Professional Documents
Culture Documents
<GO>
July 03 2014
SUMMARY
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
MARKET WRAP
On HOSE
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.
VN- I NDEX
MARKET MOVEMENTS
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.
HNX- I NDEX
Value: VND 744.3 bn
Foreigner (net): VND 36.3 bn
578.80
0.73 (0.13%)
78.90
0.82 (1.05%)
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.
ECONOMIC WRAP
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 to 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 ratio
VN Index YTD
<GO>
EQUITY WRAP
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.
<GO>
TRADING STATISTICS
Market Data
VN - INDEX LEADING MOVERS
Ticker
ClosePrice
Change
%Change
Index pt
Vol
VNM
125,000
3000
2.46%
1.48
1,136,720
MSN
92,500
1000
1.09%
0.44
BID
15,200
100
0.66%
0.17
REE
27,400
800
3.01%
KBC
11,500
500
4.55%
Ticker
ClosePrice
Change
%Change
Index pt
Vol
GAS
109,000
-2000
-1.80%
-2.25
363,450
STB
20,300
-200
-0.98%
-0.15
HPG
53,500
-500
-0.93%
-0.14
VCB
25,900
-100
-0.38%
VCF
160,000
-8000
-4.76%
Ticker
ClosePrice
Change
%+/- T
%+/-T+3
Volume
SRC
22,900
900
4.09%
13.37%
362,650
VHG
10,400
600
6.12%
10.64%
PXL
4,400
200
4.76%
10.00%
BMC
34,500
-500
-1.43%
DRC
53,000
1000
1.92%
Ticker
ClosePrice
Change
%+/- T
%+/-T+3
Volume
TSC
25,700
1000
4.05%
-5.17%
94,680
VSH
15,500
0.00%
-3.73%
GAS
109,000
-2000
-1.80%
HHS
22,000
-1100
NHS
12,000
Ticker
Turnover
ClosePrice
Change
%+/- T
%+/-T+3
VNM
146.21
125,000
3000
2.46%
2.46%
FLC
132.53
11,900
500
4.39%
SSI
65.63
26,700
300
ITA
59.33
8,200
DXG
59.21
Ticker
1
ClosePrice
Change
%Change
Index pt
Vol
PVS
30,000
500
1.69%
0.14
2,928,203
127,400
VCG
13,600
400
3.03%
0.11
1,610,460
650,420
NVB
7,000
400
6.06%
0.08
26,670,500
0.13
1,124,100
SHB
9,800
100
1.03%
0.06
3,157,122
0.12
3,357,090
KLS
12,600
400
8.50%
0.05
100
Ticker
ClosePrice
Change
%Change
Index pt
Vol
PVI
19,800
-200
-1.00%
-0.03
3,518
362,440
VNR
20,600
-400
-1.90%
-0.03
6,450
380,940
TH1
26,200
-2900
-9.97%
-0.02
600
-0.14
327,940
HGM
52,000
-900
-1.70%
-0.01
1,000
-0.13
170
NBC
10,200
-300
-2.86%
-0.01
13,400
Ticker
ClosePrice
Change
%+/- T
%+/-T+3
Volume
DCS
6,300
400
6.78%
10.53%
3,038,441
2,474,570
KSK
14,300
100
0.70%
10.00%
64,900
935,380
SD4
10,000
0.00%
8.70%
20,100
9.18%
96,550
VIG
5,100
300
6.25%
8.51%
1,370,330
9.05%
428,280
BCC
8,200
600
7.89%
7.89%
453,605
Ticker
ClosePrice
Change
%+/- T
%+/-T+3
Volume
S99
14,400
0.00%
-7.10%
52,114
1,944,730
VFR
10,300
-400
-3.74%
-6.36%
8,600
-2.68%
363,450
VDS
5,000
-100
-1.96%
-3.85%
31,700
-4.76%
-2.65%
501,900
NDN
10,800
-200
-1.82%
-3.57%
18,400
0.00%
-2.44%
251,070
CMI
17,300
-200
-1.14%
-3.35%
141,400
Ticker
Turnover
ClosePrice
Change
%+/- T
%+/-T+3
NVB
191.11
7,000
400
6.06%
7.69%
7.21%
PVS
87.50
30,000
500
1.69%
3.09%
1.14%
3.09%
KLS
58.05
12,600
400
3.28%
4.13%
100
1.23%
1.23%
KLF
34.19
11,300
100
0.89%
1.80%
14,800
0.00%
-0.67%
SHS
31.43
9,100
200
2.25%
4.60%
Volume
%Change
ClosePrice
Change
%+/-T
Ticker
Volume
%Change
ClosePrice
Change
%+/-T
THG
6,190
309400%
10,100
200
2.02%
NPS
9,100
7483%
13,300
-1100
-7.64%
C21
8,980
224400%
20,400
700
3.55%
SDY
11,200
2335%
3,500
0.00%
RIC
1,100
54900%
8,300
0.00%
DNC
1,100
1733%
11,600
600
5.45%
TMP
7,200
5900%
22,100
0.00%
DAD
6,300
1475%
17,000
200
1.19%
TNA
5,010
3379%
27,500
1200
4.56%
CT6
15,700
1381%
8,100
-100
-1.22%
Ticker
ClosePrice
Buy Vol.
