Saigon – Hanoi Bank (SHB VN) – Expecting VND5,000 billion
The bank plans to issue totally VND5,000 billion of bonds in future. In the 1st phase, the bank will offer a half to public investors with subscriptions to be available from 26th December 2024 until 28th February 2025. Bonds will have 7-year tenor, floating coupon rate paid semiannually, unsecured and nonconvertible, and proceeds will be used for increasing the Tier-2 capital buffer of the bank. SHB reported its Q3 2024 financials: (1) VND3,852 billion of total operating income (USD 151.6 million, down -16.1% YoY); and (2) net profit of VND1,740 billion (about USD68.5 million, down -15.5% YoY). Q3 2024 NIM was around 3.0%, the lowest in 10 recent quarters, followed by an increasing NPL ratio clocked at 3.1% last quarter. SHB VN closed at VND10,350 per share on 17th December 2024, thus 4.9x P/E and 0.7x P/B.
FPT Corporation (FPT VN) – November IR Newsletter
The tech giant announced its preliminary results in November 2024 with revenue of VND5,608 billion (about USD 221 million, up +19.3%) and earnings before tax of VND1,013 billion (about USD 40 million, up +17.8% YoY). Therefore, FPT has already completed 91% and 94% of its FY2024 revenue and profit projection, respectively, by now. YTD, Japan and APAC have been the fastest-growing markets for the company with 30.2% (36.1% in JPY-denominated revenue) and 39.3%, respectively. FPT VN closed at VND148,000 per share on 17th December 2024, hence 29.1x P/E and 7.3x P/B. To remind, EPS and BVPS is being calculated with data updated until Q3 2024.
Government Restructuring Update
To be confirmed, potentially, post restructuring the Government will have:
+ 13 ministries and 4 ministry-equivalent agencies (decreased by 5);
+ 5 government-backed organizations (decreased by 3);
+ General departments and equivalents: decreased by 12 or 13;
+ Departments and equivalents: decreased by 500;
+ Offices and equivalents: decreased by 177;
+ Public entities (under ministries and equivalents): decreased by 190;
Vietnam Customs Update - Total Trade Value Jumps 15.4% YoY
By the end of 14th December 2024, total trade value was about USD 745.4 billion, up +15.4% YoY, netting an export value of USD23.4 billion added to GDP while expecting a USD782.3 billion in trade value for full-year 2024.
Investor can see the full Newsletter below:
