Nov 28: StoxPlus Morning Brief

Macro economy

• Vietnam State Budget Deficit Reaches VND52.9Tln By Nov 15: GSO
  Vietnam was estimated to run a state budget deficit of VND52.9 trillion in Jan-Nov15th, meeting 44% of the year plan set by the Congress, said the General Statistics Office, adding that the figure was up 20% from Oct 15th.

• Vietnam Key Indicators In 11M/2011
  Vietnam has run CPI up 18.62%, FDI Disbursement up 1%, Trade Deficit down 21% on year, credit growth at 10% (bad debts account for 3.3% outstanding loans) in the first 11 months of the year.

• Vietnam to Raise Retail Electricity Prices Between10-15.6% in 2012: Minister of Finance
  Vietnam will have to raise retail price of electricity by between 10%-15.6% in 2012, Finance Minister Vuong Dinh Hue said on Nov 25 on the sidelines of the Congress meeting, correcting the figure of 4.6% mentioned on Nov 24.

• Vietnam FDI Disbursement Reaches $10.05Bln By Nov. 20, Up 1% YoY
  Disbursement of foreign direct investment (FDI) in the first 11 months of this year rose by 1% from a year earlier to $10.05 billion, the Foreign Investment Agency under the Ministry of Planning and Investment (MPI) said.

• SBV Governor Says No “Too Big to Fail” Banks in Vietnam
  There are currently no credit institutions that are too big to fail in Vietnam, said the SBV’s governor, Nguyen Van Binh, at the testimony on Nov 25, 2011.

• Vietnam Central Bank Takes on Responsibility for Weakness in Deposit Rate Cap Violation Inspection
  The State Bank of Vietnam had to bear responsibility for weakness in inspection to detect 14% deposit rate cap violations, said the SBV’s governor, Nguyen Van Binh, at the testimony on Nov 25, 2011.

• SBV Governor Says It Hard to Set Lending Rate Cap
  It is hard to place a cap on the lending interest rate because if all enterprises borrowed at the same rates, it would be hard to distinguish prioritized and non-prioritized sectors.

• SBV Governor Says Bad Debts Ratio to Reach 3.8% at End-2011
  Bad debts ratio of the whole banking sector currently stands at 3.3% of total outstanding loans, up from 2.14% as at end-2010, said the SBV’s governor on Nov 25, adding that the SBV estimated the ratio to arrive at 3.6-3.8% at the end of this year.

Market News

• Vietnam’s 3-Year Bonds Drop After Demand Falls Short at Auction
  Vietnam’s three-year bonds declined after demand fell short of the amount offered at a government debt auction. The dong was little changed.

• Weekly: Vinh Son-Song Hinh Hydropower Rises On High Volatility And Expanding Price Range
  Vinh Son-Song Hinh Hydropower (VSH.VN), Vietnam’s 3rd largest Energy company by market capitalisation, traded between an intraweek low of VND9,900.0 and a seven-week high of VND10,300.0.

• NOV 25: Foreigners Net Sell for Third Consecutive Day on Both HOSE and HNX
  Foreigners continued to be net sellers on both HOSE and HNX for a third straight day on Friday. Level of participation fell.

Corporate Events

·         BKC – Record date for ballot 28/11/2011

·         DLR – Cash Dividend 28/11/2011

·         EIB – Share Issue 28/11/2011

·         EIB – Record date for ballot 28/11/2011

·         HBB – Share Issue 28/11/2011

·         L61 – Cash Dividend 28/11/2011

·         MNC – Share Issue 28/11/2011

·         MNC – Cash Dividend 28/11/2011

·         PXI – Cash Dividend 28/11/2011

·         SHC – Extraordinary General Meeting 28/11/2011

·         STU – Cash Dividend 28/11/2011

·         TMW – Cash Dividend 28/11/2011

·         VMC – Extraordinary General Meeting 28/11/2011

Corporate News

• CCL: Adjusts 2011 Net Profit Target to VND22.5Bln


• CMT: Plans to Buy 247,560 Treasury Shares


• DLR: Reports VND121Mln Consolidated Net Loss in Q3/2011


• DCS: Suffers VND209Mln Consolidated Net Loss in Q3/2011


• NVB: Consolidated Net Profit Surges 30.2% in 9M/2011


• IJC: Targets VND385Bln in 2012, up 24%


• HLA: Releases Anti-dumping Information


• TNB: Buys 21,000 Treasury Shares


• VCH: Swings to VND7Bln Consolidated Net Loss in Q3/2011


• VFR: Suffers VND14Bln Consolidated Net Loss in Q3/2011


• VNM: Buys 18,100 Treasury Shares