric vehicle factory in North Carolina, USA, and India to meet market demands.

 

Residential Real Estate Sector (Vinhomes):

Targets record-high consolidated revenue of 120,000 billion VND, with a 15.8% increase compared to 2023.

Profit after tax is expected to reach 35,000 billion VND, up by 4.3% compared to 2023.

Plans to complete distribution system enhancements and implement the O2O business model.

Focused on new project implementation, such as social housing projects in Hai Phong and Khanh Hoa, and the Vinhomes Vu Yen project in Hai Phong.
 

Tourism, Resort, and Entertainment Sector (Vinpearl):

Aims to maintain its position as the top entertainment and resort brand in Vietnam, banking on market recovery, especially in international customer groups.

Expand strategic cooperation with Marriott International, managing 7 hotels and resorts.

 

2) Dragon Capital bought an additional 1.5 million DXG shares. According to information published on HoSE, the fund group managed by Dragon Capital purchased more than 1.5 million additional DXG shares of Dat Xanh Group Joint Stock Company in the past April 5 session. After the transaction, the foreign fund group increased its ownership in Dat Xanh from 10.98% (nearly 79.2 million shares) to 11.19% (80.7 million shares).

 

Dragon Capital bought more DXG in the context that this stock is showing signs of breaking out of the accumulation zone of 18,000 VND/share. The code closed the April 9 session at 20,150 VND/share, an increase of more than 10% in the past month.

 

3) GEG: Extend the time to hold the 2024 Annual General Meeting of Shareholders. The reason for the extension is that GEG needs to prepare more carefully about the discussion contents.

 

Gia Lai Electricity (GEG) is a prominent player in the solar energy sector in Vietnam, having invested in and operated several solar power plants across the country. Their investment portfolio includes two notable solar power plants: Phong Dien and Krong Pa, alongside two other projects, TTC Ham Phu 2 and Truc Son.

 

In addition to solar power, GEG also holds stakes in 14 small and medium hydropower plants, mainly located in the Central Highlands and North Central regions, with a total capacity of 85.1MW.

 

Financially, GEG's consolidated net revenue increased slightly by 3% in 2023, reaching 2,163 billion VND despite industry challenges. Electricity sales constitute the majority of revenue (99.2%), with the remaining from service provision, construction, and equipment sales.

 

Gross profit increased by 11% compared to 2022, reaching 1,121 billion VND, with a gross profit margin of 52%, higher than the industry average. Pre-tax profit amounted to 195 billion VND, surpassing the 2023 plan.

 

The company's electricity output in 2023 totaled 1,233 million kWh, generating revenue of 2,096 billion VND. Wind power accounted for the highest proportion of output and revenue, followed by solar power and hydropower.

 

GEG maintained high levels of profitability, with an EBIT Margin of 48% and an EBITDA Margin of 79%, exceeding industry averages.

 

As of December 31, 2023, GEG's total assets amounted to 16,131 billion VND, with total debt reaching 10,097 billion VND. However, the Interest Payability ratio remained at a safe level, satisfying the requirements of financial institutions.

 

In line with its strategy to expand renewable energy investments, GEG acquired a hydropower project in Dak Lak province with a capacity of 8.6 MW, aiming to increase hydropower capacity to nearly 90 MW. The project is expected to commence operations in the fourth quarter of 2025.

 

4) HAH: At the 2024 Annual General Meeting of Shareholders, Hai An Transport and Stevedoring Joint Stock Company (stock code HAH) outlined its financial targets and plans for the year. The company aims for a total revenue of VND 3,502 billion, marking a 34% increase from 2023. However, the projected profit after tax is slightly reduced by 5% to VND 340 billion.

 

To support its operations, Hai An plans to acquire two new ships with a capacity of 1,800 TEU each and invest in a port and depot project in the Cai Mep area worth an estimated VND 300 billion.

 

In 2023, the company faced challenges as it had to lower its business targets midway through the year. Despite adjusting the targets, Hai An still fell short of its plans, recording a revenue of VND 2,613 billion (down 19%) and a profit after tax of VND 358 billion (down 66%) according to the audited financial report.

 

Regarding profit distribution in 2023, the Board of Directors proposed a dividend payout of 15% in shares, deducted from the profit after tax, amounting to 158 billion VND. Shareholders were entitled to receive 15 new shares for every 100 shares owned.

 

In 2024, Hai An plans to distribute dividends of 10% in cash and 10% in shares.

 

On the market, HAH shares saw a significant increase, closing at 41,450 VND/share on April 9, 2024, representing a nearly 15% rise from the beginning of the year.



5) In March 2024, liquidity in the derivatives market increased sharply again.

 

 

6) VNM: Vinamilk (stock code VNM) plans for 2024:

Revenue target: 63,163 billion VND (up by 4.4% from 2023)

Profit after tax target: 9,376 billion VND (up by 4% from 2023)

 

Profit distribution plan:

 

Dividend payment at the end of 2023: Up to 9.5%

Previous dividend payments: 15% in October 2023, 5% in February 2024, and 9% expected in April 2024

If the round 4 dividend plan is approved, total distribution for 2023 would reach 38.5%. 

 

Business strategy:

Focus on recovering market share and sales sustainably and profitably

Expectation of improved macroeconomic situation in 2024

Benefit from low and expected further decrease in raw milk powder prices

 

Investments and projects:

Vinabeef Tam Dao beef farming and processing project:

Joint venture with Sojitz Group (Japan)

Capacity: 10,000 cows, processing factory for 30,000 beef cattle/year

Phase 1 investment: Nearly 3,000 billion VND, expected to start operation in 2024

Moc Chau Milk Paradise Complex Project:

Investment: 3,150 billion VND

Features: High-tech dairy farm for 4,000 cows, eco-tourism, milk processing factory (Phase 1)

Construction started in 2022, expected to operate in 2024

Lao - Jagro Dairy Farm Complex Project:

Joint venture in Laos

Phase 1: 8,000 cows, including 4,000 organic cows

Phase 1 investment: 120 million USD, expected to expand to 100,000 animals in Phase 2

Production capacity expansion:

Investment of 1,500 - 2,000 billion VND/year in upgrading production

Plan to hire consultants to improve marketing activities in the infant formula segment

Aim to regain an additional 1% market share in the infant formula segment.