|Fully Diluted Share Count||326.2m|
|12M High VND||28,400|
|12M Low VND||17,200|
|EVN Genco 2||52.3%|
Price: VND 18,200 Target Price: VND21,700 Upside + Div: 27.5%
Market Cap: USD 257m Daily Val 30 Day: USD 0.1m Foreign room: 15%
|Revenue, VND Billion||6,589||7,482||7,998||8,172|
|NPAT less Minority Interest (VNDb)||1,630||1,045||636||1,329|
|EPS growth (*)||66.5%||-29.9%||42.0%||40.3%|
|PER at market price||6.1||8.6||9.5||5.0|
|PBR at market price||1.1||1.0||1.0||0.9|
|Dividend Yield at market price||8.2%||13.7%||8.2%||11.0%|
|Net Debt / Equity %||0.8||0.6||0.5||0.4|
Notes: (*) EPS growth less one-off profit while PER is calculated on company reported EPS adjusted for bonus & welfare.
– We increase TP for PPC by 4% and upgrade it from M-PF to BUY as a multitude of factors are working in favour of PPC from drought conditions to a vibrant economy that together are having a dual positive affect on utilisation rates, forces strong enough to override the temporary oversupplied situation in the North. Recent share price decline further improve upside.- Fully depreciated asset will lift EPS growth by 40.3% for 2016 while signals from the company suggest positive Pha Lai 1’s PPA re-negotiation next year (but applicable from 2017).
– We retain our forecast on 2015 dividend payment of VND1,500 (8.2% yield) vs. company’s guidance of VND2,000 due to FX loss. However, we expect in 2016 PPC will be able to pay out VND2,000 (11.0% yield) if JPY/VND does not appreciate more than 5% and USD/VND does not appreciate more than 5%. Of note, JPY is anticipated to depreciate by in 2016.
– PPC is trading at forward PER of 5.0x, 50% discount compared to its peers.
Expected drought and higher economic growth benefits both PPC and HPPP. PPC’s output in third quarter increased significantly by 28% and pushed 9M15’s output up by 4% despite 1H15’s decline of 4%, 3Q15 rising due to drought. We revise up utilization rate assumption for PPC and HPPP from 62%-65% to 70%-73% for both years (2015 & 2016). As such, PPC’s core NPAT was revised up by 42%.
PPA for Pha Lai 1 to be the same. According to one member of PPC’s Board of Directors, PPA of Pha Lai 1 which will be re-negotiated after 2015 is expected to remain the same. This relieves the risk that earnings of Pha Lai 2 will be used to make up for worse performance of Pha Lai 1. In addition, BOD member also explained that pressure to dispose PPC’s stake in HPPP is not significant.
PPC cannot pay VND2,000 for 2015 but will be able to 2016. We forecast that PPC’s reported NPAT will be VND636b for 2015 if JPY/VND does not move markedly for the rest of the year. This will allow PPC to pay out VND1,500 per share only, lower than its current guidance of VND2,000 per share. However, such dividend policy is extremely feasible for 2016.
