Chủ đề: 16 July Vietnam Finance & Stock Market Overview

Vietnam Stock Market Overview

Jul 16: Stocks traded mixed to record volume, VN-Index gains 1.4%

Jul 16: HASTC-Index registers 7th sessions in gain

Tightening the supply of shares

NTACO submits listing applications to HOSE


Banking, Finance & Economics

Vietnam to relax policy, stop draining cash

State Bank tightens rules for FX agents

Import value to reach US$80.2 Bln


Listings

S99: Approved to list nearly 1.5Mln additional shares

VFMVF4: Insider violates trading rule

HBC: KITMC Worldwide Vietnam sells 50,000 shares

HDC: Hodeco Says Profit Trebles in Jan-Jun

PVT: PV Trans reveals new strategy until 2025

LUT: Lutaco reports US$2.3 Mln revenues in H1

Sacombank aims for stability, not growth

STB: Record date for stockholder list on dividend payment in Stock for 2007

DPM: PetroVietnam Finance registers to sell 2Mln shares

LBM: Strategic shareholder’s name changed

TNA announces business results in Jan-Jun

VFMVF1 announces NAV from July 3 to July 10, 2008


OTC & Bonds

EAB: DongA Bank reports inward remittance of US$631 Mln in Jan-Jun

Vietnam Stock Market Overview




Jul 16: Stocks traded mixed to record volume, VN-Index gains 1.4%

The index of Ho Chi Minh City Stock Exchange (HOSE) continues to rise on July 16, bringing total number of gaining sessions to 7.

The VN-Index closed up 6.73 points, or 1.4% at 486.53.

The market recorded the biggest trading volume so far with 33.48 million shares changing hands.

The trading value also rocketed to VND1.2 trillion, the biggest value over the past some months.

Of total, 94 stocks closed up, 82 down and 16 unchanged.

The blue chip Itaco (ITA) and Binh Minh Plastic (BMP) are the biggest gainers, both rising 3% at VND103,000 and VND51,500.

Two other blue chips including Saigon Securities (SSI) and PetroVietnam Drilling (PVD) also joined the most advancers. SSI closed up 2.97% at VND45,000 and PVD also up 2.97% at VND104,000.

PVD has a big trading volume of nearly 830,000 shares, ranking sixth in the market today.

Standing before PVD in trading volume are Sacombank (STB) with 6.6 million shares, Phu My Fertilizer (DPM) with 3.1 million shares, Hoa Phat Group (HPG) with 2.02 million shares, Vitaco (VTO) with 1.8 million shares and Pha Lai Thermoelectricity (PPC) with 10.6 million shares.

All of the active stocks closed higher, with STB up 2.86% at VND28,800, DPM up 2.6% at VND59,000, HPG up 2.02% at VND50,500, VTO up 2.78% at VND18,500, and PPC up 2.9% at VND31,900.

Royal International (RIC) and Construction No.5 (SC5) are adjusted down on ex-right date. RIC closed down 14.3% at VND21,500 and SC5 down 16.8% at VND28,800.

Vipco (VIP) lost 2.97% at VND22,900 with nearly 150,000 shares matching order.

Among four fund certificates, all closed higher. They had 3.7 million units traded worth VND40.9 billion.





Jul 16: HASTC-Index registers 7th sessions in gain


The index of Hanoi Securities Trading Center (HASTC) continues to register the seven rising day in a row with trading volume increasing suddenly.

The HASTC-Index gained 4.91 points, or 3.44% at 147,74.

The trading volume totaled 19.3 million shares, six times higher than the figure yesterday. The trading value was also six folds higher at VND586 billion.

Asia Commercial Bank (ACB) is the most active with 2.6 million shares traded at average price of VND66,000, up 2.96% from yesterday.

Kim Long Securities (KLS) followed with volume of 2.5 million shares. It rose 2.92% at VND14,100.

DBC, CSG, HPC, SD7, TBC and PVI are symbols with big trading volume of between 400,000 shares and 800,000 shares. All of them climbed up, except for TBC.

