Oct 17, 2012: StoxPlus Morning Brief

17/10/2012

Macro Economy

Vietnam Continues To Enjoy Trade Surplus In Sept

Viet Nam’s excess of exports over imports in September reached more than$170 million, 3 times higher than August, representing a great improvement compared to the excess of imports over exports of more than US$8 billion in the same period last year.

Vietnam Finance Minister: Prices Controlled To Secure One-Digit Inflation Rate

In the remaining months of 2012, price management will be tightened to guarantee the single-digit inflation rate while tax reductions and breaks are adopted as a way to ease businesses’ difficulties, said the chief of the Ministry of Finance.

Draft to Remove Grace Period on Import Tax Blasted

Seafood exporters and processors have expressed their objections towards a draft decree that aims to remove the grace period on import duty payments for raw materials and accessory imports.

Enterprises Optimistic Despite Global Turmoil

Businesses are optimistic that they wouldn’t have to scale back their operations this year despite tough market conditions, according to a recent survey by the Viet Nam Chamber of Commerce and Industry (VCCI).

Vu Thanh Tu Anh: Insufficient Resources to Tackle Bad Debt Ratio of 10pct

Research director of Fulbright Economic Teaching Programme Dr Vu Thanh Tu Anh shared some points of view on banking restructuring in particular and economic reform in general.

Total Lending to Real Estate Estimated at VND1,000Tln: NA Chairman

Total outstanding real estate loans amounted to around VND1,000 trillion or 50% total lending of the whole banking industry, said Chairman of the National Assembly Nguyen Sinh Hung in the discussion session of the NA Standing Committee.

Vietnam Government Needs to Focus on Handling Bad Debts & Inventory: NAEC

The government needs to focus on handling inventory and bad debts promptly, the National Assembly’s Economic Committee Chairman Nguyen Van Giau said in the meeting of the National Assembly Standing Committee early today [Oct 16].

Vietnam Banks Raise Dollar Rates to Lure Depositors

Local commercial banks have been offering above-cap interest rates to draw in foreign currency deposits to fund their demand for the greenback, the local online newspaper Tienphong.vn reported.

Market News

Brokers Expect Further Correction This Week

As consolidation has been strong, securities firms expect the market to undergo a further correction in the first one or two sessions this week before staging a slight recovery.

The Three Biggest Worries Of Foreign Investors

The stock market has become “as quiet as the grave.” But this does not discourage wise investors.

Rubber Firms’ Fortunes Bend With The Market

At such rubber prices, these companies are still making profits. Meanwhile, rubber prices remain flat and are not likely to fall further.

Oct 16: Foreigners Net Sell on HOSE, Buy on HNX

Foreigners changed to be net sellers of Vietnamese shares on the Hochiminh Stock Exchange and became net buyers on the Hanoi Stock Exchange , level of participation rose.

Corporate News

LBE: Q3/2012 Net Profit Falls 13% to VND840Mln

HBS: Makes VND35Mln Net Profit in Q3/2012

TIC: Posts VND22Bln Pre-tax Profit in 9M/2012

LG Promotion To Turn Heads

SEC: Net Profit Falls 50% to VND12Bln in Q3/2012

SFN: Q3/2012 Net Profit Reaches VND1.7Bln, Up 33.6% On-year

SHS: Posts VND59Bln Net Loss on High Operating Expense in Q3/2012

PSI: Suffers VND3.7Bln Net Loss in Q3/2012

IJC: Earns VND62Bln Net Profit in Q3/2012, down 11%

VPK: Reports VND39Bln Net Profit in 9M/2012, Doubling Full-year Target

SSI: Posts VND16Bln Unconsolidated Net Profit in Q3/2012