VND
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Stock Market and Banking Liquidity in 2017
Ha My Tran – Ext: 1309 Many investors have become concerned with the banking system liquidity this year. The apparent reason is that the domestic monetary flow was on an upward trend during 2016, thanks to the SBV’s strong easing monetary policies; this has resulted in a strong boost for the market. Will this story
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Invest in Vietnam: Bullish Vietnam Textile Investment on Back of TPP
May 14, 2016 Difficulties in fiber segment, the instabiltity of Vinh Long operation and negative exchange rate movements are the main reasons that 2015’s earnings result of TCM could not meet expectations.
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Let’s Wait on Vietnam Ex-Im Bank
April 21, 2016 Eximbank (HSX; EIB) posted their audited consolidation report with some opinions and major adjustments from new auditors for profit numbers last several years.
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Furniture Maker in Vietnam Still Too Rich
April 13, 2016 Truong Thanh Furniture Corporation audited numbers for FY2015 differ significantly to the previous unaudited numbers with an increase in the top line even as the bottom line was reduced sharply compare to the unaudited numbers
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Invest in Vietnam: The Leading Port Play
April 11, 2016 GMD announced FY2015 unaudited consolidated net revenues of VND3.58 trillion Driven by contribution from NHDV port which operated at almost full capacity last yea
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Ho Chi Minh Securities Bullish on Steelmaker Hoa Phat Group
February 23, 2016 HPG FY2015 results rather disappoints overall showing a net sales of VND27,453 billion, (+7.8% y/y) and NPAT of VND3,504 billion, (+7.8%y/y). Core steel division grew on volume sales although ASP fell. Animal feed made a top line contribution from the 2-H FY2015 but made a small loss for the bottom line.
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Pha Lai’s Power Plants Generating Energy Success
August 20, 2015 Pha Lai Thermal Power (PPC), Electricity Generation – We initiate on PPC with M-PF rating & DCF-derived TP of VND20,600. The granddaddy of listed power producers will see significant bottom line improvement in the next two years thanks to fully depreciated assets in 2016 and 95% jump in contribution from associates during
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VSH [M-PF 2.1%] – Huge growth potential on the horizon but low ROE
September 28, 2015 Vinh Son Song Hinh Hydropower (VSH), Electricity generation – We initiate on VSH with a 10.0x PER-derived TP of VND13,700 (TSR 2.1%) and M-PF rating. VSH possesses good hydropower assets totalling 136MW which has delivered highest utilization rate relative to peers, EBITDA margin and dividend yield among domestic peers. It is constructing
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What Does the Dong Devaluation Mean for Vietnamese Real Estate?
August 26, 2015. What happened to the VND On 12 & 19 August, the State Bank of Vietnam (SBV) raised its VND/USD reference rate by 1% to 21,890 (19 August), and at the same time, widened trading band from +/-1% to +/-2% (12 August) and to +/-3% (19 August). Year to date, the dong has
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Fixed Income Report – Efforts to jumpstart bond issuance gain traction
October 16, 2015. Efforts to jumpstart bond issuance gain traction. Demand at bond auctions recovered as the Treasury finally nudged up winning yields for the 5Y tenors. The success ratio rebounded to 39% from last month’s record-low of 16%. Helping the effort was the strengthening of the VND by 0.5% since the end of Sep,
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BID [U-PF –13.7%] – A Host of Issues Results in us Taking Pause on BIDV
September 17, 2015. BIDV (BID) – Bank for Investment and Development of Vietnam JSC As curious as the events were leading up to the inclusion of BID in both major ETFs, for the record and working on the guidance of BIDV of full govt take-up in the rights issue, (delivery of rights issue shares will
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Fruitful Month for Bond Issuers
November 15, 2015 G-bond issuance tripled over a one-month period with the success ratio at its highest level since March. Of note, 5Y tenors constituted 88% of total uptake (up 250% MoM) and the market seems satisfied with yields tracking circa 6.6%. G-backed bonds also enjoyed the best monthly performance so far this year as
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