[BSC Vietnam] What The Heck Happened To VN30 Futures (FPT) 12.10.2017 (DELAYED)

Summary

  • What the heck happened to VN30 futures? After VN30 future jumped 3% to 6.6% (Close at 828 for nov2017, 848 for Dec 2017 and 860 for Mar 2018)
  • IT sector was the true leader of the day, closed with 2.1% gain, followed by healthcare (+1.27%). Indexes, VN-Index +0.24%, Trading value: VND 4686.35 bil ~ 208.72 USD mil
  • FPT (VND 51,000 VND/share, +2.2%, Mkt cap VND 1.2 bil ). We have a visit to FPT this week and, as always, our analyst is bullish with  target price VND 60,228
  • Earning QIII update. There are a handful of large caps announced business result for Q3 2017. most of the stocks we mentions in our emails lately has been performing well thank to QIII and QVI potential numbers.
  • QIII, BSC ranked 8th on HSX, 7th on HNX, 4th on Upcom and 1st on bond brokerage. Many thanks from us at BSC, we could not make it without strong support from clients.

Dear Value clients and partners,

  • What the heck happened to VN30 futures? While the North suffered bad storm and flooding, the futures crash a huge climb in points and volume (USD 38 million). After VN30 future jumped 3% to 6.6% (Close at 828 for nov2017, 848 for Dec 2017 and 860 for Mar 2018), the futures of VN30 stumbled significantly today from -4.84% to -1.98% (but still well above yesterday open of ~802-806 point). Now, people should keep their eye more on the futures and what they might suggest about index in coming months.
  • IT sector was the true leader of the day, closed with 2.1% gain, followed by healthcare (+1.27%).  The sectors finished quite balanced with 5 gains vs 5 losers, mostly end from -0.47% to +0.52%. While wti has already recovered from low point last week, the energy still lagged compare to other sectors.

Today’s Markets:

·         Indexes, VN-Index +0.24%, HNX-Index -0.25%,  Upcom +0.20%

·         Active: HOSE: FLC, HPG, STB, HQC, MBB.   HNX: SHB, KLF, SHS, PVS, CEO.

·         Foreigner, Buy: HPG, VIC, VCI, PLP, NT2.  Sell: VJC, STB, GAS, HSG, KBC.

·         Notice stocks:  HPG, VJC, FLC, FPT, PNJ, MBB, VPB, DST, PIV, VGC

·         Trading volume: ~198.04 million shares

·         Trading value: VND 4686.35 bil ~ 208.72 USD mil

·         Foreigner transaction Net: 0.88 mil USD Sell 44.83 USD million and Buy 45.70 USD million

·         Derivative market: VN30F1710 807; VN30F1711 812.1;  VN30F1712 819; VN30F1803 818.4 Trading value: VND 716.3 billion ~ USD 31.9  million

 

Corporate update:

 

·         FPT (VND 51,000 VND/share, +2.2%, Mkt cap VND 1.2 bil ). We have a visit to FPT this week and, as always, our analyst is bullish with FPT and target price VND 60,228 (link) ~ PE FW 11.64x, PB FW 2.09x. The leader in IT and telecom of Vietnam has this Investment highlights

·         As the leading Stock with low valuation level (only second to HPG), and in a hot sector. FPT deserved a rerated in valuation. Especially when the company spin off their non-core activities of Distribution (electronics) and retail (mobile), to focus more to telecom, software and technology.

·         Our analyst expect the company will grow at around 14% on PBT for the first 3 quarters and see more growth in oversea market and software segment. The company expect to triple the personnel for software from 10,000 programmers now to 30,000 programmers in 2020.

·         Catalyst: Prospect from the decrease ownership of FPT in Retail and Distribution Segments and book the profit in the last quarter of 2017. Listing of FPT retailing in 2018.

 

Comments:                                                         

 

·         Earning QIII update. There are a handful of large caps announced business result for Q3 2017. HVN sales VND 65,000 bil (+20% (yoy) , PBT VND 2,310 bil; VNM sales VND 38,758 bil, PBT VND 10,137 bil; PNJ sales VND 7,910 bil (+34%yoy), PBT VND 629 bil (+42%yoy); PHR’s PBT VND 284 bil (+109%); most of the stocks we mentions in our emails lately has been performing well thank to QIII and QVI potential numbers.

·         QIII, BSC ranked 8th on HSX, 7th on HNX, 4th on Upcom and 1st on bond brokerage. Many thanks from us at BSC, we could not make it without strong support from clients. Although some clients did not trade with us on QIII, we expect you can support us more in the last quarter of 2017 (let me be frank with you, my team’s bread and butter is depend on you, so please show more support).

Cheers

 

Long Tran

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s