Company At A Glance
Business Electricity generator
Key Sales Drivers Utilization rate & electricity price
Key Cost Drivers Coal price & maintenance cost
Key Risks Oversupplied situation in the Northern market & JPY appreciation
Major Clients Viet Nam Electricity Group (EVN)
Leadership Mr. Lam Pham (Chairman) & Mr. Thu Pham (CEO)
Headquarters Pha Lai ward, Chi Linh town, Hai Duong province
Telephone (+84) 320 3881 126
SELECT COMPANY METRICS
|Revenue Mix %||Gross Profit Contribution|
|Cost Structure %||Capital Structure %|
Source: PPC’s financial statements & VCSC
|INCOME STATEMENT||2014A||2015F||2016F||BALANCE SHEET||2014A||2015F||2016F|
|VND Billion||VND Billion|
|Revenue||7,482||7,998||8,172||Cash & cash equivalents||1,187||1,473||1,612|
|Cost of goods sold||-6,985||-7,139||-6,891||Short term investment||3,446||3,753||3,753|
|Gross Profit||497||859||1,281||Accounts receivables||2,138||1,895||1,936|
|Sales & Marketing exp||0||0||0||Inventories||705||840||811|
|General & Admin exp||-107||-120||-122||Other current assets||4||4||4|
|Operating Profit (EBIT)||391||739||1,159||Total Current assets||7,480||7,965||8,116|
|Financial income||1,055||314||342||Fix assets, gross||13,673||13,943||14,213|
|Financial expenses||-143||-400||-114||– Depreciation||-12,587||-13,035||-13,115|
|In which, interest expense||-138||-115||-108||Fix assets, net||1,086||908||1,098|
|Sh’d profit / loss fr associates||-10||10||69||LT investment||1,431||1,431||1,431|
|Net other income / (loss)||8||8||0||LT assets other||1,327||1,327||1,327|
|Profit before Tax||1,302||671||1,457||Total LT assets||3,844||3,666||3,856|
|Income Tax||-247||-30||-118||Total Assets||11,324||11,631||11,972|
|NPAT before MI||1,054||641||1,339||Accounts payable||326||308||297|
|Minority Interest||-9||-5||-10||Short-term debt||327||349||349|
|NPAT less MI, reported||1,045||636||1,329||Other ST liabilities||873||1,081||1,105|
|NPAT less MI, adjusted,||688||977||1,370||Total current liabilities||1,526||1,739||1,751|
|EBITDA||1,086||1,187||1,239||Long term debt||4,083||4,018||3,669|
|Other LT liabilities||0||0||0|
|Total LT debt||4,083||4,018||3,669|
|EPS basic reported, VND||3,202||1,949||4,074||Total Liabilities||5,608||5,757||5,420|
|EPS basic adjusted (1), VND||2,108||2,994||4,200||Preferred Equity||0||0||0|
|EPS fully diluted (2), VND||2,108||2,994||4,200||Paid in capital/Issued capital||3,262||3,262||3,262|
|Add. share capital/sh. premium||0||0||0|
|RATIOS||2014A||2015F||2016F||Retained earnings & other equity||2,412||2,570||3,248|
|Rev growth||13.6%||6.9%||2.2%||Minority interest||42||42||42|
|Op. profit (EBIT) growth %||-57.9%||89.3%||56.7%||Total equity||5,716||5,874||6,552|
|PBT growth||-42.2%||-48.4%||117.1%||Liabilities & equity||11,324||11,631||11,972|
|EPS growth, adjusted||-29.9%||42.0%||40.3%|
|Gross profit margin||6.6%||10.7%||15.7%||CASH FLOW||2014A||2015F||2016F|
|Op. profit (EBIT) margin||5.2%||9.2%||14.2%||VND Billion|
|EBITDA margin||14.5%||14.8%||15.2%||Beginning Cash Balance||1,186||1,187||1,473|
|NPAT less MI margin||14.0%||8.1%||16.3%||Net Income||1,045||648||1,330|
|ROE||12.3%||16.9%||22.1%||Dep. & amortization||701||448||80|
|ROA||5.9%||8.5%||11.6%||Change in Working Capital||-227||298||1|
|Efficiency||Cash from Operations||782||1,394||1,411|
|Days Inventory On Hand||42.9||39.5||43.7||Capital Expenditures, net||-200||-270||-270|
|Days AR||86.5||92.0||85.6||Investments, net||280||-307||0|
|Days AP||15.8||16.2||16.0||Cash from Investing||80||-577||-270|
|Cash Conversion Days||113.7||115.3||113.2||Dividends Paid||-481||-489||-652|
|∆ in Share Capital||0||0||0|
|Liquidity||∆ in LT debt||-380||-41||-349|
|Current Ratio||4.9||4.6||4.6||∆ in ST debt||–||–||–|
|Quick Ratio||4.4||4.1||4.2||Other financing cash flows|
|Cash Ratio||0.8||0.8||0.9||Cash from Financing||-860||-531||-1,002|
|Debt / Assets||0.4||0.4||0.3||Net Change in Cash||1||286||139|
|Debt / Capital||0.4||0.4||0.4||Ending Cash Balance||1,187||1,473||1,612|
|Net Debt / Equity||0.6||0.5||0.4|
Source: Company financial statements, VCSC forecasts. (1) EPS basic adjusted is earnings per share less extraordinary profits and less contributions to employee bonus and welfare fund per Circular 200.
