Visit SSI Research on Bloomberg at SSIV<GO>No part of this material may be (i) copied, photocopied or duplicated in any form by any mean or (ii) redistributed without the prior written consent of Saigon Securities Incorporation. 1 VN Index Intra Day HNX Index Intra Day MARKET SUMMARY (click here)VIETNAM MACRO SUMMARY (click here)MARKET WRAP On HOSE- Top 5 big caps diverged as GAS dropped 1.8%; BVH and VIC stayed flat; while MSN and VNM gained 1.09% and 2.46% respectively. Real estate tickers also diverged as HDC, KDH, PDR, SII slumped; BCI, DXG, LCG, NVN, QCG, SC5, VRC moved sideways; while CII, DIG, DRH, HAG, HAR, HDG, HQC, IJC, ITA, ITC, KBC, LGL, MCG, NLG, NTL, NVT, PTL, PXL, SJS, TDC, TDH, UDC, VNI, VPH advance or even hit ceiling in the end. Divergence was also seen among the banking stocks as BID increased 0.66%; MBB remained unchanged; while CTG, EIB, STB and VCB all decreased at the end. Securities brokerage (AGR, BSI, HCM, SSI) altogether moved up at market close. - FLC topped of the liquidity list with over 11.32 mil shares changing hands. The ticker closed the day at VND 11,900, up 4.38%. - Put-through value amounted to approx. VND 141.89 bil VND. VNM was the most crossed ticker (870,000 shares) with net crossing value of approx. 113.1 VND bil. - Foreign investors continued to register as a net buyer on HOSE with net value of approx. 11.2 bil VND. They mostly registered net buys of CSM with net value of approx. VND 9.18 bil while net sells of VSH with net value of approx. VND 26.89 bil. On HNX- With only ACB stayed flat; other top leading market indicators such as ACB, SHB, BVS, KLS, VND, PVX, SCR and VCG accelerated under strong buying pressure. - PVX topped the liquidity list with over 4.71 mil shares being exchanged. The ticker closed the day at VND 4,400, up 2.32%. - Foreign investors maintained their net buy status on HNX with value of approx. 36.34 bil VND. PVS was the most accumulated ticker with net value of approx. 23.52 bil VND while PVC was the most unloaded name with net value of approx. 4.56 bil VND. Banking sector update The following are the latest updates on the banking sector: - Credit growth as of June 2014 is 2.3%: This figure is lower than 4.72% YTD credit growth as of 30 June 2013. Sluggish domestic demand is at the heart of impaired credit growth. Enterprises remain reluctant to borrow from banks as weak domestic consumption still lingers. The irony is that banks are only offering loans to financially sound companies that are not in need of extra capital. At the same time, most companies are in need of capital injection but do not have access. We believe that the target credit growth of 12% - 14% is still attainable due t o seasonable effect of lending activities (2H is the high season for lending activities) and banks are equipped with methods and techniques to achieve target credit growth by year end. However, if lending is only heightened at year end, and this is obviously the predominant source of income for banks–interest income accounts for 80% of total operating profit for banks in Vietnam, earnings will be negatively affected in 2014. Credit growth NPL ratioSource: the State Bank of Vietnam (SBV) Source: the SBV - NPL ratio as of April 2014 is 4.03%: Since the beginning of 2014, NPL ratio of Vietnam’s banking sector has gradually increased. The increase in NPL ratio indicates that economic difficulties continue to be an issue which has exacerbated bad debts. Another reason could also be traced to Vietnam Asset Management Company (VAMC) bad debt purchasing program which evidently has appeared to lost some of its initial vigor. - In 6M14, Vietnam Asset Management Company (VAMC) has purchased bad debts worth VND 11,414 billion, increasing total bad debts purchased to VND 50,751 billion. VAMC began purchasing bad debts on 11 Oct 2013. In 2013, total purchased bad debts reached VND 39,337 billion, which indicates that VMAC has appeased its purchasing program. We have yet to see any signals related to selling bad debts to foreign investors which we think is critical factor in resolving bad debts. Positive signals we are closely watching are interests from foreign investors and revisions of Vietnam’s regulations on purchasing bad debt s of foreign investors. ECONOMIC WRAP M A R K E T M O V E M E N T S SSI DAILYCALL July 03 2014H N X - I N D E X 78.90 0.82(1.05%)Value: VND 744.3 bn Foreigner (net): VND 36.3 bn Market wrap:The Vietnamese Stock Market advanced yesterday as energetic demand forces commanded the market from the opening towards the end. Liquidity surged perpetuated by robust money inflow. Macro wrap:Update on Banking Sector data Equity wrap:Update on BMP SUMMARY VN Index YTD HNX Index YTD Source: Stockbiz .vn V N - I NDEX 578.80 0.73(0.13%)Value: VND 1,659.9 bn Foreigners (net):VND 11.2 bn
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7/23/2019 SSI report
http://slidepdf.com/reader/full/ssi-report 1/7
Visit SSI Research on Bloomberg at SSIV <GO>
No part of this material may be (i) copied, photocopied or duplicated in any form by any mean or (ii)
redistributed without the prior written consent of Saigon Securities Incorporation.