YSC is the most advancer, rising 3.97% at VND31,400, followed by SDA rising 3.89% at VND34,700.

Several stocks closed down, in which NGC is the biggest loser, falling 3.98% at VND16,900.

Cement producer BCC also fell 0.65% at VND15,200.




Tightening the supply of shares


There have been signs that show that state management agencies are trying to limit the supply of shares since the Prime Minister released the instruction on strengthening management methods to ensure the sustainable development of the stock market.

There have been signs that show that state management agencies are trying to limit the supply of shares

Sacombank is following necessary procedures to postpone issuing shares to increase capital in 2008. Sacombank previously planned to raise at least VND1,400 billion from the bond issuance.

Prior to that, another joint-stock bank was not allowed to issue VND50 billion worth of preferential shares to its staffs; it was only allowed to issue shares to pay dividends.

Bankers believe that the State Bank of Vietnam is trying to tighten the activities of commercial banks to call for more capital by issuing shares.

Recently, the Ministry of Construction asked its affiliate enterprises and the Vietnam Cement Corporation to check securities issuances. The officials, representing the state’s capital in joint stock companies, must supervise capital mobilizations from the stock market. If the securities issuance proves to be really necessary, the issuance plan must be reported to the ministry and the Ministry of Finance.

The Steering Committee on Enterprise Renovation and Development has recently sent a message that state-owned enterprises can still complete equitization without making IPO.

The happenings all have made people think that state management agencies are trying to tighten the supply of securities on the market. The moves have been made since the Prime Minister released the instruction on strengthening management measures to ensure the sustainable development of the stock market.

The Ministry of Finance has said that it would build up a plan on the total monthly supply of securities in order to ensure supply and demand balance.

Analysts believe that controlling the supply of securities is a necessary thing. The state has put a lot of good commodities onto the market recently, including Vietcombank, Habeco and Sabeco shares. However, the market has undeniably been suffering from indigestion.

The analysts have also pointed out the sale of preferential shares to good staffs in companies could bring misfortune if the shareholders dumped the shares onto the market, even though they might have promised to keep the shares for a certain time.

Similarly, consecutive share issuances can also make investors dizzy because they have to arrange money all the time to purchase shares. Big IPOs have also helped sink the market as every big IPO attracts several billion VND from investors.





NTACO submits listing applications to HOSE


The Ho Chi Minh City Stock Exchange (HOSE) has received listing applications from the NTACO Joint Stock Company with following contents.

Applicant: NTACO Joint Stock Company
Address: 99 Hung Vuong Street, Phuong My Quy Industrial Zone, Long Xuyen City, An Giang Province
Tel: (076) 931 931 Fax (076) 931 797
Chartered capital: VND100 billion
Registered listing volume: 10 million shares
Stock type: Common stock
Listing consultant: Baoviet Securities Company (BVSC)
Date of receipt: July 15, 2008

Banking, Finance & Economics


Vietnam to relax policy, stop draining cash


Vietnam will relax its monetary policy by stopping the draining of cash from the economy and allowing more lending targeted at specific projects, a local newspaper said Tuesday citing the central bank governor.

The Saigon Giai Phong (Liberation Saigon) daily also quoted Governor Nguyen Van Giau as saying that the central bank would consider cutting its base rate, used by commercial banks to set their lending and deposit rates.

Lending could further expand but "the growth should aim at specific targets, not for every project", the paper quoted Giau as saying.

Vietnam"s central bank has raised interest rates three times this year as it aims to cap the country"s credit growth at 30% in 2008 to help contain double-digit inflation.

The central bank has drained VND17 trillion (US$1.03 billion) from the economy in the first half of 2008, causing the value of cash in circulation at the end of June to drop 7.13% from the end of 2007, the paper cited central bank figures as saying.

The monetary tightening measures have brought in some results, with the monthly rise of consumer prices starting to slow, while the annual economic growth has also slowed to 6.5% in the first half of the year.