|2015F||1QA||2QA||3QA||4QF||YTD Actual||Company Guidance||VCSC Forecast|
|Revenues, VND Billion||2,002||2,262||1,782||1,952||6,046||7,419||7,998|
|NPAT guidance, unadjusted||51||317||73||195||441||613||636|
|NPAT guidance, adjusted||149||327||270||230||746||n.a.||977|
|Gross profit margin||6.7%||8.3%||14.4%||14.4%||9.6%|
|Op Profit (EBIT) margin||5.4%||7.3%||13.1%||11.9%||8.4%|
|NPAT less MI (adj.) margin||2.6%||14.0%||4.1%||10.0%||7.3%|
|Revenue, YoY growth||-7.3%||7.2%||30.4%||6.1%|
|Op Profit (EBIT) YoY growth||-61.9%||n.a.||n.a.||-12.3%|
|Revenues, VND Billion||2,160||2,111||1,366||1,840||7,482|
|NPAT guidance, unadjusted||1,045|
|NPAT guidance, adjusted||516|
|Gross profit margin||14.4%||0.6%||-8.9%||16.1%||6.6%|
|Op Profit (EBIT) margin||13.2%||-0.6%||-10.8%||14.3%||5.2%|
|NPAT less MI (adj.) margin||10.3%||-2.3%||24.8%||29.8%||14.0%|
|Revenue, YoY growth||21.5%||13.1%||13.8%||5.5%||13.6%|
|Op Profit (EBIT) YoY growth||-19.6%||n.a.||n.a.||251.8%||-57.9%|
Note: NPAT adjusted = NPAT less minority interest less extraordinary earnings less bonus & welfare fund
|FY 14A||FY15 Old Forecast||FY15 New Forecast||FY15F vs. FY14A||Explanation new vs. old forecast|
|Revenues||7,482||7,230||7,998||6.9%||Utilization rate revised from 65% to 73%|
|Sales & marketing exp||0||0||0||n.a.|
|General admin exp||-107||-108||-120||12.2%|
|Operating profit (EBIT)||391||526||739||89.3%|
|Non-operating profit||696||-151||-278||n.a.||More FX loss due to JPY/VND appreciation|
|Income from associates||-10||93||10||n.a.||Lower reported income from HPPP as HPPP’s earnings was hurt by 5% appreciation of USD/VND.|
|Profit before tax||1,302||674||671||-48.4%|
|Profit after tax||1,054||632||641||-39.2%|
|NPAT less MI, unadj||1,045||628||636||-39.1%|
|NPAT less MI, adj||688||687||977||42.0%|
|Basis points movements|
|Gross profit margin %||6.6%||8.8%||10.7%||4.1%|
|Sales & marketing % sales||0.0%||0.0%||0.0%||0.0%|
|General admin % sales||1.4%||1.5%||1.5%||0.1%|
|EBIT margin %||5.2%||7.3%||9.2%||4.0%|
|EBITDA margin %||14.5%||13.5%||14.8%||0.3%|
|NPAT margin %||14.0%||8.7%||8.0%||-6.0%|
|Effective tax rate %||19.0%||6.2%||4.5%||-14.5%|
Drought benefits PPC as well as HPPP
We revise up utilization rate assumptions for PPC from 65% to 73% in 2015 and from 62% to 73% in 2016. Likewise, HPPP’s utilization rates are adjusted accordingly.
Through 10 months of 2015, coal thermal power plants nationwide increased its contribution to Vietnam electricity system from 32% to 36%. This explains PPC and HPPP’s strong output year to date.
The fact that reservoirs across three regions have just been able to store from 20% to 50% of their design capacity at present indicates that 2016 will be another dry year for hydro power plants. Consequently, thermal power plants will continue to benefit.
Figure 1: PPC & HPPP’s utilization rate assumption changes
Source: PPC, HPPP & VCSC
PPC’s 9M result: FX loss obscures robust core earnings
PPC’s 3Q result came out with revenue growing by 31% and EBIT reached VND234b vs. a loss of VND146b in the same period last year. Core earnings jumped to VND270b, circa six-fold compared to 3Q14A. Output in this 3Q increased significantly by 28% and pushed 9M15’s output up by 4% despite 1H15’s decline of 4%. Severe drought as well as strong GDP growth benefited PPC remarkably despite a temporarily oversupplied situation in the North which we mentioned in our initiation report. However, PPC suffered FX loss of VND 214b vs. FX gain of VND 420b last year, resulting in 3Q15A NPAT declining 78% compared to 3Q14A.
