Doha Meeting 2016 – Failure to freeze output

Expected to be the historical energy agreements between major crude oil producers, Doha meeting on 18/4/2016 brought only failure in term of reaching the deal among 18 participants. Output freeze agreement could not exist as expectation over the last 2 months. As a result, crude oil price reacted and has declined for 5 consecutive trading sessions from USD 44.7/barrel on 12/4 to USD 42.7/barrel (-3.3%) on 19/4 while concerns about the agreement started to be actualized.

MWG – Company report releases on April 19, 2016

• Robust growth at both thegioididong and DienmayXanh chain
• An easy start in 2016 as expectations of MWG’s managers
• 2016’s growth drivers should be from (1) quantity and quality of DienmayXanh’s new stores and (2) Thegioididong’s ability to maintain its old stores’ growth as well as exploit new store locations
• 2016’s business result estimation
• Sustainable long term growth (2017-2020) should be tested in next years

GAS – Supports from new price mechanism and increases in pipeline fees

On 15/4/2016, PetroVietnam Gas JSC (HSX – GAS) organized 2016 Annual General Meeting.

PLC – Asphalt segment was inefficient in Q12016

On 14/4/2016, Petrolimex Petrochemical Corporation (PLC-HNX) hold the Annual General Meeting for 2016. In 2015, domestic volume was estimated at 412.611 tons, increased by 24.3% yoy and achieved 120.55 of the plan. The revenue and profit before tax growth rates were estimated at 1.7% yoy and 23.1% yoy respectively. Revenue growth has been less positive than profit due to the impacts from low oil prices on selling prices. However, gross profit margin has improved in both lubricant (26.5%) and asphalt (18.7%) and generated optimistic profit results.

CTI AGM update: a promising 2016

Cuong Thuan Investment Corporation (CTI-HSX) has held 2016 AGM on April 12^th, reporting a successful year and announcing its 2016 business plans. CTI’s 2015 performance saw 112% increase in revenue and 319% rise in NPAT, producing 2015 EPS of VND 1,953 per share, almost double that of the previous year. CTI shareholders are entitled to an attractive dividend policy in 2016 of VND 1,600 per share.

DPM - Company report release

In 2015, PetroVietnam Fertilizer and Chemicals Corp. (DPM-HSX) is one of the few companies under PetroVietnam that improved its business results. Despite of the oversupply in fertilizer industry and the difficulties from changing of VAT’s policy, DPM’s profitability has continuously improved thanks to the decline of oil price lasting since Q4/2014.

BTW: Update on 2016 AGM

BenThanh Water Supply Joint Stock Company (UpCom: BTW) held its 2016 AGM yesterday whereby 2015 business results and 2016 guidance were presented by the management.

DQC – Prudence on 2016 guidance

Yesterday, Dien Quang JSC (DQC –HSX) just held its AGM and give a broad update on 2015 earnings results and 2016 annual target. In 2015, DQC recorded revenue and NPBT at about VND 1,082 bn (~86% annual target) and VND 268 bn (~134% annual target).

BCI – Much optimism for 2016 business results

Binh Chanh Construction Investment Shareholding Company (HSX-BCI) just held its 2015 Annual General Meeting last week. For 2016, BCI proposed a conservative business plan with 9% decline in net revenue and profit after tax only half that of. We believe that this plan is well within the reach of BCI and that the Company can do much better. Even though BCI has only two projects open for sale, i.e. Western Dragon and Phong Phu 4 RA, there are several projects in the Company’s pipeline that are almost ready to launch and can be implemented quickly for sales recognition, for example, Le Minh Xuan Industrial Park and Le Minh Xuan Small Industries and Handicrafts Zone.

TCL- Short-term earnings growth faces restriction

By quickening the integration process to global economy, Vietnam promises to see an influx of investment to manufacturing sectors in the coming years. This in turn would trigger a strong growth in goods and cargoes which eventually bring up demand for logistics firms. Hereby, RongViet Research would like to give some views on business prospect of Tan Cang logistics (TCL-HSX), a provider of container handling and Depot services in Southern Vietnam.

Kraft industry is expected to maintain significant growth

Based on the economic recovery and strong trade activities thanks to concluding free trade agreement, paper-packaging industry recorded positive performance in 2015.

CTG: Priority business model transformation and technology investment

In 2015, CTG’s total assets increased by approximately 18%, mainly from growth in customer loans and investment securities. Those sectors accounted for 68.4% and 15.4% of total assets respectively with the growth rates of 22.5% and 28.5% in 2015. CAR announced at more than 10.3% and non-performance loan ratio was among the lowest group in banking system with about 0.9%. LDR was announced at 86% in 2015.