Nov 9: StoxPlus Morning Brief

Macro economy

• Vietnam Law Makers Pass CPI Targets at 5-7% in 2015
  Vietnam National Assembly or the Congress passed its resolution and socio-economic plans for 2011-2015 period this morning, November 2011 with CPI targets at 5-7% and average GDP growth rates at 6.5-7% with 446 approvals, 7 disapprovals and 5 blanks.

• Export Revenue Likely To Hit $95 Billion
  Vietnam is likely to reach a total export turnover of $95 billion for the year, based on the results of the past 10 months, Deputy Minister of Industry and Trade Nguyen Thanh Bien said.

• Credit Growth Screwed Down
  Banking credit growth might be kept 12 per cent until the year’s end, although the government had set a 20 per cent cap early this year.

• Vietnam Expects to Export 7 Mln Tons of Rice in 2012
  Vietnam is expected to export 6.5-7 million tons of rice in 2012, Phan Van Bay, deputy chairman of Vietnam Food Association (VFA) said at an online forum of Industry and Trade sector held by the Ministry of Industry and Trade on Nov 7.

• Vietnam Treasury Raises VND63.08T G-bonds in Jan-Oct
  Vietnam State Treasury raised VND63.08 trillion ($3 billion) government bonds through auctions on the Hanoi Stock Exchange (HNX) in the first ten months of this year, meeting 78.85% of the year target.

• Vietnam Needs Market for Debt Trading
  Experts proposed to establish a debt trading market in Vietnam with the participation of both state-owned and non-state companies to facilitate the purchase and sale of debts in the context of rising bad debts.

• Vietnam Interbank Interest Rates Stratified into 4 Layers
  Interbank interest rates currently split into 4 tiers depending on the banks’ credibility, ranging from 12% to up to 40%.

• Vietnam Central Bank Discloses Interbank Trading Values To Clear Information Asymmetry
  The State Bank of Vietnam unprecedentedly released information on daily interbank trading volume and turnover from mid-October, 2011, in an attempt to reduce the information asymmetry in the local market.

Market News

• Vietnam’s Equity Movers: Elcom Corp., Vietcombank Decline
  Shares of the following companies had unusual moves in Vietnam trading. Stock symbols are in parentheses and prices are as of the close.

• No Signs for Recovery This Week, Say Brokers
  Securities enterprises see no recovery signs on the local stock market this week, predicting that liquidity would keep sliding given the weak cash flow and investors’ cautious sentiment.

• Liquidity Drain Spreads to Securities Companies
  Liquidity drain is spreading into securities companies on concerns over a wave of cash withdrawals by customers after SME case and recent black market defaults and bank liquidity shortages, Nguyen Minh Cuong, an analyst with SGTT raised concern.

• HPG: Updates from VietCapital Securites, Q3/2011 Consolidated Results
  Despite worse than expected results recently due to external and internal problems, we think that HPG can still be consider a star in the sector owing to the fully integrated production chain, Marc Djandji, Director,Research Department at VCSC wrote.

• NOV 8: Foreigners Turn to Net Sell on Both HOSE and HNX
  Foreigners suddenly changed to be net sellers on the primary bourse HOSE after 10 days of net buyers today and they remained to be net sellers for a fifth day in a row on the HNX bourse.

Corporate Events

·         BHS – Share Issue 09/11/2011

·         BHS – Cash Dividend 09/11/2011

·         PVI – Treasury Stocks 09/11/2011

·         SMT – Share Issue 09/11/2011

·         VC6 – Record date for ballot 09/11/2011

·         VSH – Annual General Meeting 09/11/2011

Corporate News

• DCL: Net Profit Falls 40% to VND9Bln in Q3/2011


• LIG: Q3/2011 Consolidated Net Profit Jumps 207% to VND13Bln


• PVS: Consolidated Net Profit Rises 19% to VND702Bln in Jan-Sep


• SD7: Posts VND4.7Bln Net Profit, down 56%


• SD8: Q3/2011 Consolidated Net Profit Rises 22% to VND1.2Bln


• TET: Jan-Sep Consolidated Net Profit Rises 33% to VND5.6Bln


• TPP: Jan-Sep Consolidated Net Profit Rises 17% to VND5.6Bln


• VCC: Consolidated Net Profit Rises Slightly to VND2.9Bln in Q3/2011


• VIC: Consolidated Net Profit Soars 8-Fold to VND813Bln in 9M/2011


• VNA: Net Profit Decreases 30% to VND22Bln in Q3/2011


• VES: Posts VND1Bln Net Loss in Q3/2011