For 9M15A result, revenue was up 7%. Meanwhile, EBIT soared by 304% on higher sales volume as well as lower depreciation expense of VND91b. In addition, 9M15A core NPAT has grown by 71% vs. 9M14A despite reported NPAT’s decline by 11% due to 7% appreciation of JPY vs. VND.
Figure 2: PPC’s 3Q and 9M results (VNDb)
|Item||3Q14A||3Q15A||Change (%)||9M14A||9M15A||Change (%)|
|Electricity output (m kWh)||1,086||1,391||28%||4,367||4,538||4%|
|Income from JV||0||0||n.a.||35||95||171%|
Source: PPC & VCSC
Similarly, PPC’s 26% stake in associated company – Hai Phong thermal power plant (HPPP)’s earnings was also hurt by VND’s depreciation by 5% as of 30 Sep 2015. 3Q15A suffered huge loss of VND395b due to translation loss on its USD463m-denominated loan. As a consequence, for 9M15A, HPPP delivered core earnings of VND474b but reported NPAT still showed a loss of VND139b.
Through nine months, HPPP also benefit from drought and revenue has grown by 21% on the back of stronger output, however, bottom line saw more subdued growth of 2% due to ongoing expense for first years of operation.
Figure 3: HPPP’s 3Q15A and 9M15A results
|Item||3Q14A||3Q15A||Change (%)||9M14A||9M15A||Change (%)|
Source: HPPP & VCSC
We expect that HPPP’s core earnings will improve gradually owing to better cost control as well as lower interest expense going forward on lower loan balance. HPPP is estimated to contribute ~VND200b core earnings for PPC every year.
In terms of reported NPAT, we estimate that HPPP will only contribute materially for PPC from 2017 onwards. For 2015, HPPP was hurt by VND depreciation of 5% while for 2016 we assume that HPPP will book the final FX loss during construction period of VND392b.
Figure 4: HPPP’s earnings outlook
Source: HPPP & VCSC
PPC is expected to pay cash dividend of VND2,000 per share for 2016
We run two scenarios on foreign exchange rates, USD/VND and JPY/VND to see how these rates affect PPC’s capability of dividend payment:
- Scenario 1: JPY/VND remains flat and USD/VND appreciates by 2%
- Scenario 2: JPY/VND appreciates by 5% and USD/VND appreciates by 5%
We see that PPC will still be able to follow its dividend policy of VND2,000 per share if JPY does not appreciate more than 5% and USD does not appreciate more than 5%.
Figure 5: PPC’s dividend budget vs. reported NPAT
Source: PPC, HPPP & VCSC
Meanwhile, we note that currency experts are forecasting an uptrend for USD/JPY in 2016 given Japan is struggling with soft domestic capital expenditure and challenging global business conditions.
Figure 6: JPY/USD exchange rate trend
Source: The Economy forecast Agency
History of recommendations
Source: Bloomberg & VCSC
VCSC Rating and Valuation Methodology
Absolute, long term (fundamental) rating: The recommendation is based on implied total return for the stock defined as (target price – current price)/current price + dividend yield, and is not related to market performance. This structure applies from 27 May 2015.
|BUY||Total stock return including dividends over next 12 months expected to exceed 20%|
|OUTPERFORM (O-PF)||Total stock return including dividends over next 12 months expected to be positive 10%-20%|
|MARKET PERFORM (M-PF)||Total stock return including dividends over next 12 months expected to be between negative 10% and positive 10%|
|UNDERPERFORM (U-PF)||Total stock return including dividends over next 12 months expected to be negative 10%-20%|
|SELL||Total stock return including dividends over next 12 months expected to be below negative 20%|
|NOT RATED||The company is or may be covered by the Research Department but no rating or target price is assigned either voluntarily or to comply with applicable regulation and/or firm policies in certain circumstances, including when VCSC is acting in an advisory capacity in a merger or strategic transaction involving the company.|
|RATING SUSPENDED||A rating that happens when fundamental information is insufficient to determine an investment rating or target. The previous investment rating and target price, if any, are no longer in effect for this stock.|
Unless otherwise specified, these performance parameters only reflect capital appreciation and are set with a 12-month horizon. Future price volatility may cause temporary mismatch between upside/downside for a stock based on market price and the formal recommendation, thus these performance parameters should be interpreted flexibly.
