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Vietnam Today: GAS leads market higher to break four-day slump Sep 08, 2016 18 March 2011 VN Index HN Index Closing value % 1D∆ % YTD % YOY 666.1 0.7 15.0 17.5 84.7 0.6 5.9 9.6 Gainers (CE) Laggards (FL) Unchanged 129 (14) 82 (12) 102 113 (10) 64 (7) 214 140.7 23.6 32.0 1.6 35.8 3.5 59.95 7.07 16.08 10.77 Traded value, USD mn Foreign buy, USD mn Foreign sell, USD mn Mkt cap, USD bn P/E TMM GAS leads market higher to break four-day slump DGC: New projects should fuel bounce back in FY17 - Small Cap Research GAS leads market higher to break four-day slump The VN-Index shook off a week-long slide Thursday to enjoy a gain for the first time this month. Stocks traded in positive territory for almost the entire session, peaking above 668 before closing up 4.79 points, or 0.7%, to 666.07. GAS (+2.4%) was the biggest contributor to the gain as Brent crude oil prices rose in Asian trading today, extending a 7.4% rally over the last week. VNM (+0.7%), BID (+1.2%) and VIC (+0.6%) were also among the top movers of the index, along with FPT (+3.4%), which reached its highest level since November thanks to a 13% jump since August 4 and HPG (+2.1%), which hit a fresh record high on the back of a 21% surge over the last month and is up 79% year to date. Combined trading value in HCMC and Hanoi rose 11% to USD164 million while foreigners net sold a combined USD5.7 million on both bourses. ---------------------------------------- VN INDEX MOVERS GAS VNM FPT KDC HNG STB Pts to Index +1.47 +0.62 +0.35 -0.16 -0.08 -0.08 Price Chg % +2.4 +0.7 +3.4 -3.0 -2.9 -1.0 Impact + - HN INDEX MOVERS PLC BCC PHP OCH PTI VCG Pts to Index +0.09 +0.07 +0.05 -0.04 -0.04 -0.02 Price Chg % +7.2 +7.3 +1.5 -7.1 -2.7 -0.6 Impact + - See important disclosure at the end of this document www.vcsc.com.vn | VCSC<GO> Viet Capital Securities | 1 DGC: New projects should fuel bounce back in FY17 - Small Cap Research Report Date: Current Price: Dividend Yield: September 8, 2016 VND46,700 6.4% Industry: Market Cap: Foreign Room: ADTV30D: State Ownership: Outstanding Shares: Chemicals $104.7 mn $50.1 mn $0.07 mn 16.8% 50 mn Rev Growth EPS Growth GPM NPM EV/EBITDA P/E (ttm) P/B (curr) Net D/E ROE ROA 2014 10.2% -34.5% 17.8% 7.3% 4.7x 2015 19.6% 97.9% 19.3% 11.4% 4.3x H1/2016 DGC 8.5x 2.5x 47.7% 22.4% 15.1% Peers 11x 1.3x 58.9% 12.5% 7.7% VNI 14.5x 1.8x N/A 12.9% 2.2% HOLD-2.9% -9.4% 19.1% 10.7% 5.3x * Duc Giang Chemicals and Detergent Powder JSC (DGC) group is the largest yellow phosphorus manufacturer in Vietnam. * DGC enjoys preferential tax breaks from the government. * DGC plans to develop its detergent