May 18: StoxPlus Morning Brief

Macro Economy

• Vietnam’s GDP Growth Forecast at 5.9% in 2012: Fitch Rating
  Vietnam’s gross domestic product (GDP) growth is forecast at 5.9% and inflation around 10% this year, Fitch Ratings said in its recent press release, the local news provider Gafin.vn reported.

• Vietnam Credit Growth -0.66%; M2 +1.55% in 4M/2012: VnEconomy
  Bank lending in the first four month of this year slid nearly 0.66% from the end of 2011 while the country’s broadest measure of total money supply or M2 rose modestly at 1.55%, according to estimations of the local newswire VnEconomy.vn.

• Investigation Organization Disagrees Government’s Proposal of Tax Exemption
  Congress’s Finance and Budget Committee disagreed Government’s proposal of tax exemption to a number of of entities in 2012, the local newspaper Vneconomy reported, citing news from plenary meeting held by Finance and Budget Committee this morning.

• Vietnam Does Not Extend VAT Payment for Imported Consumption Goods: Deputy Minister
  Vietnam will not extend value added tax (VAT) payment time for imported consumption goods, Do Hoang Anh Tuan, Deputy Minister of Finance (MoF) said with local newspaper Tuoi Tre (Youth).

• NA Committee Says Gov’t Report Far From Reality
  The National Assembly (NA) Economic Committee expressed a concern that the Government’s socio-economic report sounded rosier than the actual situation in the early months.

• Fitch Affirms B+ Ratings for Vietnam, Calls for More Reform
  Vietnam needs to step up efforts to reform the banking and state-owned enterprise sector to have higher sovereign ratings, Fitch has said in a new report, affirming the country’s foreign and local-currency issuer default ratings at B+.

• Vietnam Banks Seek to Increase Non-Interest Incomes
  Local commercial banks are seeking to raise income from non-credit services; considering it as a way to achieve its profit targets this year amid economic slowdown and modest credit growth, the local online newspaper Dau Tu Chung Khoan reported.

Market News

• Vietnam Stocks: Ninh Van Bay Real Estate, Petro Capital
  Shares of the following companies had unusual moves in Vietnam trading. Stock symbols are in parentheses and prices are as of the 11:30 a.m. break in Ho Chi Minh City.

• May 17: Foreigners Continue Net Selling on HOSE, Net Buying on HNX
  Foreigners extended their position of net sellers on the primary bourse HOSE and net buyers on HNX bourse today. Level of participation surged.

Corporate Events

·         VIS – Cash Dividend 18/05/2012

·         KSA – Annual General Meeting 18/05/2012

·         VIR – additional listing 18/05/2012

·         FDC – Extraordinary General Meeting 18/05/2012

·         CJC – Annual General Meeting 18/05/2012

·         KSA – Annual General Meeting 18/05/2012

·         HPS – Annual General Meeting 18/05/2012

·         KMT – Cash Dividend 18/05/2012

·         NET – Cash Dividend 18/05/2012

·         NTW – Cash Dividend 18/05/2012

·         GDW – Cash Dividend 18/05/2012

·         DPP – Cash Dividend 18/05/2012

·         MTH – Cash Dividend 18/05/2012

·         VNA – Annual General Meeting 18/05/2012

• TBC – Cash Dividend 18/05/2012

Corporate News

• CVN: Makes VND9.6Mln Net Profit in Q1/2012


• CSC: Q1/2012 Consolidated Net Profit Jumps 200% to VND3.9Bln


• BVG: Posts Lower Net Loss at VND1.6Bln in Q1/2012


• SQC: Q1/2012 Net Profit Jumps 220% to VND42Bln


• SFN: Q1/2012 Net Profit Stable at VND1.7Bln


• SD8: Makes VND343.5Mln Consolidated Net Profit in Q1/2012


• ITC: Withdraws all 40.5% Stake in Hai Au Concrete Co.


• PXI: Dissolves Branch in Ba Ria Vung Tau


• BTS: Announces 2012 AGM Resolution


• LM3: Announces 2012 AGM Resolution


• PVT: Plans VND84Bln Consolidated Net Profit in 2012


• SDU: Targets VND1.2Bln Pretax Profit in Q2/2012


• TMT: Halts Binh Duong Branch Operation in 6 Months