Sell Vol.
Net Vol.
Net Value
Ticker
ClosePrice
Buy Vol.
Sell Vol.
Net Vol.
Net Value
CSM
43,900
228,970
17,000
211,970
9.18
PVS
30,000
849,300
61,800
787,500
23.52
DRC
53,000
194,210
27,640
166,570
8.77
KLS
12,600
821,900
7,600
814,300
10.15
PVD
83,000
213,402
115,152
98,250
8.20
FIT
14,800
240,000
240,000
3.49
FCN
24,900
304,420
7,000
297,420
7.41
VCG
13,600
244,700
53,500
191,200
2.59
KBC
11,500
620,000
620,000
6.98
PPS
11,500
48,500
48,500
0.56
Ticker
ClosePrice
Buy Vol.
Sell Vol.
Net Vol.
Net Value
Ticker
ClosePrice
Buy Vol.
Sell Vol.
Net Vol.
Net Value
VSH
15,500
1,759,790
-1,759,790
-26.89
PVC
18,800
10,000
250,000
-240,000
-4.41
HAG
24,700
214,300
656,730
-442,430
-10.93
INN
30,500
50,000
-50,000
-1.45
VCB
25,900
21,500
235,440
-213,940
-5.54
SHB
9,800
39,900
76,300
-36,400
-0.35
DPM
32,200
56,730
188,330
-131,600
-4.25
BVS
13,200
9,000
-9,000
-0.12
KDC
60,500
7,740
50,000
-42,260
-2.55
PVX
4,400
20,000
-20,000
-0.09
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.
<GO>
Exchange
Shares
Weight
Trading
volume
on 1.7
5 days
Trading
volume
Price
(VND)
EPS
PE
Price
T+3
Price
T+15
Net Profit
Growth
1Q14/1Q13
MSN
HOSE
9,597,030
7.38%
17,840
107,010
92,500
451
202.8
1.1%
-5.6%
-17322%
VIC
HOSE
11,666,614
6.31%
21,680
130,080
64,500
8,310
7.8
1.6%
-1.5%
275%
VCB
HOSE
32,509,128
7.36%
60,440
362,640
25,900
1,653
15.7
-1.5%
6.6%
5%
BVH
HOSE
16,321,866
5.65%
30,350
182,070
41,300
1,811
22.8
0.0%
4.3%
43%
DPM
HOSE
20,939,190
5.67%
38,930
233,580
32,200
4,984
6.5
-0.6%
-0.3%
-46%
PVS
HNX
21,933,750
5.43%
40,800
244,800
30,000
3,403
8.7
3.1%
11.9%
1%
STB
HOSE
45,199,031
7.77%
84,040
504,190
20,300
1,916
10.7
-1.5%
-2.4%
-8%
ITA
HOSE
50,671,041
3.44%
94,170
564,990
8,200
79
102.4
1.2%
2.5%
855%
VCG
HNX
28,238,897
3.13%
52,500
315,000
13,600
1,018
13.0
3.0%
3.8%
-121%
PVD
HOSE
5,461,266
3.82%
10,150
60,900
83,000
7,789
10.7
-0.6%
-0.6%
42%
SHB
HNX
41,021,200
3.34%
76,300
457,800
9,800
912
10.6
5.4%
6.5%
33%
HAG
HOSE
15,831,755
3.25%
29,430
176,580
24,700
1,691
14.5
1.6%
0.8%
334%
OGC
HOSE
22,485,956
2.04%
41,810
250,830
11,000
227
47.7
1.9%
0.9%
-75%
PVT
HOSE
10,721,055
1.10%
19,930
119,530
13,000
944
12.9
6.6%
6.7%
14%
GMD
HOSE
5,297,136
1.50%
9,850
59,100
33,600
269
125.8
-0.9%
1.5%
-73%
PPC
HOSE
7,715,110
1.32%
14,340
86,040
20,500
2,857