powder segment and enter the real estate business. * Duc Giang Lao Cai Chemical (DGL) self-supplies raw material for yellow phosphorus manufacturing. * Bao Thang Chemicals (BTC) will go into operation in late 2016. * DGC’s strong financial condition will allow for investment in new projects. Download full report. News Highlights PVX: Posts Audited Consolidated Net Profit of $6.65M in H1 PetroVietnam Construction Joint Stock Corporation (PVX), 54.54% held by state-run Vietnam Oil and Gas Group (PetroVietnam), said its audited consolidated net profit jumped 21.4-fold year-onyear to VND148.2 billion ($6.65 million) in the first half of this year. Net revenue fell 9.55% on year to VND4.88 trillion in the period, PVX said in the mid-term financial statement. Its cash and cash equivalents came up 2.68% from end-2015 to VND896.7 billion as of June 30. Its inventory increased 9.6% to VND5.06 trillion (pvc.vn Sept 07) BCC: to Issue 14.3M New Shares for Dividend Payment Vietnam’s Bim Son Cement JSC (BCC), listed on the Hanoi Stock Exchange, plans to issue over 14.3 million new shares to pay dividend for shareholders at a 20-for-3 ratio for 2015. The issuance, which aims to help the company raise its registered capital to VND1.1 trillion ($49.3 million), will be made in the next quarter of this year. BCC made an audited consolidated net profit of VND121.5 billion in the first six months of this year, decreasing 32.3% on year. Its net revenue increased 13.8% on year to VND2.2 trillion in H1. (hnx.vn Sept 08) See important disclosure at the end of this document www.vcsc.com.vn | VCSC<GO> Viet Capital Securities | 2 Ho Chi Minh Stock Exchange (HSX) Hanoi Stock Exchange (HNX) Closing value Net ∆ %∆ VNI 666.1 4.8 0.7 VN 30 659.3 VN Mid 878.4 VN Small 805.9 Transactions Closing value Net ∆ HOLD% ∆ 84.7 0.5 0.6 HNI HN 30 4.5 1.5 Earlier, TMS approved a plan0.7 to sell VND500 billion worth of 155.9 secured non-convertible bonds in1.0 5.6 0.6 two tranches this year. 4.9 0.6 TMS earned a consolidated net profit of VND155.25 billion on net revenue of VND487.72 billion in 2015, up 12.4% and 10.26% on Val year, respectively. Val (VND b) % of Turnover Transactions (VND b) % of Turnover Put-through 408.1 Foreign activity 714.7 13.0% Put-through Total Turnover 3,137.9 Top Gainers* Net Chg Pts to VNI Price % ∆ DMC 6,500 0.1 6.9 BHS 1,100 0.1 BHS 1,100 ROS VNS 56.9 10.8% TMS shares22.8% stayed flat at VND100,000 each at 9:35 local time77.0 on Mar 29. (Vietstock.vn Mar 28, Foreign activity 14.6% NDH.vn Mar 28) Total turnover 526.0 Net Chg Pts to HNI Price % ∆ BCC 1,300 0.1 7.3 6.7 HUT 500 0.0 4.0 0.1 6.7 NET 1,700 0.0 2.8 1,000 0.2 6.5 