External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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Equity Bottom-Up

Bank for Foreign Trade of Vietnam / Equity Bottom-Up

Joint Stock Commercial Bank for Foreign Trade of Vietnam provides banking products and services for individuals, corporates, and financial institutions in Vietnam and internationally. The company accepts personal and savings accounts; and business accounts, such as current accounts, and time and special deposit products. Its loan products comprise personal loans; and short-term lending, working capital financing, project finance, and trade finance products. In addition, the company offers various cards; account services, including demand and term deposit accounts, fund management, and auto-investment services; and money transfer, bancassurance, payments and cash management, foreign exchange and treasury, international payments, guarantees, investment banking, asset management, correspondent banking, factoring, financial and office leasing, securities, and remittance services. Further, it provides electronic banking services, such as Internet, mobile, SMS, and phone banking services, as well as VCB-Money, VCB-eTour, and VCB-eTopup services. As of December 31, 2014, the company operated 89 branches, 351 transaction offices, and 1 representative office. Joint Stock Commercial Bank for Foreign Trade of Vietnam was founded in 1963 and is headquartered in Hanoi, Vietnam.

Bank for Foreign Trade of Vietnam (VCB VN)

<ul><li>During the 2023 financial year, the total assets of the JSCB for Foreign Trade of Vietnam (VCB) remained nearly unchanged, reaching VND1,839tr (US$75.1bn), fora modest increase of 1.4% YoY.</li><li>The most significant contributor to this stabilitywas the notable growth in the highest-yielding asset category, loans to customers, which surged by 10.8% YoY to VND1,242tr (US$50.7bn).</li><li>Conversely, quick assets, including securities, experienced a decline of 10.6% YoY. </li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

During the 2023 financial year, the total assets of the JSCB for Foreign Trade of Vietnam (VCB) remained nearly unchanged, reaching VND1,839tr (US$75.1bn), fora modest increase of 1.4% YoY.The most significant contributor to this stabilitywas the notable growth in the highest-yielding asset category, loans to customers, which surged by 10.8% YoY to VND1,242tr (US$50.7bn).Conversely, quick assets, including securities, experienced a decline of 10.6% YoY. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bank for Foreign Trade of Vietnam - Saving for Rainy Days

Binh Duong Water Enviroment / Equity Bottom-Up

Binh Duong Water Environment JSC engages in the provision of living water. Its other activities include construction, repair, and maintenance of water supply system; designing and monitoring of water supply works; collecting and disposal of water waste; and other construction as irrigation, transportations, and civil works. The company was founded in 1901 and is headquartered in Thu Dau Mot, Vietnam.

<ul><li>Binh Duong Water - Environment Corporation JSC (BWE) plans to pay a 14% stock dividend in 2Q–3Q24; meanwhile,the 2022 cash dividend remains at VND1,300/share.</li><li>BWE maintains its plan to acquire water plants when opportunities arise. The deals will be funded by offshore sources, with expected interest rates of 7–8%.</li><li>The company has about VND3,000bn of investment capital for the FY24–26 period.</li></ul><p></p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Binh Duong Water - Environment Corporation JSC (BWE) plans to pay a 14% stock dividend in 2Q–3Q24; meanwhile,the 2022 cash dividend remains at VND1,300/share.BWE maintains its plan to acquire water plants when opportunities arise. The deals will be funded by offshore sources, with expected interest rates of 7–8%.The company has about VND3,000bn of investment capital for the FY24–26 period.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Binh Duong Water-Environment JSC - Update - Accelerating Growth Through M&A

PetroVietnam Power NhonTrach 2 / Equity Bottom-Up

PetroVietnam Power NhonTrach 2 Joint Stock Company engages in the production, transmission, and distribution of electricity in Vietnam. It manages, operates, and exploits combined cycle gas turbine power plants. The company is also involved in the construction and operation of power works; provision of support services for water transport; warehousing and storage of goods; transportation of goods through road and inland waterways; architectural and engineering, and technical consultancy related services; professional, scientific, and other technology services; and vocational education services comprising training of human resources in the management, operation, maintenance, and repair of thermal power projects. In addition, it engages in the wholesale of solid, liquid, gas, and related products; and wholesale of machinery, equipment, and other machine parts. The company was founded in 2007 and is based in Nhon Trach, Vietnam. PetroVietnam Power NhonTrach 2 Joint Stock Company is a subsidiary of Petro Vietnam Power Corporation.

