The Vietnamese stock market unexpectedly made a significant rebound during the first trading session of the week, 22/4, led by the growth of banking and securities stocks. At the end of the session, the VN-Index increased by 15.37 points (1.31%) to reach 1,190 points, despite the sharp decrease in order-matching liquidity on HOSE, which reached only approximately 14,000 billion VND.
Banking stocks performed positively today, with 22 out of 27 stocks rising in value, 2 decreasing, and 3 remaining at the reference price.
TPBank’s TPB, in particular, led the banking industry in terms of price growth, rising by more than 5.4% to 17,500 VND per share. TPBank’s stock rebounded strongly in anticipation of the bank’s 2024 Annual General Meeting of Shareholders on April 23rd.
At this year’s meeting, TPBank proposed a plan for the pre-tax profit of its individual bank to reach 7,500 billion VND, a 34.2% increase compared to the previous year. The bank has not yet finalized its dividend payment plan for this year; however, according to Chairman Do Minh Phu’s remarks at the 2023 Annual Meeting, TPBank may continue paying dividends to its shareholders in both cash and stock portions in the coming years. The dividend payout ratio will be determined by the Board of Directors on a case-by-case basis, but it is expected to be significantly weighted toward cash. In 2023, the bank distributed approximately 3,955 billion VND in cash dividends to shareholders, equivalent to a 25% dividend yield or 2,500 VND per share.
Eximbank’s EIB stock also rose by more than 4.2% after losing 9% of its value the previous week. As planned, Eximbank will hold its 2024 Annual General Meeting of Shareholders on the morning of April 26th. At this meeting, Eximbank will seek shareholder approval for the use of 1,741 billion VND for dividend payments to shareholders at a rate of 10%, distributed in two forms: stock (7%) and cash (3%). Regarding its business plan for 2024, Eximbank’s management team has set a pre-tax profit target of 5,180 billion VND, a 90.4% increase compared to the results achieved in 2023.
Similarly, both BIDV’s BID stock and Sacombank’s STB stock experienced strong recoveries during today’s session, increasing by 3.6% and 3.2%, respectively. Both BIDV and Sacombank are preparing to hold their 2024 Annual General Meetings of Shareholders this week. Sacombank has proposed a business plan with an expected pre-tax profit of 10,600 billion VND, a 10% increase compared to 2023; BIDV has yet to disclose specific business plans.
Strong demand during the ATC session helped HDBank’s HDB stock regain its positive momentum, rising by nearly 0.7%. Notably, HDBank will hold its 2024 Annual General Meeting of Shareholders on April 26th.
At the meeting, HDBank will present its 2024 business plan, which includes a pre-tax profit target of 15,852 billion VND, a 21.8% increase compared to the results achieved in 2023. Concurrently, HDBank will present its 2023 dividend payment plan at the meeting, including a 25% dividend comprised of 10% in cash and 15% in stock. It is noteworthy that the bank anticipates distributing dividends as high as 30% in 2024, consisting of both cash and stock. Following more than a decade of consistent and robust growth, HDBank has maintained a tradition of distributing regular and substantial annual dividends.
In addition to the aforementioned stocks, several other banking stocks recorded positive gains during today’s session, including CTG (+2.2%), NAB (+2.2%), BVB (+1.9%), OCB (+1.9%), TCB (+1.7%), VPB (+1.1%), and others.
In contrast, MB’s MBB stock was the only one on the HoSE to close in the red, experiencing a slight decrease of 0.44%. Regarding this stock, MB recently disclosed its first-quarter financial report, revealing a consolidated pre-tax profit of 5,795 billion VND, an 11% decrease compared to the same period in 2023. The primary cause of this decline in profitability was lackluster core business performance and the bank’s increased provisions.
Trading volume in banking stocks was lower today compared to previous sessions. MBB led the industry with a trading volume of nearly 17.6 million shares. Following MBB were SHB (17.3 million shares), STB (13.4 million shares), TPB (12.6 million shares), and EIB (10.4 million shares).