PGS 400 0.0 2.4 2,100 0.1 6.5 VND 300 0.0 2.4 Net Chg Pts to VNI Price % ∆ Net Chg Pts to HNI Price % ∆ ITC -500 0.0 -4.2 PVX -100 0.0 -4.0 VNE -300 0.0 -3.5 SHN -300 0.0 -2.4 KDC -1,200 -0.2 -3.0 SCR -200 0.0 -2.0 HNG -200 -0.1 -2.9 LAS -300 0.0 -2.0 RAL -2,500 0.0 -2.5 VCG -100 0.0 -0.6 Top Laggards* Top Gainers* Top Laggards* (*) Market cap > VND500b, Traded value > VND1.5b Volume Leaders FLC 8,785,790 Value Leaders VNM 335.2 Volume Leaders SCR KBC 7,618,840 HPG 247.1 HPG 5,541,710 SBT SBT 5,354,640 BHS 3,710,620 Volume Heat Seekers* CTI Shares 4,116,400 Value Leaders PVS HUT 2,794,500 SCR 41.0 179.8 PVX 2,477,900 HUT 35.5 FPT 147.2 PVS 2,224,600 BCC 20.6 KBC 138.4 VCG 1,632,600 SHN 15.3 Val (VND b) Shares Traded Today 1,524,390 Avg , Shares Trade 10 Days 357,259 327% Volume Heat Seekers* BCC BHS 3,710,620 892,101 316% VNS 630,480 176,811 Shares Val (VND b) 47.0 Shares Traded Today 1,100,600 Avg , Shares Trade 10 Days 320,909 VND 590,500 215,699 174% 257% PGS 354,300 130,148 172% % Change % Change 243% EVE 886,700 294,820 201% SVN 379,200 147,040 158% SBT 5,354,640 1,878,380 185% HHG 732,100 364,878 101% PDR 1,218,230 454,442 168% IVS 477,100 245,490 94% HCM 793,690 333,751 138% SHS 300,400 164,070 83% FPT 3,243,480 1,411,320 130% SDP 250,600 138,857 80% CSM 2,007,530 896,760 124% NDN 240,500 139,897 72% PPC 209,650 94,624 122% NET 134,300 80,500 67% *Stocks with at least 50,000 shares traded today See important disclosure at the end of this document www.vcsc.com.vn | VCSC<GO> Viet Capital Securities | 3 Top 5 market cap leaders for each sector Consumer Discretionary Ticker Mkt Cap Average 315.2 MWG 946.9 PNJ TTF HOLD Consumer Staples FOL Avail. P/E P/B ROE Ticker Mkt Cap 16.1 3.6 0.5 Average 2,543.9 0.0 14.2 6.8 57.9 VNM 9,570.0 324.0 0.0 29.5 4.9 17.8 MSN 59.7 27.4 N/A 2.9 (105) SBT DRC 219.0 36.7 11.9 3.1 27.1 TSC 26.5 12.0 8.7 0.4 4.6 P/E P/B ROE 21.2 3.7 17.3 4103.8 26.1 9.3 37.1 2,323.0 439.1 23.8 3.3 13.8 302.3 113.0 19.2 2.4 13.1 KDC 355.1 127.8 24.0 1.5 4.5 VCF 169.3 33.2 12.7 2.1 17.8 Ticker Mkt Cap FOL Avail. P/E P/B ROE Ticker Mkt Cap FOL Avail. P/E P/B ROE Average 223.3 11.2 1.3 14.4 Average 2,509.2 17.9 1.9 10.9 PVD 416.8 67.4 19.6 0.7 5.6 VCB 6,036.5 539.8 21.4 2.8 13.4 Energy FOL Avail. Financials PVT 186.8 42.6 10.8 1.2 11.9 CTG 2,872.5 0.0 10.5 1.1 10.7 PVS 424.8 80.2 7.4 0.9 13.1 BVH 1,831.3 437.5 34.5 3.2 9.5 CNG 50.9 11.8 10.1 2.8 28.3 MBB 1,090.1 0.0 8.6 1.0 12.2 PXS 37.4 13.6 8.3 1.0 13.1 ACB 715.6 0.0 14.2 1.2 8.7 FOL Avail. Health Care Industrials Ticker Mkt Cap Average 147.3 DHG 401.7 DMC 157.3 FOL Avail. P/E P/B ROE Ticker Mkt Cap 18.8 2.8 16.5 Average 352.3 P/E P/B ROE 15.0 