1
VN Index Intra Day
HNX Index Intra Day
MARKET SUMMARY (click here)
VIETNAM MACRO SUMMARY (click here)
ARKET WRAP
On HOSE
Top 5 big caps diverged as GAS dropped 1.8%; BVH and VIC stayed flat; while MSN and VNM gained.09% and 2.46% respectively. Real estate tickers also diverged as HDC, KDH, PDR, SII slumped; BCI,XG, LCG, NVN, QCG, SC5, VRC moved sideways; while CII, DIG, DRH, HAG, HAR, HDG, HQC, IJC, ITA,
TC, KBC, LGL, MCG, NLG, NTL, NVT, PTL, PXL, SJS, TDC, TDH, UDC, VNI, VPH advance or even hiteiling in the end. Divergence was also seen among the banking stocks as BID increased 0.66%; MBBemained unchanged; while CTG, EIB, STB and VCB all decreased at the end. Securities brokerage (AGR,SI, HCM, SSI) altogether moved up at market close.
FLC topped of the liquidity list with over 11.32 mil shares changing hands. The ticker closed the day atND 11,900, up 4.38%.
Put-through value amounted to approx. VND 141.89 bil VND. VNM was the most crossed ticker870,000 shares) with net crossing value of approx. 113.1 VND bil.
Foreign investors continued to register as a net buyer on HOSE with net value of approx. 11.2 bil VND.hey mostly registered net buys of CSM with net value of approx. VND 9.18 bil while net sells of VSH withet value of approx. VND 26.89 bil.
On HNX
With only ACB stayed flat; other top leading market indicators such as ACB, SHB, BVS, KLS, VND,VX, SCR and VCG accelerated under strong buying pressure.
PVX topped the liquidity list with over 4.71 mil shares being exchanged. The ticker closed the day atND 4,400, up 2.32%.
Foreign investors maintained their net buy status on HNX with value of approx. 36.34 bil VND. PVS washe most accumulated ticker with net value of approx. 23.52 bil VND while PVC was the most unloaded nameith net value of approx. 4.56 bil VND.
anking sector update
he following are the latest updates on the banking sector:
Credit growth as of June 2014 is 2.3%: This figure is lower than 4.72% YTD credit growth as of 30une 2013. Sluggish domestic demand is at the heart of impaired credit growth. Enterprises remain reluctanto borrow from banks as weak domestic consumption still lingers. The irony is that banks are only offeringoans to financially sound companies that are not in need of extra capital. At the same time, most companiesre in need of capital injection but do not have access. We believe that the target credit growth of 12% - 14% still attainable due to seasonable effect of lending activities (2H is the high season for lending activities) andanks are equipped with methods and techniques to achieve target credit growth by year end. However, if
ending is only heightened at year end, and this is obviously the predominant source of income for banks – terest income accounts for 80% of total operating profit for banks in Vietnam, earnings will be negativelyffected in 2014.
redit growth NPL ratio
Source: the State Bank of Vietnam (SBV) Source: the SBV
NPL ratio as of April 2014 is 4.03%: Since the beginning of 2014, NPL ratio of Vietnam’s bankingector has gradually increased. The increase in NPL ratio indicates that economic difficulties continue to ben issue which has exacerbated bad debts. Another reason could also be traced to Vietnam Asset
Management Company (VAMC) bad debt purchasing program which evidently has appeared to lost some ofs initial vigor.
In 6M14, Vietnam Asset Management Company (VAMC) has purchased bad debts worth VND1,414 billion, increasing total bad debts purchased to VND 50,751 billion. VAMC began purchasing badebts on 11 Oct 2013. In 2013, total purchased bad debts reached VND 39,337 billion, which indicates thatMAC has appeased its purchasing program. We have yet to see any signals related to selling bad debts to
oreign investors which we think is critical factor in resolving bad debts. Positive signals we are closelyatching are interests from foreign investors and revisions of Vietnam’s regulations on purchasing bad debtsf foreign investors.
Market wrap: The Vietnamese Stock Market advanced yesterday as energetic demand forces commanded the market from the opening towards the end.quidity surged perpetuated by robust money inflow.