reports
Vietnam Prosperity Joint Stock Commercial Bank: 1 director
A director at Vietnam Prosperity Joint Stock Commercial Bank bought 5,000,000 shares at 0.000VND and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's direc...
- Thao Nguyen
Result Update Report: VPB - Capital injection lays down the foundation...
Possessing high capital adequacy ratios combined with the bank’s assistance in the transferring of distressed credit institutions, VPB has witnessed a tremendous scale up in credit market share during the past five years from 3.2% to 4%. During the economic slowdown in 2023, VPB’s growth momentum is going to slowdown as it is facing numerous difficulties from funding and credit costs, yet core earnings are expected to rise. However, capital injection is expected to go on from 3Q23 to drive the ...
- Thao Nguyen
VPB – Aggressive guideline for 2023 post the agreement of private plac...
In 2022, the PBT of the consolidated group and parent bank were VND 21.2 tn (or USD 899 mn, +45.5% YoY) and VND 24 tn (or USD 1bn, -36.8% YoY), respectively. Excluding one-off income from divesting FC in 2021 and Banca upfront-fee in 2022, PBT’s parent bank grew +32% YoY. Adversely, consumer finance was severely impacted by the slowdown of the economy, resulting in a loss of roughly VND 2.5 tn per our estimation. VPB announced an agreement with SMBC on a 15% private placement deal, equivalent...
- Kiet Tran
- Lam Nguyen
- Tung Do
Vietnam Strategy: April 2022 – Tailwinds from AGM and earnings season
We remain positive on Vietnam equities in the long term due to the following structural catalysts: better domestic demand, companies’ earnings prospect, economic activities and FDI inflows on the back of broader economic reopening and fiscal stimulus package disbursement. These factors will provide an efficient buffer against higher, albeit in control, inflation and external risks namely geopolitical uncertainties and slowing global growth. We also see upside potential from the perspective of...
ACB ASIA COMMERCIAL BANK
FPT FPT
PVT PETROVIETNAM TRANSPORTATION CO.
ANV NAM VIET
PNJ PHU NHUAN JEWELRY JSC
MBB MILITARY COMMERCIAL JOINT STOCK BANK
NT2 PETROVIETNAM POWER NHONTRACH 2
QNS QUANG NGAI SUGAR
VPB VIETNAM PROSPERITY JOINT-STOCK COMMERCIAL BANK
TCB VIETNAM TECHNOLOGICAL AND COMMERCIAL JOINT STOCK BANK
- Tam Pham
VPBank: High credit growth on strong capital base
VPB's 2021 consolidated PBT was roughly VND14,580bn (+12% yoy), completing 88% of the year's guidance, with the parent bank playing a leading role in growth while the unsecured consumer finance segment at FEC struggled in H2 21. The parent bank's PBT surged by 50% yoy to VND14,011bn (excluding one-off income) and FE Credit's (FEC) plummeted by 84% yoy to VND610b. Thus, the parent bank contributed 96% and FC added 4% to the total PBT of VPB. The strong increase in equity thanks to the sale of ...
- Son Tran
Analyst Pin-board VPB – High Credit Growth on Strong Capital Base
· VPB announced 2021’s consolidated PBT was roughly VND 14,580 billion (+12% YoY), completing 88% of the year’s guidance, with the parent bank playing a leading role in growth while the unsecured consumer finance segment at FEC struggled in 2H2021. In detail, PBT of the parent bank surged by 50% YoY to VND 14,011 billion (excluding one-off income) and PBT of FE Credit (FEC) plummeted by 84% YoY to VND 610 billion. Thus, the parent bank contributed 96% and FC added 4% to the total...
- Tam Pham
VPBank: Catalysts for NIM improvement in coming quarters
In Q3, the parent bank saw resilient performance while FE Credit struggled with a loss. Small business and low-income customers will recover more slowly than other groups, leading to adjustments in our expectations for NIM and credit costs at both the parent bank and FE Credit. The revised forecast includes new factors that could help the parent bank improve its NIM margin in the coming quarters, including profit from part divestment at FE Credit and the preferential syndicated loans receive...
- Son Tran
Analyst Pin-board VPB – Many catalysts for NIM improvement in coming q...
In Q3, mother bank performed resiliently while FE Credit struggled with a loss. Small business and low-income customers will recover more slowly than other groups, causing adjustments in our expectations for NIM and credit costs at both the parent bank and FE Credit. The revised forecast includes new factors that could help the mother bank improve its NIM margin in the coming quarters, including profit from partly divestment at FE Credit and the preferential syndicated loans received in Octob...
- Thanh Nguyen
Vietnam banking sector: Update on credit market share
The credit market has seen changes in the last five years. Some of those are expected to be sustained in the future. Most of the state-owned banks underperformed the sector in the last five years on credit expansion. Private banks on the other hand sustained high credit growth and diversified into corporate bonds when loan demand weakened. However, this does not reflect a change in risk appetite yet. The gap between private banks and state-owned banks will keep narrowing, but the pace will s...
- Anh Nguyen
VPBank: 9M 20 growth led by parent bank
VPB achieved a 30% PBT yoy growth in 9M 20 (+15% normalised), with mostly flat yoy earnings in Q3 upon downside impact from the coronavirus. The 9M growth was predominantly led by the parent bank, whose normalised 9M profits (excluding dividend income and VAMC provision) expanded by 32% yoy. Meanwhile, FE Credit is estimated to shrink by 9% YTD due to impacted NII, fee income and asset quality. This is pretty much in line with expectations, though. Our current target price for VPB is VND27,00...