Small Cap Research: VCSC Research covers companies with a market capitalisation of up to US$50mn, inclusively. Clients should note that coverage may not be consistent and that VCSC may drop coverage of small caps at any time without notice.
Target price: In most cases, the target price will equal the analyst’s assessment of the current fair value of the stock. The target price is the level the stock should currently trade at if the market were to accept the analyst’s view of the stock, provided the necessary catalysts were in place to effect this change in perception within the performance horizon. However, if the analyst doesn’t think the market will reassess the stock over the specified time horizon due to a lack of events or catalysts, then the target price may differ from fair value. In most cases, therefore, our recommendation is an assessment of the mismatch between current market price and our assessment of current fair value.
Valuation Methodology: To derive the target price, the analyst may use different valuation methods, including, but not limited to, discounted free cash-flow and comparative analysis. The selection of methods depends on the industry, the company, the nature of the stock and other circumstances. Company valuations are based on a single or a combination of one of the following valuation methods: 1) Multiple-based models (P/E, P/cash flow, EV/sales, EV/EBIT, EV/EBITA, EV/EBITDA), peer-group comparisons, and historical valuation approaches; 2) Discount models (DCF, DVMA, DDM); 3) Break-up value approaches or asset-based evaluation methods; and 4) Economic profit approaches (Residual Income, EVA). Valuation models are dependent on macroeconomic factors, such as GDP growth, interest rates, exchange rates, raw materials, on other assumptions about the economy, as well as risks inherent to the company under review. Furthermore, market sentiment may affect the valuation of companies. Valuations are also based on expectations that might change rapidly and without notice, depending on developments specific to individual industries.
Risks: Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security or related instrument mentioned in this report. For investment advice, trade execution or other enquiries, clients should contact their local sales representative.
Analyst Certification of Independence
I , Duong Dinh, hereby certify that the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. The equity research analysts responsible for the preparation of this report receive compensation based upon various factors, including the quality and accuracy of research, client feedback, competitive factors, and overall firm revenues, which include revenues from, among other business units, Institutional Equities and Investment Banking.
VCSC and its officers, directors and employees may have positions in any securities mentioned in this document (or in any
related investment) and may from time to time add to or dispose of any such securities (or investment).VCSC may have, within the last three years, served as manager or co-manager of a public offering of securities for, or currently may make a primary market in issues of, any or all of the entities mentioned in this report or may be providing, or have provided within the previous 12 months, significant advice or investment services in relation to the investment concerned or a related investment.
Copyright 2013 Viet Capital Securities Company “VCSC”. All rights reserved. This report has been prepared on the basis of information believed to be reliable at the time of publication. VCSC makes no representation or warranty regarding the completeness and accuracy of such information. Opinions, estimates and projection expressed in this report represent the current views of the author at the date of publication only. They do not necessarily reflect the opinions of VCSC and are subject to change without notice. This report is provided, for information purposes only, to institutional investors and retail clients of VCSC in Vietnam and overseas in accordance to relevant laws and regulations explicit to the country where this report is distributed, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction. Investors must make their investment decisions based upon independent advice subject to their particular financial situation and investment objectives. This report may not be copied, reproduced, published or redistributed by any person for any purpose without the written permission of an authorized representative of VCSC. Please cite sources when quoting.