7.1
0.5%
-1.0%
-77%
27-Jun
Exchange
Weight
Price (VND)
EPS
PE
Price T+3
Price T+15
Net Profit
Growth
1Q14/1Q13
HOSE
HOSE
HOSE
HOSE
HOSE
HOSE
HOSE
HOSE
HOSE
HOSE
HOSE
HOSE
HOSE
HOSE
HOSE
HOSE
HOSE
HOSE
HOSE
HOSE
HOSE
0.14%
0.14%
0.14%
0.10%
0.08%
0.08%
0.06%
0.05%
0.03%
0.02%
0.02%
0.02%
0.02%
0.02%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
92,500
64,500
53,500
83,000
20,300
24,700
25,900
32,200
8,200
11,500
41,300
44,700
33,600
15,500
20,500
43,900
23,600
53,000
13,000
16,000
11,000
451
8,310
4,913
7,789
1,916
1,691
1,653
4,984
79
436
1,811
4,120
269
1,035
2,857
5,506
1,605
4,609
944
375
227
202.8
7.8
11.0
10.7
10.7
14.5
15.7
6.5
102.4
25.2
22.8
10.7
125.8
15.0
7.1
7.7
14.6
11.3
12.9
42.2
47.7
1.1%
1.6%
0.0%
-0.6%
-1.5%
1.6%
-1.5%
-0.6%
1.2%
0.9%
0.0%
1.1%
-0.9%
-3.7%
0.5%
7.3%
-0.4%
9.1%
6.6%
0.6%
1.9%
-5.6%
-1.5%
7.0%
-0.6%
-2.4%
0.8%
6.6%
-0.3%
2.5%
6.5%
4.3%
4.0%
1.5%
-6.1%
-1.0%
14.6%
-5.6%
23.0%
6.7%
-4.8%
0.9%
-17322.5%
274.7%
90.5%
41.8%
-8.1%
334.1%
4.8%
-45.9%
854.7%
125.0%
43.4%
-70.3%
-73.0%
36.2%
-76.5%
14.4%
1.7%
9.7%
14.1%
n.a
-74.8%
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.
Exchange
Shares
Weight
Price (VND)
EPS
PE
Price T+3
Price T+15
HOSE
HOSE
HOSE
HOSE
HOSE
HOSE
HOSE
1376320
1182728
2073286
1230700
658240
288640
109120
0.91%
0.55%
0.31%
0.23%
0.15%
0.09%
0.07%
92,500
64,500
20,300
25,900
32,200
41,300
83,000
451
8,310
1,916
1,653
4,984
1,811
7,789
202.8
7.8
10.7
15.7
6.5
22.8
10.7
1.1%
1.6%
-1.5%
-1.5%
-0.6%
0.0%
-0.6%
-5.6%
-1.5%
-2.4%
6.6%
-0.3%
4.3%
-0.6%
-17322.5%
274.7%
-8.1%
4.8%
-45.9%
43.4%
41.8%
MSN
VIC
STB
VCB
DPM
BVH
PVD
115%
105%
95%
85%
75%
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
MXFMEAS Index
Jan-14
Apr-14
VNINDEX Index
Source: Bloomberg
Net Buy/(Sell) of Foreign Investors in the last 20 trading days (VND bn)
400
350
300
bn VND
250
200
150
100
50
0
-50
HOSE
5-Jun
9.7
6-Jun
5.8
9-Jun 10-Jun 11-Jun 12-Jun 13-Jun 16-Jun 17-Jun 18-Jun 19-Jun 20-Jun 23-Jun 24-Jun 25-Jun 26-Jun 27-Jun 30-Jun
8.8
39.8
26.0
39.4
-4.1
15.3
14.1
95.2 132 .4 367 .5 45.3
25.3
37.8 116 .8 140 .3 53.6
HNX
64.0
30.4
50.2
18.6
38.4
20.4
18.9
15.3
16.5
10.2
36.2
35.4
13.5
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.
47.9
7.5
16.4
19.8
23.4
1-Jul
31.5
2-Jul
11.2
5.4
36.3
<GO>
OTC PRICE
No.