- Hoang Nguyen
- Kiet Tran
- Lam Nguyen
- Tung Do
Vietnam strategy – October 2020: Be patient for opportunities
The low-interest rate environment along with a series of macro indicators starting to turn more positive have helped the Vietnamese stock market to extend the rally in September. Besides, the number of Covid-19 community transmissions that were quickly extinguished since early September has also strengthened market sentiment. Accordingly, the VN-Index did not fall despite a strong correction seen in US stocks or continued selling from foreign investors. In early October, the State Bank contin...
- Anh Nguyen
Vietnam banks: Service income temporarily hampered; long-term potentia...
Covid-19 pandemic has led to a slowdown, even compression, of banks’ service income in H1 20 During H1 20, many listed banks witnessed weak performance of service income growth, which stayed at only 9.9% yoy (much lower than 42.1% in H1 19). Service income contributed to 10.6% of operating income (similar to H1 19). The main reasons for the slowdown include (1) weak credit demand, which had hampered banking services, particularly insurance, trade service and FX gains, (2) net payment fee slow....
VCB JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM
ACB ASIA COMMERCIAL BANK
MBB MILITARY COMMERCIAL JOINT STOCK BANK
BID BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM
HDB HO CHI MINH CITY DEVELOPMENT JOINT STOCK COMMERCIAL BANK
VPB VIETNAM PROSPERITY JOINT-STOCK COMMERCIAL BANK
- Hoang Nguyen
- Lam Nguyen
- My Tran
Vietnam strategy – September 2020: Uptrend boosted by 'cheap' money
Vietnam's stock market increased sharply in August and became one of the best markets in the world as the VNIndex increased by 10.4% m/m. Looking back on the last few sessions of August, we notice that liquidity was rising in the last part of the month. This was different from the sudden liquidity rises in June and July the when market corrected at that time. By contrast, we found out that when the liquidity and the market are in the same direction, the market trend usually is maintained in t...
- Hoang Nguyen
- Lam Nguyen
- Tu Vu
- Vu Tran
Vietnam investment strategy – August 2020: Prudence with macroeconom...
With the second wave of the coronavirus pandemic, economic recovery will take longer than we expected because of weaker domestic consumption. The second wave has negatively impacted consumer buying power and mobility. Since Vietnam is heavily dependent on exports, a global recession will result in decreasing manufacturing orders, dragging down production activities. However, there are supportive elements for the economy, especially the government’s support towards power infrastructure constru....
ACB ASIA COMMERCIAL BANK
FPT FPT
DRC DANANG RUBBER JOINT STOCK CO
DIG DEVELOPMENT INVESTMENT CONSTRUCTION JSC
MBB MILITARY COMMERCIAL JOINT STOCK BANK
HDB HO CHI MINH CITY DEVELOPMENT JOINT STOCK COMMERCIAL BANK
PC1 POWER CONSTRUCTION NO 1
VPB VIETNAM PROSPERITY JOINT-STOCK COMMERCIAL BANK
- Hoang Nguyen
- Lam Nguyen
- Tu Vu
Vietnam investment strategy – July 2020: Focus on earnings season
In our 23-page strategy report, we look at investment ideas and highlight our favourite stocks. We also cover Vietnam and global macro as well as our July stock market outlook. In Q2 20, Vietnam’s GDP grew 0.24% yoy, better than consensus expectations as most industries recovered well after the “social distancing†period. Hence, we don’t expect companies’ results to be as bad as the consensus predictions. Despite that, there will be divergent results among sectors. Companies that have ...
MWG MOBILE WORLD INVESTMENT
VNM VIETNAM DAIRY PRODUCTS JSC
FPT FPT
PNJ PHU NHUAN JEWELRY JSC
MBB MILITARY COMMERCIAL JOINT STOCK BANK
HDB HO CHI MINH CITY DEVELOPMENT JOINT STOCK COMMERCIAL BANK
VPB VIETNAM PROSPERITY JOINT-STOCK COMMERCIAL BANK
ACV AIRPORTS CORP OF VIETNAM JSC
QNS QUANG NGAI SUGAR JSC
- Anh Nguyen
VPBank: Q1 20 – Covid-19 impact to weigh on earnings in subsequent q...
In Q1 20, VPB maintained the highest PBT growth among banks on our watch list. For the next few quarters, we expect the Covid-19 pandemic impact to weigh on the bank’s performance on more obvious income slowdown and the escalation of provision booking. However, the timely and appropriate response to the virus situation, coupled with low leverage (asset leverage of 8.9x) and strong capital (CAR Basel II at 11.14%) should allow the bank to withstand the Covid-19 impact. Longer term, we expect t....
- Hoang Nguyen
- Lam Nguyen
- Son Tran
- Tu Vu
Vietnam investment strategy – April 2020: Looking at stocks for the ...
The outbreak of Covid-19 in countries outside of China since mid-March resulted in an extreme reaction by financial investors globally, raising concerns of an upcoming economic crisis. In Vietnam, however, we think a liquidity crisis or debt crisis may not happen due to appropriate fiscal and supportive monetarypolicies from the government and the State Bank of Vietnam (SBV). The lockdown situation, not only in Vietnam, but also in countries that are Vietnam’s main trading partners could resu....
- Rahul Shah
- Rohit Kumar
FM and EM Banks: The 3-D threat from Coronavirus
The US Federal Reserve yesterday cut interest rates by 100bps, in addition to the 50bps cut announced on 3 March, and also announced a massive asset purchase programme and international co-ordination to protect USD-liquidity in the financial system. These moves highlight the central bank’s concern over the significant negative effect that Covid-19 will have on the US and global economies. This impact stems not just from the effect of the virus itself (in terms of lost output and consumption b....
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