Last month a central bank official said rate cuts might take place in August to support businesses, given an expected slowdown in inflation.

Consumer prices last month jumped 26.8% from June 2007 but they were 2.14% higher than in May, slowing from a monthly rise of 3.9% in May and 2.2% in April. Governor Giau also said that the central bank would further maintain its flexibility in regulating the dong exchange rate to benefit both exporters and importers.

A tripling trade deficit this year has pressured on the Vietnamese dong which the central bank has allowed to weaken 2.4% so far against the dollar.

The central bank has doubled the trading band to +/- 2% of the official dollar/dong rate set daily for interbank market deals, allowing more room for banks to trade in the currencies.




State Bank tightens rules for FX agents


The State Bank of Vietnam has tightened the criteria for becoming a foreign exchange agent in a bid to ensure that their activities are designed to meet the needs of the expat community and tourists and to deter currency speculation.

Under Decision No 21/2008/QD-NHNN issued by State Bank Governor Nguyen Van Giau last Friday, FX agents must be located close to three- to five-star hotels, airline booking offices, tourism areas, shopping malls, commercial centers or international border gates.

The State Bank has also set minimum infrastructure, human resource, administration and security levels for money changers.

FX agents and credit institutions must sign new contracts. Their partners have three months after the decision’s publication in the official gazette to end existing contracts or FX licenses will expire.

Credit institutions have also been ordered to monitor more closely the activities or their agents.

The new decision states that any financial institution can act as a bank’s agent. However, each bank can only have one agent.

The new decision is designed to meet the needs of foreign tourists, who are also a valuable source of foreign currency.

The decision does not affect the foreign exchange activities of banks, only their agents.

Over the past five weeks there have been dramatic fluctuations in the money markets.

A senior official at the central bank’s Foreign Exchange Management Department told Vietnam News that the new regulations were well-thought out and should put FX agents back on the right track.

There are 3,591 FX tables, of which 2,294 are for banks and 1,297 are for agents, governor Giau told reporters in Hanoi earlier this month.

About 941 FX tables are running in Hanoi, of which 687 tables are operated directly at banks, while 251 tables are held by authorized dealers. HCM City has 1,219 FX tables, half of which are run directly by banks.

Decision No 21/2008/QD-NHNN replaces Decision No 1216/2003/QD-NHNN issued in 2003.




Import value to reach US$80.2 Bln


The Ministry of Industry and Trade says the country’s import value will reach US$80.2 billion this year, a US$6.5 billion decrease compared to the expected figure.

The trend of decreasing imports was attributed to the government’s import prevention measures, including the increase on import tax rates on a number of unessential goods. Importers are also considering reducing imports due to unfavorable exchange rates and strictly controlling the foreign exchange market.

The value of necessary import products such as steel, petrol, machinery and equipment, normal metals, fertilizers and paper pulp is estimated to reach US$63 billion, increasing 28.4% over last year but reducing by US$4.2 billion compared to the plan. It represents 78.6% of the country’s import value.

The import value of products under control, including coke coal and petro-chemical products, gem stones, gold and diamond, is expected to reach US$12.9 billion, a 32.9% increase over last year but reduction of US$1.5 billion compared to the plan. This represents 16.1% of the total import value.

For restricted import products including tobacco, consumer goods, completed vehicles and motorbike parts, the export value was estimated at US$4.25 billion, a 9.5% increase over last year but US$800 million lower than expected, and representing 5.3% of the total import value.

The biggest reduction was seen in the import of up-to 12-seat cars.

Listings


S99: Approved to list nearly 1.5Mln additional shares


On July 17, 2008, the Hanoi Securities Trading Center (HASTC) approved the listing of additional shares issued by Song Da 909 Joint Stock Company.

Stock symbol: S99
Stock type: Common stock
Par value: VND10,000/share
Additional listing volume: 1,473,970 shares
Additional listing value: VND14,739,700,000.




