MPC – A Promising Comeback

After two years of voluntary delisting in order to find a strategic investor, MPC is now preparing for a comeback to HOSE in June or July 2018. The experience it has should make it for a bright future.

New Listing: Vietnam Fortress Tools JSC

Vietnam Fortress Tools JSC is going to list its shares on the Hanoi Stock Exchange in 2018. The company is a subsidiary of Formosa Tools, a Taiwanese family-owned business founded in 1974. With a focus on providing quality and low-cost gardening products, Formosa Tools has set up factories in Vietnam to lower its production costs. Fortress Vietnam is currently the manufacturing hub for Formosa Tools, responsible to produce gardening tools.

Starting production in 2007, Vietnam Fortress Tools is currently operating two factories with a total capacity of 60 million gardening tools per year and other products. The company produces a wide range of gardening equipment, in which pruning tools are the main proportion of its sales. Vietnam Fortress Tools' customers are foreign retailers, mainly concentrated in the US and Europe. Ninety-nine percent of its sales come from exports.

HAX - Reseult Update Report Released on 16 April 2018

Recent selling pressure in the stock came mainly from the slowdown of Mercedes-Benz sales. It makes the stock's current price attractive. Our target price is VND29,500/share, 51% higher than the closing price on 16 April 2018. We have a BUY rating on the stock.

TPB – An Aggressive Business Plan for 2018

TienphongBank held its first roadshow in Hanoi last week. The bank will be listed on the HSX (ticker: TPB) on April 19^th and will hold its AGM on April 20^th. Given the information provided in the AGM documents, below are our flash comments on the banks’s operation.

Dat Xanh Group Businesses Updates

Dat Xanh Group Businesses Updates

DXG had strong results in Q1 2018. In the first quarter of 2018, Dat Xanh Group (HSX: DXG) recorded revenues and net profits of around VND 900 billion (+53% YoY) and VND 310 billion (+110% YoY), respectively.

Will the US rejoin TPP?

US president Donald Trump deputized Robert Lighthizer, the U.S. trade representative, and Larry Kudlow, the director of the National Economic Council, to study the possibility of re-entering the TPP.

Vietnam Trade in First Quarter of 2018

Vietnam recorded a trade surplus of USD 2.7 billion in the first quarter, far exceeding forecasts. Exports reached USD 55.5 billion, up 25% yoy while imports were at USD 52.8 billion, up 13% yoy. We would like to highlight some of the positives:

Negative Reactions to Political Risks – Viewpoints from two indcators: CDS and Foreign Capital

Recent signals imply that the VNIndex is slowing down after breaking the peak 1,200 pts. Though many investors are concerning about the correction, no one expects such a strong decrease nearly 2.6% (-31 pts) today.

TCM – Annual General Meeting Update

Considering the impressive earnings growth of 67.4% YoY for 2017, it is obvious that the target NPAT of VND 189.5 Bn (-1.6% YoY) will not satisfy investors. However, when we look more deeply into TCM’s earnings structure, we found that the guidelines were not as conservative as they look, but even slightly optimistic.

LDG - Looking Forward to Another Stunning Year

Long Dien Group’s business includes real estate and tourism. Real estate has been its core segment from establishment in 2010 with the focus on selling townhouse and land lots in Dong Nai. Meanwhile, its major business location are in Phu Quoc, Dong Nai and Ho Chi Minh City. The company plans to expand its coverage to Can Tho City in 2018.

Views on China economy

Talked with our good friend Andy Rothman, Investment Strategist at Matthews Asia in San Francisco. He was previously CLSA’s China Macro Strategist in Shanghai and spent more than 25 years in that country, including stints at the US Embassy in Beijing.

VGS- Company Report published on 06/04/2018

Rong Viet Securities Corporation hereby presents the Company Report on Vietnam Germany Steel Pipe JSC (HNX:VGS) with the overall opinion as follows: