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[FiinPro Talk #6] Vietnamese Banking Stocks: Investments Opportunities and Risks

05/04/2018

 

After going through the difficult period of 2008-2012, the Vietnamese banking system has come back strong since 2013, supported by a gradually improving economic environment and the recovery of the real estate market especially. Over the last 4 years from 2013 to 2017, credit outstanding balance has been increasing at the CAGR of 17.2%, of which personal loans grew by 40.8% annually as calculated by StoxPlus. Consumer finance companies also experienced a strong growth of loan book at an annual average rate of 66.5% over the same period and are now considered as "counterweights" to the traditional banking model.

 

These days the banking industry is reaping impressive results. There used to be only 9 listed banks with total market capitalization of USD11.8 billion in 2013. Now, 15 banks are listed on the two stock exchanges, with total capitalization of USD40 billion, accounting for 21.5% of total market capitalization. Stock price of banking sector increased by 73.2% in 2017 and recently rose by 40% in the first quarter of 2018, while the VN-Index was at 48% and 19.3% respectively.

 

By 30th March 2018, the banks’ stocks are trading at 3.2x its Book Value (P/BV) and 20.3x its trailing earnings (P/E). Recent years have also witnessed a number of M&A transactions between foreign partners and consumer finance companies, where they and their licenses are priced by very impressive valuation multiples.

 

In the upcoming months, market players and the investor community are looking forward to a series of listing by banks and consumer finance companies, namely Techcombank (TCB), Tien Phong Bank (TPB), Oriental Commercial Bank (OCB), and FE Credit, etc. Some of them have just had soaring share prices on the OTC market.

 

In this context, key questions are raised for 2018 and the years to come:

 

1.    What are the important trends of Vietnam's banking industry and finance companies?

2.    What will macroeconomic or monetary policies be, and which will affect the banking system in general and the stock market in particular?

3.    What are the upside opportunities and risks when having exposure in banking stocks, and more importantly, what to watch out for while considering the banks whose shares are about to be floated?

 

StoxPlus will host the FiinPro Talk #6 “Vietnamese Banking Stocks: Investment Opportunities and Risks” on 19th April 2018 at Saigon Prince Hotel, HCMC.

Discussion Topics

·         Banking sector landscape: key growth drivers in 2018 and a near future

·         Major policies and its implications to banking stocks and IPOs

·         Key investment considerations in listed stocks and upcoming listings

·         Upside opportunities and risks in selected banking stocks

Time, Venue and Fee

·         Date: Thursday, April 19, 2018

·         Time: 15:00 – 18:45

·         Venue: Boulevard – Level 2, Saigon Prince Hotel - 63 Nguyen Hue, District 1, HCMC, Vietnam

·         Participant fee:

o    For FiinPro’s Clients: Free (1 complimentary ticket/ per FiinPro account).

o    For non-FiinPro clients: VND 2,200,000/per participant (10% VAT included)

 

For further information and registration, please visit our website at: http://fiinpro.com/FiinProTalk6

Contact

StoxPlus is very pleased to welcome you and look forward to receiving your cooperation for FiinPro Talk to be held successfully.

 

RSVP by sending your registration to tuyet.nguyen@stoxplus.com or register directly via this link before Monday, 16/04/2018.

 

For any inquiries related to this event, please contact our Customer Service Department:

 

Ms. Nguyen Anh Tuyet

Manager, Business Development, Fiinform

Email: tuyet.nguyen@stoxplus.com

Mobile: +84 122 333 5034

Tel: +84-24-3562 6962 – ext: 103

 

FiinPro Talk is a series of workshops organized by StoxPlus to create a sharing channel on highlight topics, which should give attendees in-depth information of market, to forming new investment idea or protecting recent assets. There is also an opportunity for networking with financial experts. For more information, please check it out at FiinPro Talk #6 at link http://fiinpro.com/FiinProTalk6 and follow our upcoming FiinPro Talk organized by StoxPlus at http://fiinpro.com/Events


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