VFMVF4: Insider violates trading rule


Mr. Le Trung Thanh, member of fund representative board of Vietnam Blue-chips Fund (VF4) bought 40,000 fund certificates on July 9, 2008 without making public announcement as stipulated by the law.





HBC: KITMC Worldwide Vietnam sells 50,000 shares


Hoa Binh Construction and Real Estate Corporation announces the trading result of major shareholder (KITMC Worldwide Vietnam Rsp Balanced Fund).

Trader: KITMC Worldwide Vietnam Rsp Balanced Fund
Trade stock symbol: HBC
Volume of shares before trading: 843,036 shares (6.24%)
Sold volume: 50,000 shares
Volume of shares after trading: 793,036 shares (5.87%)
Trading date: July 14, 2008.



HDC: Hodeco Says Profit Trebles in Jan-Jun
Ba Ria - Vung Tau House Development Joint Stock Company (Hodeco) said its profit in the firs half this year reached VND27 billion, trebling amount it earned in the same period of 2007.

The house developer posted revenues of VND180 billion in the six-month period.

Hodeco has finished building the 21-story apartment and supermarket complex in Vung Tau city and Co.op Mart supermarket, and is finalizing the construction of many other projects.

In 2008, the company targets at VND406 billion in revenues and VND52.7 billion in pretax profit.



PVT: PV Trans reveals new strategy until 2025
PetroVietnam Transportation Joint Stock Corporation (PV Trans Corp) has unveiled its business development strategy from now until 2025.

Under the plan, PV Trans will be a leading, multi-sector corporation by 2015. Its main business will be petrol transportation at home and abroad by 2025.

The corporation aims for US$100 million revenue in 2010 (profit of US$12 million), US$600 million in 2015 (US$125 million) and US$2 billion in 2025.

It expects to gain 20% a year in return on equity between 2016 and 2025.



LUT: Lutaco reports US$2.3 Mln revenues in H1
Luong Tai Construction Investment Joint Stock Company (Lutaco) said it earned VND36.5 billion (US$2.3 million) in revenues in the first half of this year, without giving comparative figures.

The Bac Ninh province-based construction company is investing in Chon Thanh industrial zone and Hoa Lu border economic zone in Binh Phuoc province, Kinh Dinh residential area and Loc An Xanh resort in Ba Ria Vung Tau province.



Sacombank aims for stability, not growth


Saigon Thuong Tin Commercial Bank (Sacombank) says it will cancel a new share issue, which was planned to mobilize additional capital for the year.


The shares included a VND889.7 billion (US$53.92 million) offer to existing shareholders, a VND30 billion (US$1.8 million) offer to staff and around a VND12.8 billion (US$775,700 million) offer to foreign investors.

Under the plan announced earlier this year, Sacombank will increase its equity from VND4.45 trillion (US$269.7 million) to more than VND6 trillion (US$363.6 million) in 2008, of which VND932.5 billion (US$56.5 million) will be mobilized through the new shares.

"In the context that the economy in general and the banking-finance industries in particular are facing difficulties, all our business as well as management activities over the past months have shown efforts to maintain safe and stable growth rates in accordance with the State Bank of Vietnam’s regulations," the bank says on its website.

The statement was also seen in documents which the bank has sent to shareholders.

"Some experts see this as one of the measures to control share supplies on the market, which is in accordance with the Government’s policies to stabilize the stock market," local press said.

The bank says it will pay last year’s dividend to its shareholders in shares. It will issue VND667.3 billion (US$40.44 million) worth of shares for offer to shareholders at a rate of 20:3, or at a dividend of 15%.

The ex-right date is set for July 23 and actual transactions of the new shares will begin September 15.

The bank says it has informed the HCM City Stock Exchange (HOSE) about the plans and has approval from the State Bank and the State Securities Commission.

Sacombank now has VND4.45 trillion (US$269.7 million) in equity, which will increase to VND5.12 trillion (US$310.3 million) after it finishes the dividend payment.

It earned VND754 billion (US$45.69 million) in the first six months of the year, a year-on-year increase of 23%.



