mai hien

In 2018, the southern seaport enterprises "breathable"

Monday, 29 January 2018 06:14

After a long period of difficulties related to large corporations and corporations in the industry, in 2017, there have been bright signals for Vietnamese port and logistics enterprises. However, not all businesses are positive

Industry outlook is more positive 

According to statistics by the General Department of Customs, in 2017, the total volume of clearing ships reached 22 thousand, up 67%, the volume of goods reached 18.5 million tons, up 56% over 2016. Total output Shipments by Vietnam's shipping fleet were estimated at 130.9 million tonnes, an increase of 6 percent over 2016. This positive turnaround was attributed to strong economic growth, business operations, import and export. positive progress, boosting demand for seaport enterprises and logistics.

Global consulting firm Drewy forecasts that by 2020 Southeast Asia will see average annual growth in cargo throughput of 6.2 percent per year, up from 2-3 percent a year. of the world, in which Vietnam has the highest growth rate, reaching 9.2% per year.

Currently, Vietnam has 49 seaports, including 17 Type I ports, 23 Type II ports and 9 Type III ports (offshore oil ports). In particular, the most exciting area for seaport operation is located in Hai Phong (north) and Ba Ria Vung Tau (south). On the stock market, there are more than 13 enterprises operating in this field with some noteworthy names such as GMD, VSC, HAH, SFI, TCL, PDN, etc.


Distributed business landscape

Despite positive sector outlook, not all stocks in the industry are up.

Accordingly, while the codes of GMD, VIP, CLL ... keep the trend of climbing from the beginning of 2017 to now, in some companies, shares just passing by as Joint Stock Company (Transport Joint Stock Company) Tan Port (TCL), Dinh Vu Port Development and Investment JSC (DVP). Some stocks also fell, such as Vietnam Container Joint Stock Company (VSC), Hai An Transport and Loading Joint Stock Co (HAH).

Of the discount codes, HAH of Hai An Transportation and Loading Joint Stock Company is a noteworthy name, when the company owns the right to exploit Hai An port with designed capacity of 250,000 TEUs, which is the upstream port. . However, Bach Dang Bridge connecting Hai An District (Hai Phong) with Quang Yen Commune (Quang Ninh) was put into use, which significantly affected the shipping business of the company.

In this context, the management board of HAH has shifted focus to port operation and logistics, rather than keeping the balance between shipping and service operations as before. However, HAH shares still have to accept the downward trend with a decrease of more than 16% compared to the beginning of 2017, the current translated at 20,000 dong per share. Similarly, Vietnam Container Joint Stock Company (VSC) is facing difficulties that are not easy to solve. VSC is a long-standing brand that currently operates two Green Ports and a VIP Green Port with a total designed capacity of 850,000 TEUs.

On the other hand, the operation of Lach Huyen port (Hai Phong), which will come into operation in 2018, will make transportation and seaport operations in the North more and more competitive, especially in terms of service prices.

Meanwhile, shipping companies in the South have a "more comfortable" business environment than the North. This is a factor helping stocks of seaport enterprises have positive changes since the beginning of 2017.

Gemadept Gemadept JSC is a prominent name that has attracted the attention of investors recently. In 2017, GMD share price has increased more than 60%. In 2018, Lach Huyen Port is expected to contribute significant revenue to Gemadept, while the company will increase the capacity of Nam Hai Dinh Vu Port to a maximum. This is the third largest design port in more than 13 ports in the North.

In the South, the re-launch of Gemalink, taking advantage of the favorable seafood export growth has been a plus for GMD in the eyes of investors. Another promising positive stock is PDN of Dong Nai Port Joint Stock Company when it has increased one share from VND 54,000 / share in early 2017 to VND 86,000 / share by the end of 8/1/2018, respectively. almost 60%. However, the structure of concentrated shareholders, the State holds mainly the limited liquidity cause many investors are not salty but with prospects for this stock in the coming time.

Given the average P / E of the sector, about 12 times, industry analysts at a top 10 securities firm said that stock prices are reflecting the reality of the business and It does not show the expectation of investors. This expectation reflects the need for significant improvements and evolutions from each enterprise, to demonstrate the ability to turn up.