2.2 17.8 0.0 15.8 3.7 24.4 REE 283.7 0.0 8.9 1.0 11.7 79.9 22.4 4.4 20.8 CTD 584.0 52.6 11.7 3.5 34.2 IMP 79.8 0.0 23.7 2.0 8.5 BMP 348.8 0.0 13.6 3.7 29.0 OPC 42.6 17.3 15.0 1.9 13.5 CII 315.8 0.0 26.2 1.8 6.7 DCL 55.1 24.4 17.0 2.0 15.2 GMD 229.4 0.0 14.6 1.0 7.6 Mkt Cap FOL Avail. P/E P/B ROE Information Technology Materials Ticker Mkt Cap FOL Avail. P/E P/B ROE Ticker Average 260.5 FPT 939.5 0.0 10.6 1.4 12.1 Average 651.0 8.8 1.7 25.3 10.9 2.3 21.8 HPG 1,697.3 199.2 8.2 2.2 30.4 CMG 47.5 21.2 10.0 1.2 12.8 DPM 505.5 127.2 8.0 1.3 15.9 ELC 49.6 13.6 10.8 1.6 14.8 HT1 400.7 152.5 12.3 1.9 16.6 TIE 5.2 2.3 N/A 0.5 (1.0) DCM 263.6 114.3 N/A 0.9 N/A HSG 387.9 81.6 6.9 2.3 38.3 FOL Avail. P/E P/B ROE Real Estate Utilities Ticker Mkt Cap FOL Avail. P/E P/B ROE Ticker Mkt Cap Average 1,103.3 VIC 4,616.5 807.9 18.4 1.6 11.2 Average 1,307.4 14.5 2.0 12.7 47.0 3.6 8.2 GAS 5,535.4 232.4 19.3 3.1 16.0 KBC 379.3 57.6 11.0 1.1 10.7 NT2 449.8 126.0 8.2 2.0 25.2 ASM KDH 152.9 67.5 19.9 1.4 7.5 PPC 214.1 75.5 N/A 1.1 (4.9) 216.4 6.8 11.7 1.4 12.2 VSH 158.2 51.2 16.1 1.3 7.9 FLC 151.7 57.5 2.6 0.4 17.2 PGD 179.6 76.0 14.3 2.7 19.2 * Sector classification provided by the Ho Chi Minh Stock Exchange, Mkt Cap & FOL Available (USD million) See important disclosure at the end of this document www.vcsc.com.vn | VCSC<GO> Viet Capital Securities | 4 Ho Chi Minh Stock Exchange (HSX) Foreign Activity Hanoi Stock Exchange (HNX) Buy value Sell value Net Inflows Foreign Activity Buy value Sell value 714.7 797.4 -82.7 VND billion 35.4 77.0 VND billion Foreign flow (HSX+HNX) 60 -41.5 Top foreign buy and sell (HSX+HNX) BUY USD m HOLD Net Inflows SELL 60 Net Inflow USD m 40 20.00 40 15.00 20 20 10.00 0 0 5.00 -20 -20 -40 -40 (5.00) (10.00) -60 -60 8-Sep-16 (20.00) VNM VHC HPG VCB HSG MBB VIC NT1 CII PVS KDC MBB PVD VCB VIC HPG SCR PVS VHC VNM 6-Sep-16 1-Sep-16 30-Aug-16 26-Aug-16 24-Aug-16 22-Aug-16 18-Aug-16 16-Aug-16 12-Aug-16 10-Aug-16 8-Aug-16 (15.00) Daily Sector Performance Ho Chi Minh Stock Exchange Hanoi Stock Exchange 6.3% Media 3.2% Technologies Chemicals 2.2% Household Goods 1.6% Travel & Leisure 2.4% Health Care 2.2% Financial Services Utilities 2.1% Auto & Parts 1.4% Basic resources Const & Materials 1.1% Auto & Parts 1.0% 0.7% Industrial G&S 1.6% Media 1.2% 1.1% 0.9% Oil&Gas Utilities 0.7% Industrial G&S 0.7% Const & Materials 0.7% Insurance 0.7% F&B 0.6% F&B 0.6% Health Care 0.5% Real Estate 0.4% Banks Retail 0.2% Insurance Banks 0.2% Retail Financial Services 0.1% Real Estate 0.1% Travel & Leisure Chemicals 0.0% Oil&Gas Household Goods -0.1% See important disclosure at the end of this document Basic resources 0.4% 0.3% 