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Good Morning Vietnam February 25, 2021 Good Morning Vietnam To subscribe to our report, please contact us at [email protected] Market performance VIETNAM STOCK MARKET Last trade 1D (%) 1M (%) 1Y (%) VN-INDEX 1,162.01 -1.33 -0.35 27.74 Sharp drop with foreign continued outflow HNX 237.89 -0.37 2.61 123.03 Vietnam stock market saw a sudden drop amid foreign investors continued their net selling UPCOM 76.22 -0.32 -1.55 37.27 on the 3rd consecutive day. VN-Index maintained a slight gain during the morning with MSCI EM 1,376.76 -1.53 -2.37 30.31 sideways trend and steady trading volume. After lunch break, the index suddenly fell while NIKKEI 30,190.71 1.75 4.75 33.56 the volume jumped. Despite seeing somewhat recovery, VN-Index still recorded a HANG SENG 29,718.24 -2.99 -1.46 10.50 significant loss of 15.63 points (-1.33% DoD) to closed at 1,162.01 points. The trading KOSPI 3,053.73 1.96 -4.84 45.17 volume and value maintained high at 603mn shares (flat DoD) and VND15,017bn (-2.62% FTSE 6,658.97 0.50 0.30 -5.11 DoD). S&P 500 3,925.43 1.14 2.19 21.69 Banks and Real Estates stocks was the main cause of market decrease as VHM (-2.37%), NASDAQ 13,597.97 0.99 0.41 47.46 VCB (-1.90%), VIC (-1.64%), GVR (-3.68%), BID (-2.16%) plunged. Valuation Overseas investors recorded a net-selling worth of VND684.62bn on HOSE. Therein, they P/E (x) P/B (x) ROE (%) sold VNM (VND126.8bn), VHM (VND76.2bn), SSI (VND55.3bn), VRE (VND53bn), PLX VN-INDEX 17.94 2.43 13.70 (VND39.9bn), VIC (VND36.3bn), etc. By contrast, FUEVFVND (VND19.1bn), HPG SET INDEX 26.11 1.67 5.56 (VND18.1bn), MBB (VND15.5bn) saw net inflows. JCI INDEX 33.08 1.61 4.21 PCOMP INDEX 26.99 1.67 6.41 Market highlight: First COVID-19 vaccine doses arrive in Vietnam The first batch of 117,600 doses of Oxford/AstraZeneca's COVID-19 vaccine arrived in Key rates HCMC's Tan Son Nhat Airport on 24 February 2021. Vietnam Vaccine JSC (VNVC) said it had Last trade 1D (bps) 1M (bps) 1Y (bps) signed the deal for importing the batch with AstraZeneca in November 2020, without Policy rate 4.00 0 0 -200 revealing further details pleading security conditions the British-Swedish firm has imposed. 5-year 1.05 -1 -3 -98 10-year 2.27 0 9 -67 The import of the first batch was advanced following a new outbreak in late January that has spread to 13 cities and provinces. Last week the Health Ministry approved the import FX of 204,000 doses within this month. Vietnam has ordered 30mn doses from AstraZeneca. Last trade 1D (%) 1M (%) 1Y (%) It is not yet clear who will get the doses that have arrived, but the ministry had said earlier US$/VND 23,107 -0.35 -0.20 0.62 that frontline COVID-19 workers, teachers and people working in aviation and tourism will US$/KRW 1,108 0.38 -0.65 9.23 be among the first to get vaccinated. The government has waived duties and the vaccines US$/JPY 106 -0.18 -2.18 3.90 will get priority clearance to make sure they reach VNVC as fast as possible. The company US$/EUR 0.82 0.07 -0.16 -10.52 has set up cold storage units in HCMC, Da Nang and Hanoi to store 3mn doses at a time. US$/GBP 0.71 0.03 -3.27 -8.02 US$/SGD 1.32 0.05 0.67 6.05 Chau Bui, +84 28 3910 2222, [email protected] VN-Index valuation: 10-year band chart Daily trading value (turnover) Today (US$mn) 1M Avg (mn) 1Y Avg (mn) (x) P/E -2SD -1SD AVG +1SD +2SD VN-INDEX 604 584 290 22 HNX 101 78 35 UPCOM 36 31 17 20 18 Daily foreign trading value 16 Buy Sell Net (US$mn) VN-INDEX 27.87 57.66 -29.89 14 HNX 1.3 1.5 -0.2 12 UPCOM 1.3 0.6 0.6 10 Institutional client contacts 8 Head of Wholesale and Korean Clients Mr. Ahn Jong Hoon [email protected] 6 Feb 11 Feb 13 Feb 15 Feb 17 Feb 19 Feb 21 Source: Bloomberg, Mirae Asset Research Head of Institutional (ex Korea) Mr. Steven Derek Brown [email protected] See the last page of this report for important disclosures February 25, 2021 Good Morning Vietnam Short news Electricity oversupply forces authorities to cut solar output After years of facing the threat of power shortages, Vietnamese authorities are concerned about an electricity glut this year and are cutting renewable energy production. Some rooftop solar projects were forced to cut output by up to 80%. Power demand during the holidays from 10-16 February dropped by 27% from the previous week, according to Vietnam Electricity (EVN). At around noon, when demand is typically low, solar power production peaks, which was why EVN had to order solar farms to cut production, energy officials said at a recent forum. EVN chairman Duong Quang Thanh explained: "Solar power producers often tell me that if authorities keep cutting their output, they will not earn enough to pay bank debts. "For EVN, power shortages cause a headache, but oversupply makes us even more stressed." Last year authorities resorted to cutting solar power by a total of 365mn kilowatt hours