COMPANY
Real Estate
1
EDEN JSC
2
TAN BINH REAL ESTATE JSC
3
SAIGON REAL ESTATE JSC- SGX
PFV INVESTMENT AND TRADING
4
JSC
5
PETROWACO PROPERTY JSC
TOAN THINH PHAT ARCHITECTURE
6
INVESTMENT CONSTRUCTION JSC
BENTHANH LAND INVESTMENT
7
CORPORATION
TIN NGHIA INDUSTRIAL PARK
8
DEVELOPMENT JSC
9
Construction
NO.8 INVESTMENT &
10
CONSTRUCTION JSC
11
BID
(VND'000)
ASK
(VND'000)
7
9
5
8
8.8
6
35
35
3.7
51
53
6.5
10
4.5
4.3
4.5
50
24
24
51
12
13
52
Vietnam Prosperity Bank VPBANK
Finance & Insuarance
19
12
12
20
10
10
10
9
10
9
26
53
SOUTHERN BANK
13
13
9.5
10
54
FPT SECURITY JSC
55
AU LAC SECURITIES JSC
56
MILITARY INSURANCE COMPANY
Coporation
CONG NGHIEP CONSTRUCTION
57
TECHNOLOGY JSC
SAIGON COOP INVESTMENT
58
DEVELOPMENT JSC
59
PHUTHAI GROUP JSC
60
PETROLIMEX
Export/Import
61
DANANG TERRIORAIL IXPORT JSC
VIETNAM OCEAN SHIPPING AGENCY
62
CORPORATION
BAROTEX VIETNAM INVESTMENT
63
&TRADING JSC
Technology
51.5
52
64
13
14
65
66
67
15
16
68
27
27
69
8.5
18.5
19.5
BID
(VND'000)
ASK
(VND'000)
10
3.6
26
10
4
26.5
10.5
10
11.5
14
5.4
8.2
8.4
7.8
6.5
4.6
9.8
9.6
10
10
8.8
4.1
4.2
12.5
10.5
8.5
14
10.5
9
4.4
10
11
5
7
5
8.8
10.5
11
19
19
15
15
7.5
30
50
31
52
5.5
10
32.5
33
40
42
4
20
19
3.8
20
19.5
5.5
Pharmaceutical
20
14.5
8
20
15
9
71
72
73
ICA BIOTECHNOLOGICAL
PHARMACEUTICAL JSC
CANGIO PHARMACEUTICAL JSC
VIDIPHA CENTRAL PHARMACEUTICAL
TAM DUC CARDIOLOGY HOSPITAL JSC
16
14
74
41
43
Light Industry
33
34
35
49
3.5
2
10
25
47
9.5
3.4
3
9
46
8.5
6.6
24
COMPANY
48
21
BINH DIEN HYDROPOWER JSC
22
HUONG SON HYDROPOWER JSC
Transportation
23
AU LAC JSC
No.
70
10.5
75
28
28.5
37
38
76
77
40
0.5
59.5
0.4
11
12
78
55
66
79
37
37.5
80
34
35
81
185
180
67.5
68
SABECO
68
64
HABECO
29
30
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.
<GO>
SSI CONTACTS
DISCLAIMER
The
information,
projections
statements,
contained
herein,
forecasts
and
including
any
to
be
reliable
but
their
are
fair
and
reasonable
HA NOI
accuracy
our
in
the
Institutional Sales
Mr Steven Derek
Brown
Sales Manager
Huy Nguyen
Sales Manager
Van Bui
Sales Manager
1209*
steven@ssi.com.vn
huynd@ssi.com.vn
1284*
vanbt1@ssi.com.vn
Senior
Director
Strategy
409
phuonghv@ssi.com.vn
Hung Pham
Associate
Director
Macro
637
hungpl@ssi.com.vn
Giang Nguyen
Associate
Director
Banking &
Insurance
430
giangntt@ssi.com,vn
Minh Dinh
Senior
Analyst
Pharmaceutical,
2148*
Steel
minhdd@ssi.com.vn
Kien Nguyen
Senior
Analyst
IT, Electricity
510
kiennt@ssi.com.vn
Huong Vu
Senior
Analyst
Real Estate
624
huongvl@ssi.com.vn
Thuy Nguyen
Analyst
526
thuyntt@ssi.com.vn
Anh Dinh
Analyst
Real Estate
670
anhdtm@ssi.com.vn
Agriculture
679
kiennt1@ssi.com.vn
Trang Pham
Analyst
Consumer
Goods &
Services
537
trangph@ssi.com.vn
Thu Le
Analyst
Consumer
Goods &
Services
2173*
thula@ssi.com.vn
Viet Luong
Team
Assistant
775
vietlt@ssi.com,vn
* Tel (848) 3 824 2897, those Extension without * please dial (844) 3936-6321
Director
427
linhndh@ssi.com.vn
Quan Pham
Project Manager
615
quanpm@ssi.com.vn
Hien Pham
Analyst
717
hienptt@ssi.com.vn
Trang Le
Analyst Assistant
442
tranglh@ssi.com.vn
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redistributed without the prior written consent of Saigon Securities Incorporation.