0.0% -0.1% -0.3% -1.0% Technologies -2.6% www.vcsc.com.vn | VCSC<GO> Viet Capital Securities | 5 Recommendation Table Ticker Current Price Upside to target Resist/ HOLD Support FY16 Div Yield FY16 EPS Growth TTM P/E Sector P/E FY16 P/E P/B Sector P/B Foreign Room 3-6 Mo TA trend Stocks with BUY recommendation DAG 16,000 28.8% 6.3% 124.8% 7.8 14.8 7.0 1.3 2.0 36.7% DOWN 12,700 DXG 15,000 54.7% 0.0% -15.6% 6.8 38.6 6.9 1.0 2.8 5.0% DOWN 14,400 FPT 45,600 18.4% 5.0% 9.4% 11.0 10.5 9.9 2.3 2.2 0.0% UP 54,500 GTN 18,700 31.0% 0.0% -2.9% 37.5 24.4 26.2 1.7 7.1 58.7% UP 25,500 MSN 68,500 37.2% 0.0% 59.4% 23.8 24.4 21.9 3.3 7.1 18.9% UP 80,000 MWG 144,000 43.1% 1.0% 71.0% 14.2 13.2 11.0 6.8 5.9 0.0% UP 129,000 Stocks with O-PF recommendation ACB 17,800 22.5% 0.0% 15.0% 14.2 17.3 13.2 1.2 1.9 0.0% DOWN 17,900 CII 29,300 -1.7% 6.8% -1.2% 26.1 14.0 10.0 1.8 2.4 0.0% UP 26,800 DPM 28,800 4.9% 10.4% -12.6% 8.1 10.8 10.0 1.3 1.8 25.2% NEUTRAL 29,500 GMD 28,500 8.8% 5.3% -20.1% 13.5 14.0 13.9 1.0 2.4 0.0% UP 35,700 HT1 28,100 14.9% 0.0% -3.8% 12.4 10.8 12.6 1.9 1.8 38.0% DOWN 24,400 NLG 22,000 7.3% 2.3% 20.9% 11.1 38.6 12.7 1.3 2.8 0.0% DOWN 19,500 NT2 35,200 8.0% 7.4% -2.7% 8.2 17.5 8.1 2.0 2.8 28.0% UP 36,000 PLC 29,700 11.1% 10.1% -21.8% 9.6 10.8 9.9 1.9 1.8 41.7% DOWN 28,600 PVS 21,200 3.8% 4.7% -27.0% 7.4 14.8 9.7 0.9 1.0 18.9% UP 20,000 VNM 147,000 8.2% 3.7% 31.0% 26.0 24.4 19.2 9.3 7.1 42.9% UP 140,000 Stocks with M-PF recommendation BID 16,300 4.3% 0.0% 15.7% 8.5 17.3 12.7 1.3 1.9 28.1% DOWN 15,000 CSM 24,200 -12.8% 6.2% -13.7% 9.9 10.5 10.9 1.7 2.2 42.0% UP 33,700 CTD 265,000 -10.6% 2.1% 68.2% 11.7 14.8 10.7 3.5 2.0 9.0% UP N/A CTG 17,200 8.7% 2.9% -11.2% 10.5 17.3 12.7 1.1 1.9 0.0% DOWN 15,800 DQC 79,000 -7.0% 3.8% 2.0% 12.7 14.8 12.1 2.1 2.0 22.3% UP 73,500 DRC 41,100 -15.3% 4.9% 1.7% 12.0 10.5 12.6 3.1 2.2 16.8% UP 49,800 GAS 64,500 -12.6% 4.7% -13.8% 19.4 17.5 17.0 3.1 2.8 46.4% UP 62,600 HPG 44,900 -8.0% 4.5% -8.5% 8.2 10.8 9.9 2.2 1.8 11.7% UP 35,900 KDH 26,800 -7.5% 0.0% 27.8% 11.5 38.6 11.6 1.4 2.8 3.1% UP 24,200 MBB 14,900 4.0% 3.4% -20.7% 8.6 17.3 10.4 1.0 1.9 0.0% UP 15,900 PPC 15,000 -3.3% 9.3% -52.1% N/A 17.5 18.2 1.1 2.8 35.3% UP 22,800 SSI 21,300 2.8% 4.7% -29.4% 12.2 12.1 16.2 4.1 2.5 41.8% NEUTRAL 22,500 TCM 20,900 -3.4% 4.8% -31.1% 10.0 20.2 13.9 1.2 3.3 0.0% DOWN 24,700 VCB 50,500 5.0% 2.0% 37.5% 21.4 17.3 30.3 2.8 1.9 8.9% UP 49,500 VIC 47,800 -4.8% 0.0% 94.6% 33.6 38.6 40.5 3.6 2.8 17.5% UP 54,500 Stocks with U-PF recommendation DHG 103,000 -28.6% 3.4% 15.0% 16.0 18.1 15.0 3.7 3.5 0.0% UP 92,500 PVD 26,700 -16.1% 0.0% -90.0% 12.7 14.8 64.8 0.7 1.0 16.2% UP 38,500 0.0% -58.0% 76.5 17.3 18.2 