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Daily Market Summary

MAY 15th

1. VDS:

Bond Issuance:

•Rong Viet Securities announces the issuance of the second batch of private corporate bonds in 2024.
•Total value: 800 billion VND.
•Fixed interest rate: 8.0%/year.
•Bond code: VDSH2425002.
•Par value: 100 million VND/bond.
•Term: 1 year.
•8,000 bonds to be offered to professional securities investors.

Use of Proceeds:
•Restructuring debts.
•Payment of matured bond principal or early redemption.
•Partial or full payment of bank loan debt.

Repurchase Terms:
•Potential buyback of bonds after 6 months.
•Maximum repurchase interest rate: 6.7%/year.

Recent Activities:

•Early buyback of bonds coded VDSH2324002, worth nearly 700 billion VND.
•Funded by operating cash flow and other sources.

Investment Climate:

•Low savings interest rates make corporate bonds an attractive investment.
•Importance of reputable, transparent, and effective business operations.

Regulatory Changes:
•From January 1, 2024, Decree No. 08/2023 expires, and Decree No. 65/2022 applies stricter requirements on professional securities investor status, bond distribution, and credit ratings.

Compliance and Issuances:

•Rong Viet complies with Decree 65/2022.
•Since early 2023, issued 5 separate batches of non-convertible, no-warrant, no-collateral bonds.
•Total value of bond issuances: 3,042.2 billion VND.
•Outstanding bond debt as of April 30, 2024: 2,776.5 billion VND.

Credit Ratings and Registrations:

•Independent credit ratings by FiinRatings and Saigon Ratings with a "Stable" outlook.
•All individual bonds traded on the Hanoi Stock Exchange (HNX) and deposited at Vietnam Securities Depository and Clearing Corporation (VSDC).
•Full payment of principal and interest on bonds issued since 2021.

Financial Performance:

•Q1 2024: Total revenue: 300 billion VND.
•Total costs: 149 billion VND.
•Pre-tax profit: 151 billion VND (96% increase YoY).
•Achieved 30.5% of annual revenue plan and 42% of profit target.
•Financial Position (as of March 31, 2024):
•Total assets: nearly 5,634 billion VND.
•Equity: 2,560 billion VND.
•Debt/equity ratio: 1.2 times (max regulation: 5 times).
•Margin loan balance/equity ratio: 1.12 times (max: 2 times).
•Financial safety ratio: 525% (min: 180%).

Efficiency Metrics:

•ROEa (last 4 quarters): 17.1%.
•ROAa (last 4 quarters): 8.3%.
•Average EPS in Q1 2024: 575 VND/share.

Capital Increase Plan:

•Increase charter capital to 3,240 billion VND.
•Methods: Dividend payments, ESOP, private offerings to strategic/professional investors.

 

2. TNG Textile and Garment (TNG) Performance and Expansion Strategy

Positive Order Growth and Financial Performance

TNG Textile and Garment, with stock code TNG, has reported a positive outlook in order growth. To meet this demand, the company plans to open 45 additional sewing lines in 2024, boosting total capacity by 15%.

In the first quarter of 2024, TNG recorded consolidated net revenue of 1,354 billion VND, showing a slight increase from the previous year. The gross profit margin remained steady at 15%. 

However, sales and administrative expenses rose by 10%, and financial revenue decreased by 30%, resulting in a net profit of nearly 42 billion VND, a 4% decline compared to Q1 2023. Despite this decline, the profit is seen as favorable given the positive growth from Q1 2023, which contrasts with other companies in the same sector.
Strategic Expansion and ESG Commitment

TNG plans to expand its production capacity significantly by adding 45 sewing lines across its Viet Thai-Son Cam, Viet Duc - Son Cam, and Dong Hy factories. This expansion is aligned with the company's emphasis on sustainable development and ESG (Environmental, Social, and Governance) standards. Notable projects include:


•Relocating Viet Duc Factory to Son Cam 1 Industrial Park to improve connectivity and performance.
•Ensuring new facilities meet fire protection and ESG standards, such as GRS (Global Recycled Standard) and RDS (Responsible Down Standard).
•Designing and constructing the Vo Nhai factory according to LEED green standards for energy and water efficiency, environmentally friendly materials, and waste management.

 

Market Demand and Customer Relationships

TNG's market demand is bolstered by orders from major clients like Decathlon and Abercrombie & Fitch. Decathlon's orders, particularly for the 2024 Summer Olympic Games, have significantly contributed to TNG's production plans for the first half of 2024. Revenue from these two clients made up 20% and 15% of TNG’s total garment revenue in 2023, respectively.

Additionally, TNG benefits from the global shift in orders away from Bangladesh due to labor strikes, which has positively impacted Vietnam’s textile industry.

 

Financial Projections
According to Bao Viet Securities (BVSC), TNG's revenue is expected to reach 8,081 billion VND in 2024, a 14% increase from 2023. The net profit is projected to rise by 39%, reaching 304 billion VND.

 

3. SBT: TTC Agris, led by Chairman Huynh Bich Ngoc, approved a public bond offering totaling 700 billion VND, secured by the land use rights and assets of the Tay Ninh sugar factory project.  

With a 36-month term, the bonds aim to fund a sugar purchase contract with Agris Gia Lai Agriculture Joint Stock Company, scheduled for payment in Q2 or Q3 of 2024. These bonds are non-convertible and have no warrants. The collaterals are all land use rights and assets attached to the land of the Tay Ninh sugar factory project owned by SBT.

Recently, SBT, a subsidiary of TTC Agris, secured an 80 million USD loan from E.SUN Commercial Bank. TTC Agris has several outstanding bond lots, including those issued in 2023 and early 2024, amounting to significant financial commitments.

Amid heavy borrowing, TTC Agris's total financial debt surged to over 15,000 billion VND by the end of Q3 of the 2023-2024 fiscal year, with short-term debt constituting the majority. Despite this, the company reported a 9% increase in net revenue to 19,544 billion VND and a profit after tax of 582 billion VND for the first three quarters of the fiscal year. However, financial costs, particularly interest expenses, significantly impacted net profit, which reached over 2,200 billion VND.

 

4. Fubon ETF Activity:

•Net sold Vietnamese stocks for four consecutive sessions from May 9 to 14.
•Total net withdrawal during this period was 7.3 million USD (~185 billion VND).

Sold Stocks:

•Sold large volumes of several stocks:
•837,000 HPG shares
•613,000 VIC shares
•372,000 VHM shares
•33,000 SSI shares
•309,000 SHB shares
•PDR and HCM were not sold.

2024 Financial Flow:

•From the start of 2024, Fubon ETF saw a net withdrawal of 19 million USD (~480 billion VND).

Fund Size:

•As of May 14, Fubon FTSE Vietnam ETF's size was 27.2 billion Taiwan dollars (~840 million USD or 21,400 billion VND).
•It remains the largest ETF on the Vietnam stock market.

Portfolio Structure:

•HPG: 10.19% (70.3 million shares)
•VIC: 9.3% (42 million shares)
•VHM: 8.68% (45 million shares)
•VCB: 8.53% (19.6 million shares)
•VNM: 7.95% (24.9 million shares)

General Foreign Investment Trends:

•Foreign investors have been net sellers on the Vietnam stock market since early May.
•The net selling trend has intensified, reaching significant values.
•From the start of 2024 to May 14, foreign investors net sold approximately 25,000 billion VND (~1 billion USD) on HoSE.