U.K. and European Economic Area (EEA): Unless specified to the contrary, issued and approved for distribution in the U.K. and the EEA by VCSC issued by VCSC has been prepared in accordance with VCSC’s policies for managing conflicts of interest arising as a result of publication and distribution of investment research. Many European regulators require a firm to establish, implement and maintain such a policy. This report has been issued in the U.K. only to persons of a kind described in Article 19 (5), 38, 47 and 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (all such persons being referred to as “relevant persons”). This document must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this document relates is only available to relevant persons and will be engaged in only with relevant persons. In other EEA countries, the report has been issued to persons regarded as professional investors (or equivalent) in their home jurisdiction. Australia: This material is issued and distributed by VCSC in Australia to “wholesale clients” only. VCSC does not issue or distribute this material to “retail clients”. The recipient of this material must not distribute it to any third party or outside Australia without the prior written consent of VCSC. For the purposes of this paragraph the terms “wholesale client” and “retail client” have the meanings given to them in section 761G of the Corporations Act 2001. Hong Kong: The 1% ownership disclosure as of the previous month end satisfies the requirements under Paragraph 16.5(a) of the Hong Kong Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission. (For research published within the first ten days of the month, the disclosure may be based on the month end data from two months prior.) Japan: There is a risk that a loss may occur due to a change in the price of the shares in the case of share trading, and that a loss may occur due to the exchange rate in the case of foreign share trading. In the case of share trading, VCSC will be receiving a brokerage fee and consumption tax (shouhizei) calculated by multiplying the executed price by the commission rate which was individually agreed between VCSC and the customer in advance. Korea: This report may have been edited or contributed to from time to time by affiliates of VCSC. Singapore: VCSC and/or its affiliates may have a holding in any of the securities discussed in this report; for securities where the holding is 1% or greater, the specific holding is disclosed in the Important Disclosures section above. India: For private circulation only, not for sale.Pakistan: For private circulation only, not for sale.New Zealand: This material is issued and distributed by VCSC in New Zealand only to persons whose principal business is the investment of money or who, in the course of and for the purposes of their business, habitually invest money. VCSC does not issue or distribute this material to members of “the public” as determined in accordance with section 3 of the Securities Act 1978. The recipient of this material must not distribute it to any third party or outside New Zealand without the prior written consent of VCSC. Canada: The information contained herein is not, and under no circumstances is to be construed as, a prospectus, an advertisement, a public offering, an offer to sell securities described herein, or solicitation of an offer to buy securities described herein, in Canada or any province or territory thereof. Any offer or sale of the securities described herein in Canada will be made only under an exemption from the requirements to file a prospectus with the relevant Canadian securities regulators and only by a dealer properly registered under applicable securities laws or, alternatively, pursuant to an exemption from the dealer registration requirement in the relevant province or territory of Canada in which such offer or sale is made. The information contained herein is under no circumstances to be construed as investment advice in any province or territory of Canada and is not tailored to the needs of the recipient. To the extent that the information contained herein references securities of an issuer incorporated, formed or created under the laws of Canada or a province or territory of Canada, any trades in such securities must be conducted through a dealer registered in Canada. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed judgment upon these materials, the information contained herein or the merits of the securities described herein, and any representation to the contrary is an offence. Dubai: This report has been issued to persons regarded as professional clients as defined under the DFSA rules. United States: This research report prepared by VCSC is distributed in the United States to Major US Institutional Investors (as defined in Rule 15a-6 under the Securities Exchange Act of 1934, as amended) only by Decker&Co, LLC, a broker-dealer registered in the US (registered under Section 15 of Securities Exchange Act of 1934, as amended). All responsibility for the distribution of this report by Decker&Co, LLC in the US shall be borne by Decker&Co, LLC. All resulting transactions by a US person or entity should be effected through a registered broker-dealer in the US. This report is not directed at you if VCSC Broker or Decker&Co, LLC is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you. You should satisfy yourself before reading it that Decker&Co, LLC and VCSC is permitted to provide research material concerning investment to you under relevant legislation and regulations.
Coal price , Electricity Generation , global business , Small Cap Research , Thermal Power , Valuation , VCSC Rating , Vietnam , Vietnam Electricity
More From the Author
- Ferry Riding High on Phu Quoc Island’s Tourism Boom 3 years ago
- Nguyen Thi Phuong Thao: Three Lessons from VietJet’s Queen 2 years ago
- 7 Stunning Sights From A Luxury Vietnam Tour 2 years ago
- Enter to Win! Tell Us Your Lunar New Year Stories Win Lunch at Park Hyatt Saigon! 2 years ago
- Miss Vietnam Dazzles at 2017 Miss Universe Pageant 1 year ago
- Video: Traveling Saigon For Less Than $20 A Day 2 years ago
- Top 100 Brands in Vietnam 2 years ago
- 3 Things To Love About Asia’s Best Harry Potter Cafe 2 years ago
- 6 Amazing Places to Eat in Saigon 2 years ago
- 10 Asian Superheroes You Forgot Were Awesome (3 Are Vietnamese) 2 years ago