0.8 1.9 19.3% DOWN 9,000 Stocks with SELL recommendation STB 9,900 -18.2% Note: Sectors according to GICS classifications. EPS growth according to VCSC forecast. See important disclosure at the end of this document www.vcsc.com.vn | VCSC<GO> Viet Capital Securities | 6 Neighbouring Markets – LTM performance HOLD Vietnam Thailand Indonesia Philippines Apr-16 Jun-16 40% 30% 20% 10% 0% -10% -20% Sep-15 Vietnam Oct-15 Thailand Nov-15 Dec-15 Indonesia Jan-16 Feb-16 Mar-16 May-16 Thailand Philippines Jul-16 Aug-16 Indonesia Philippines Vietnam VNIndex 16.1 P/E SET Index 19.5 26.7 PCOMP Index 21.7 25 P/B 1.8 2.5 2.5 1.9 20 ROE (%) 9.2 10.0 12.4 12.0 ROA (%) 2.3 2.5 2.9 2.0 413,455 443,713 191,001 59,948 3,366 2,875 872 (146) 74 (0) (153) (41) 2.15% 8.80% 4.10% 5.76% 30 15 10 5 0 P/E P/B ROE See important disclosure at the end of this document ROA Market cap USDm Foreign net inflow -YTD USDm Foreign net inflow -5D USDm 5 yr Govt bond yield www.vcsc.com.vn | VCSC<GO> JCI Index Viet Capital Securities | 7 Disclaimer 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. 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See important disclosure at the end of this document www.vcsc.com.vn | VCSC<GO> Viet Capital Securities | 8 Contacts Corporate HOLD www.vcsc.com.vn Head Office Hanoi Branch Bitexco Financial Tower, 2 Hai Trieu Street 109 Tran Hung Dao District 1, HCMC Hoan Kiem District, Hanoi +848 3914 3588 +844 6262 6999 Transaction Office Transaction Office 10 Nguyen Hue Street 236-238 Nguyen Cong Tru Street District 1, HCMC District 1, HCMC +848 3914 3588 +848 3914 3588 Research Research Team Barry Weisblatt, Head of Research ext 105 +848 3914 3588 [email protected] [email protected] Long Ngo, Senior Manager ext 145 Anirban Lahiri, Senior Manager ext 130 Banks, Securities, Insurance Logistics and Agriculture - Hoa Trinh, Senior Analyst ext 124 - Hai Hoang, Analyst ext 138 - Thuy Le, Analyst ext 116 - Nga Nguyen, Analyst ext 199 Construction Materials Duong Dinh, Manager ext 140 - Dung Ly, Analyst ext 149 Oil & Gas, Power and Fertilizer Macro - Tram Ngo, Analyst ext 135 - Lam Truong, Senior Anlyst ext 139 - Hien Nguyen, Analyst ext 132 Hong Luu, Manager ext 120 Phap Dang, Manager ext 143 Real Estate and Construction Consumer Goods, Autos and Tires - Dao Nguyen, Senior Analyst ext 185 - Nghia Le, Analyst ext 181 Duc Vu, Manager ext 363 Retail Client Research - Vy Nguyen, Analyst ext 147 - Thanh Nguyen, Analyst ext 173 - Ninh Chu, Analyst ext 196 Institutional Sales and Brokerage & Foreign Individuals Head of Institutional Sales Vietnamese Sales Michel Tosto, M. 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