after grids in the central provinces of Ninh Thuan and Binh Thuan were overloaded. Foreign-invested capital on the rise A series of large-scale foreign-invested projects worth hundreds of millions of US dollars are flocking to Vietnam, promising a bright outlook in attracting this type of capital inflow this year. While not yet reaching the dizzy heights of the US$4bn Bac Lieu LNG-gas-to-power project welcomed into the country a year ago from the United States, Vietnam continues to see a wave of billion-dollar ventures converge within the early months of the year despite the ongoing pandemic complexities worldwide. Foxconn Singapore is considering three locations offered by Thanh Hoa People’s Committee to develop a US$1.3bn project to produce electronic parts for Apple. The locations include Nghi Son Economic Zone, an industrial park in the west of the north-central province, and another one in Thieu Hoa district. Once complete, the plant will generate 100,000-150,000 jobs and generate US$10bn in export revenue per year. According to Do Minh Tuan, Chairman of Thanh Hoa People’s Committee, the investor is waiting for the opinions of the parent companies overseas before issuing a final decision. Foxconn representatives in recent times have visited Thanh Hoa on several occasions in order to work with the provincial leadership to promote investment activities. Korean investors join Metro Line 5 In a letter sent to the Management Authority for Urban Railways of Ho Chi Minh City (MAUR) and Ho Chi Minh City People’s Committee, Soun-young Chung, general manager of Kexim Bank's Global Business Cooperation Division said that the bank will soon finance the pre-feasibility study. The project will transform from official development assistance (ODA) to the public-private partnership (PPP) model. The study is implemented on three specific aspects: engineering, financing, and legality. Members of the research team and participating investors have extensive experience in the construction and operation of urban railway lines, including Metro Line 9 of Seoul, Korea, built under the PPP model. On January 19, the MAUR worked with a group of investors and consulting companies from Korea. The group consists of Kexim Bank, Hyundai Engineering Co., Ltd., Lotte Corporation, Samil PwC (finance consultant), Dohwa Engineering (engineering consultant), Sejong Corporation, and Shearman & Sterling (legal advisory), among others. FLC VN: Bamboo Airways hikes capital by 50% Bamboo Airways has increased its charter capital by half to VND10.5tr (US$458mn), its fifth hike in less than four years since establishment. The airline, in which FLC Group JSC (FLC VN/CP: VND6,050) owns a 51.29% stake, posted a pre-tax profit of over VND400bn in 2020 (+34% YoY). The airline began flying in 2019 and carried over 4mn passengers in 2020 (+40% YoY). It has a fleet of nearly 30 aircraft and plans to expand it to 50 this year. It has the best on-time performance in the country. Source: Fiinpro, VnExpress, VIR, Mirae Asset Research Mirae Asset Vietnam Research 2 February 25, 2021 Good Morning Vietnam Market events Upcoming market events Ex-rights date Exercise date Ticker Exchange Event type Thursday, February 25, 2021 02/25/2021 DHT VN HNX Annual General Meeting 02/25/2021 03/16/2021 PSD VN HNX Cash dividend (VND1,000/share) 02/25/2021 03/27/2021 HAX VN HOSE Annual General Meeting 02/25/2021 03/29/2021 DGC VN HOSE Annual General Meeting 02/25/2021 03/29/2021 VMC VN HNX Annual General Meeting 02/25/2021 03/30/2021 REE VN HOSE Annual General Meeting 02/25/2021 03/31/2021 VIN VN UPCOM Annual General Meeting 02/25/2021 03/31/2021 AGG VN HOSE Annual General Meeting Friday, February 26, 2021 02/26/2021 NBB VN HOSE Annual General Meeting 02/26/2021 VGR VN UPCOM Annual General Meeting 02/26/2021 MSN VN HOSE Annual General Meeting 02/26/2021 MSR VN UPCOM Annual General Meeting 02/26/2021 MML VN UPCOM Annual General Meeting 02/26/2021 MCH VN UPCOM Annual General Meeting 02/26/2021 FLC VN HOSE Annual General Meeting 02/26/2021 03/15/2021 DSN VN HOSE Cash dividend (VND2,500/share) 02/26/2021 04/03/2021 VFS VN UPCOM Annual General Meeting 02/26/2021 04/06/2021 DGW VN HOSE Annual General Meeting 02/26/2021 04/20/2021 EID VN HNX Annual General Meeting 02/26/2021 04/24/2021 NDN VN HNX Annual General Meeting 02/26/2021 04/27/2021 TKU VN HNX Annual General Meeting Source: Mirae Asset Research, FiinPro Mirae Asset Vietnam Research 3 February 25, 2021 Good Morning Vietnam Technical analysis Summary Item Data Item Views Close (24 February., 2021) 1,162.01 (-1.33%) Short-term Upsides Resistance 1,200 Medium-term Upsides Support 1,050 Long-term Upsides VN-INDEX TECHNICAL CHART Source: Fdata, Mirae Asset Research Mirae Asset Vietnam Research 4 February 25, 2021 Good Morning Vietnam Equity market indicators Figure 1.
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