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Daily Market Summary

APRIL 2ND

1)
HDB: HDBank announced its 2023 audit report with a pre-tax profit of VND 13,017 billion. ROE ratio reached 24.2%, continuing to be in the leading group of the entire industry. Bad debt is low at only 1.5%.

 

2) VRE: VRE sets a profit target of 4,420 billion VND, operating 89 Vincom shopping malls in 48/63 provinces and cities in 2024.

 

3) APS: Although operating costs were significantly reduced, securities company management costs increased more than 9 times, causing APS to continue to report an after-tax loss of VND 180 billion in 2023.

 

4) NVL: 4 key projects are gradually completed, and NVL soon account for 10 billion USD in revenue.  Aqua City, NovaWorld Phan Thiet, NovaWorld Ho Tram, and Grand Manhattan - 4 vital projects of Novaland (NVL) recorded many positive signs after the restart in 2023.

 

5) VTP: VTP targets delivery and logistics revenue to reach VND 9,147 billion in 2024, a growth of 33.3%.

 

6) NLG: NLG has released documents for its 2024 Annual General Meeting of Shareholders, scheduled for April 20 at the Sheraton Saigon Hotel & Tower in Ho Chi Minh City.

 

The company expects its revenue to double in 2024 compared to 2023, primarily due to the handover of key projects such as Akari, Can Tho, EhomeS Can Tho, EhomeS MR1, Izumi, and South Gate, as well as revenue from management services and the sale of commercial assets. Despite the significant increase in revenue, Nam Long anticipates only a slight 2% increase in profit after tax, with a net profit of VND 821 billion. Profit after tax allocated to the parent company is estimated to reach VND 506 billion, up 5% from the previous year.

 

Nam Long's Board of Directors acknowledges challenges in the real estate market, including demand mismatches, confidence crises, high inventory, debt issues, and legal challenges. However, they also see opportunities in affordable housing and social housing segments, driven by falling lending interest rates, new laws, and government initiatives.

 

To address these challenges and capitalize on opportunities, Nam Long plans to focus on developing affordable housing products, implementing support policies, managing inventory, and promoting pre-sales. Financially, the company aims to develop an overall financial plan, with a focus on capital mobilization. Legal settlement of key projects such as Izumi, Paragon, and VCD phase 2 is also prioritized.

 

Nam Long plans to pay cash dividends at a rate of 5%, with VND 192 billion allocated for this purpose from the remaining profit of VND 449.88 billion in 2023. The dividend rate for 2024 will be decided at the 2025 General Meeting of Shareholders. Depending on the business situation, dividends for 2024 may be advanced by 50% in December 2024, with the remainder paid after the 2025 General Meeting of Shareholders.

 

7) MSN: MSN plans to issue 75 million dividend preference shares to Bain Capital's investment fund, aiming to raise capital of VND 6,375 billion.

The State Securities Commission has received the application for registration of the private stock offering, by previous resolutions and board decisions.

The offering price is set at VND 85,000 per share, with a maximum issuance of 143 million new shares, representing 10% of the total outstanding shares. Proceeds from the offering will be used for general purposes, business needs, supplementing working capital, investing in subsidiaries, and M&A activities. The dividend preference shares come with the right to convert into common shares, restricted transfer for strategic investors for 3 years, and a lock-up period of 1 year for professional stock investors.

 

8) NET: At the 2024 General Meeting of Shareholders taking place next April, the NET Board of Directors will present a profit distribution plan for 2023 with a dividend of 50% of charter capital (ie 5,000 VND/share), equivalent to 112 billion VND.

 

9) Interest Rate: Vietcombank announced a reduction in interest rates on savings deposits by 0.1 percentage points for terms of 12 months or less, contrary to some private banks that have started to increase interest rates.

Vietcombank's new deposit interest rates for over-the-counter deposits are as follows: 1-2 month term reduced to 1.6%/year, 3-5 month term reduced to 1.9%/year, 6-9 month term reduced to 2.9%/year, and 12 months term reduced to 4.6%/year; terms of 12 months or more maintained at 4.7%/year.

VietinBank and BIDV had previously reduced deposit interest rates to the same level as Vietcombank on March 22, 2024.

In contrast, some private banks have slightly increased deposit interest rates for certain terms:

VPBank increased rates by 0.1-0.2 percentage points for all terms effective from March 27, 2024.

Eximbank increased rates for 1-3 month terms by 0.3 percentage points effective from March 22, 2024.

Saigonbank increased rates for terms from 18-36 months on March 19, 2024.

These adjustments in interest rates reflect differing strategies between state-owned and private banks in response to market conditions.

 

10) {US} Dow Jones dropped more than 200 points to start April. The Dow Jones index fell on Monday (April 1) to kick off the second quarter, as investors weighed new US inflation data amid concerns that the market's climb could slow.

 

11) DDG: Two big bosses of DDG registered to sell more than 2 million shares before the AGM

Ms. Tran Kim Sa, General Director and Board Member of DDG is to sell 1.15 million DDG shares from April 2 to April 29. Currently owns 1.9 million DDG shares (2.38% of charter capital), decreasing to 0.94% after the transaction.

Mr. Tran Kim Cuong, Deputy General Director, and Board Member is also to sell 1 million DDG shares, reducing ownership from 1.57% to 0.31%.

Both leaders will own less than 1% of charter capital post-transaction.

In February 2024, Ms. Sa and Mr. Cuong sold 200,000 and 500,000 DDG shares, respectively, citing personal financial needs.

DDG plans the 2024 Annual General Meeting of Shareholders in April 2024. DDG postponed buyback of 30% of bond lot DDG12101's principal capital worth VND 300 billion to no later than June 30, 2024, due to production and business difficulties. Non-convertible bond is guaranteed by the company and third-party assets, intended for two production projects at Heineken Vietnam Brewery - Vung Tau phase 2.