<ul><li>According to the Ministry of Industry and Trade’s electricity generation plan in 2024, gas thermal power will contribute 23.1bn kWhin total electricity production throughout the system, down 12.2% compared with 26.3bn kWh in 2023.</li><li>Additionally, PetroVietnam (PVN) plans to supply the total volume of gas for electricity production in 2024 is 4.19-4.47bn m³, down 26% compared with PVN’s plan in 2023 due to the decline in existing gas sources.</li><li>We project total output of 2,600mn kWh in 2024 (-10% YoY) for PetroVietnam Power Nhon Trach 2 JSC (NT2). </li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

According to the Ministry of Industry and Trade’s electricity generation plan in 2024, gas thermal power will contribute 23.1bn kWhin total electricity production throughout the system, down 12.2% compared with 26.3bn kWh in 2023.Additionally, PetroVietnam (PVN) plans to supply the total volume of gas for electricity production in 2024 is 4.19-4.47bn m³, down 26% compared with PVN’s plan in 2023 due to the decline in existing gas sources.We project total output of 2,600mn kWh in 2024 (-10% YoY) for PetroVietnam Power Nhon Trach 2 JSC (NT2). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PetroVietnam Power Nhon Trach 2 JSC - Expected Lower Earnings in 2024

Thematic (Sector/Industry)

<ul><li>Vietnam Prosperity JSCB (VPB), formerly known as Vietnam JSCB for Private Enterprises, was established in 1993.</li><li>The Bank has its core business in mobilizing capital and crediting.</li><li>In addition, VPBank also engages in international banking services, trades foreign currencies, financial investment, risk management and capital protection. </li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Vietnam Prosperity JSCB (VPB), formerly known as Vietnam JSCB for Private Enterprises, was established in 1993.The Bank has its core business in mobilizing capital and crediting.In addition, VPBank also engages in international banking services, trades foreign currencies, financial investment, risk management and capital protection. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Stock Recommendations (Vietnam Market) - April 2024

<ul><li>Overall, average condominium prices in HCMC are stable, at approximately VND61mn/m2 , down only 1.7% YoY.</li><li>Conversely, average condominium prices in Hanoi are surprisingly up 13.6% YoY, at approximately VND55mn/m2 , as the high-end segment accounted for the lion’s share.</li><li>New condo supply in HCMC was ~10,700 units, down 48% (YoY) and at the lowest level of the last 10 years.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Overall, average condominium prices in HCMC are stable, at approximately VND61mn/m2 , down only 1.7% YoY.Conversely, average condominium prices in Hanoi are surprisingly up 13.6% YoY, at approximately VND55mn/m2 , as the high-end segment accounted for the lion’s share.New condo supply in HCMC was ~10,700 units, down 48% (YoY) and at the lowest level of the last 10 years.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sector Report 2024 - Worst Is Over, Now a Slow, Progressive Recovery

Mirae Asset Securities
External broker reports(aggregated public sources)
• Mirae Asset Securities

Bank for Foreign Trade of Vietnam - Saving for Rainy Days

During the 2023 financial year, the total assets of the JSCB for Foreign Trade of Vietnam (VCB) remained nearly unchanged, reaching VND1,839tr...

Mirae Asset Securities

Binh Duong Water-Environment JSC - Update - Accelerating Growth Through M&A

Binh Duong Water - Environment Corporation JSC (BWE) plans to pay a 14% stock dividend in 2Q–3Q24; meanwhile,the 2022 cash dividend remains at...

Mirae Asset Securities

PetroVietnam Power Nhon Trach 2 JSC - Expected Lower Earnings in 2024

According to the Ministry of Industry and Trade’s electricity generation plan in 2024, gas thermal power will contribute 23.1bn kWhin total...

Mirae Asset Securities

Stock Recommendations (Vietnam Market) - April 2024

Vietnam Prosperity JSCB (VPB), formerly known as Vietnam JSCB for Private Enterprises, was established in 1993. The Bank has its core business in...

Mirae Asset Securities

Sector Report 2024 - Worst Is Over, Now a Slow, Progressive Recovery

Overall, average condominium prices in HCMC are stable, at approximately VND61mn/m2 , down only 1.7% YoY.Conversely, average condominium prices in...

Mirae Asset Securities