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Daily Market Summary

APRIL 16th

1) PVT: During the first quarter of 2024, PVTrans achieved a consolidated profit before tax of approximately 400 billion VND, a 32% increase compared to the same period last year. Chairman Pham Viet Anh emphasized the company's commitment to maintaining or increasing profitability, aiming for a profit range of 1,500 - 1,600 billion VND for the year, with favorable business results observed in the first quarter. PVTrans remains vigilant in navigating market fluctuations and leveraging growth opportunities.

 

Regarding dividends, PVTrans approved a cash dividend rate of 3% for 2023 and previously approved a stock dividend rate of 10% for 2022, expected to be implemented in April 2024.

 

2) PVD: Rig rental prices increased by about 34%, PV Drilling (PVD) estimates a pre-tax profit of VND 200 billion in the first quarter of the year

 

3) NBB: NBB (CII holds up to 79.8%Nam Bay Bay Investment Joint Stock Company (NBB) faced significant challenges in 2023 due to legal issues and low market liquidity in the real estate sector.

In 2023, NBB's total revenue reached 664 billion VND, representing 83% of the planned target, while the profit after tax was only 1 billion VND, which is 5% of the plan. Key projects for NBB included Son Tinh, De Lagi, NBB 2, and NBB Garden 3, with progress made in resolving legal issues and compensation processes. NBB's proposed business plan for 2024 includes a revenue target of 640 billion VND and a profit after tax of 18 billion VND, with no dividends planned.

NBB will seek approval for a maximum total investment of 11,800 billion VND for the De Lagi luxury resort combined with a residential area in Binh Thuan.

Additionally, NBB plans to buy back 12 million shares from CII Infrastructure Construction Joint Stock Company, equivalent to 12% of NBB's total voting shares.

NBB's audited consolidated financial report for 2023 showed a profit after tax of 1.1 billion VND, down 87% from the pre-audit figure, primarily due to increased management and other costs.

NBB's 2023 financial revenue increased by 133%, driven by profits from investment cooperation, capital support, deposit interest, and land project transfers. NBB's assets as of December 31, 2023, increased by 8% compared to the beginning of the year, with real estate inventory concentrated in the De Lagi and Son Tinh projects. Liabilities increased by 11% compared to the beginning of the year, with financial debt accounting for about 72% of total outstanding debt.

 

4) SBT: Chairman Huynh Bich Ngoc finished selling 15 million SBT shares. With the sale of 15 million SBT shares by agreement method, Chairman Huynh Bich Ngoc reduced his ownership to 9.09% of shares at TTC AgriS. Notably, Ms. Ngoc has just resigned from her position as Chairman of the Board of Directors of TTC Land on April 23.
 

5) MWG: MWG was officially removed from the Diamond basket, and BMP replaced it. It is estimated that BMP will account for 0.36% of the VNDiamond Index portfolio after this restructuring period.

The Ho Chi Minh City Stock Exchange announced changes to the VNDiamond index for April 2023.

MWG (Mobile World) was disqualified from the index, while BMP (a plastic industry stock) was newly added, maintaining the total number of stocks in the index at 18. The removal of MWG and the addition of BMP were predicted by domestic securities companies, including BSC Securities and SSI Securities.

Three ETF funds using the VNDiamond index as a reference include DCVFM VNDiamond ETF, MAFM VNDIAMOND ETF (FUEMAVND), and BVFVN DIAMOND ETF (FUEBFVND), with a total scale of nearly 16,000 billion VND. These ETFs are expected to sell all of the more than 50.2 million MWG shares in their portfolios by May 3, 2024.

The new index components will be effective from May 6, 2024, and related ETFs will undergo portfolio restructuring. Based on closing data on April 15, BMP is estimated to account for 0.36% of the VNDiamond Index portfolio after restructuring.

DCVFM VNDiamond ETF is projected to buy more than 472 thousand new BMP shares, along with additional shares of other companies like VRE, HDB, GMD, and ACB, to increase their proportions in the portfolio.

Conversely, DCVFM VNDiamond ETF will sell more than 48 million MWG shares, as well as shares of other companies like TPB, MBB, VPB, and VIB, to reduce their proportions in the portfolio. The VNFIN Lead index remains unchanged with 20 stocks during this restructuring period.
 

6) The State Bank injected a net VND 9,200 billion through the T-bill channel during the session when the VN-Index dropped sharply.

The State Bank injected money on April 15 in the context of the USD exchange rate skyrocketing to close to the ceiling at 25,300 VND. This move seems to only support liquidity in the short term.

 

7) The USD price on the morning of April 16 increased for 4 consecutive sessions