STB: Record date for stockholder list on dividend payment in Stock for 2007
The Ho Chi Minh Stock Exchange announces the record date for dividend payment in stock for 2007 and shareholders" ballot on share issuance cancellation by Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank).

Listed company name: Saigon Thuong Tin Commercial Joint Stock Bank
Stock symbol: STB
Stock type: Common stock
Par value: VND10,000
Record date: July 25, 2008
Ex-right date: July 23, 2008
Purpose:
Pay dividend in stock for 2007
Exercise ratio: 15% (Shareholder will receive one call option for every share owned. He will receive three shares for every 20 call options. If the total number of options is divided by 20 with odds, the odd options will be paid in cash at VND1,500 per option.)
Expected issuing volume: 66,732,212 shares
The call options are not transferable.
Expected trading date: September 15, 2008
Place to receive dividend:
Shareholders whose shares have been deposited: at the securities firms where shares have been deposited
Shareholders whose shares have not been deposited: At the bank’s head office
Seek shareholder ballots on cancelling share issuance to public in 2008
Cancelling share issuance for existing shareholders (20% of share capital)
Cancelling share issuance for employees (3 million shares)
Cancelling share issuance for foreign investors (1,285,714 shares)
The Vietnam Securities Depository - HCM City Branch will temporarily suspend the custody of STB shares on July 24, 25 and 28, 2008.



DPM: PetroVietnam Finance registers to sell 2Mln shares
PetroVietnam Fertilizer and Chemicals Company (PVFCCo) announces the trading of affiliated institution (PetroVietnam Finance Corporation - PVFC).

Trader: PetroVietnam Finance Corporation (PVFC)
Affiliated person in the listed company: Mr. Doan Minh Man
Position of affiliated person in the listed company: Capital representative of PVFC at PVFCCo
Position of Mr. Man’s in PVFC: Deputy general director
Traded stock symbol: DPM
Volume of shares before trading: 8,100,860 shares
Volume of shares registered to sell: 2,000,000 shares
Expected volume of shares after trading: 6,100,860 shares
Purpose: To restructure investment portfolios
Trading time: From July 17 to August 16, 2008.


LBM: Strategic shareholder’s name changed
Lam Dong Mineral and Building Material Joint Stock Company (LBM) announces the change in the name of strategic shareholder, BIDV - Lam Dong Branch.

Old name: BIDV - Lam Dong Branch
New name: Nguyen Duy The
Date of birth: October 14, 1971
ID No.: 250319640 granted by the Police of Lam Dong dated September 27, 2007
The company maintains all strategic shareholder criteria in the issuing prospectus.
Effective date: July 12, 2008.


TNA announces business results in Jan-Jun
Thien Nam Trading Import Export Joint Stock Company (Tenimex) has released business results in the first six months of 2008.

Item Unit Jun 2008 Jan-Jun 2008 Comparison with Jan-Jun 2007 Comparison with full-year projections

Total revenues Billion VND 80.73 471.47 223.75 58.93

Profit before tax Billion VND 0.99 9.35 113.17 51.9


The company extracted VND1,228,800,000 for short-term financial investment provision fund.

OTC & bonds

EAB: DongA Bank reports inward remittance of US$631 Mln in Jan-Jun


Eastern Asia Commercial Joint Stock Bank (DongA Bank) reported to transfer overseas remittance worth of US$631 million in the first half of this year, fulfilling 52.6% of the year"s target.



The lender expected the figure to reach US$1.2 billion in 2008, up 20% year-on-year, said Le Tri Thong, the deputy general director.

Last year, the overseas remittance transferred through the bank totaled US$1 billion, accounting for nearly 20% market share.

Recently, EAB and the US-based MoneyGram joined hands to launch the door-to-door remittance service in Vietnam.

Nick Cunnew, MoneyGram"s senior regional director for Asia Pacific and South Asia, Vietnam"s inward remittance is very potential as the country has three million people residing in other countries