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Daily Market Summary

APRIL 23rd

1) VCI: In the first quarter of 2024, Vietcap Securities Joint Stock Company (VCSC - HoSE: VCI) reported significant financial performance improvements compared to the same period last year:

  1. Operating Revenue Increase: Operating revenue surged to 806.3 billion VND, a substantial increase of 62% compared to the previous year.
  2. Profit Growth from Financial Assets: Profits from financial assets recorded through profit/loss (FVTPL) rose to 352.3 billion VND, marking a 2.3 times increase. However, losses from FVTPL assets increased by 76% to 167.7 billion VND.
  3. Brokerage Revenue: Brokerage revenue doubled to 182 billion VND, indicating a strong performance in this segment.
  4. Profit After Tax: The company's profit after tax soared by 2.7 times to 198 billion VND compared to the same period last year.
  5. Financial Asset Holdings: The company held significant financial assets, with the FVTPL assets increasing to 831 billion VND. Additionally, the available-for-sale financial assets (AFS) recorded a substantial increase to about 4,917 billion VND.
  6. Investments: Vietcap realized several investments during the period, contributing to improved financial results.
  7. Balance Sheet: Total assets increased to 19,544 billion VND, showing a robust growth trend for the company.
  8. Market Performance: The positive developments in the stock market also significantly drove Vietcap's improved performance.
     

2) VRE: Vincom Retail changed its General Director again. Vincom Retail Joint Stock Company ( HOSE: VRE ) has just announced the dismissal of the General Director position of Ms. Tran Mai Hoa and the reappointment of Ms. Pham Thi Thu Hien from April 22, 2024.

 

3) VIC: Recently bondholders of Vingroup (stock code: VIC) have agreed to extend more than half of the exchangeable bonds worth 625 million USD for another 18 months. Specifically, the above batch of bonds should have matured in May this year, but Vingroup will only pay half in advance, the remaining half will be extended for another 18 months.

 

Vingroup will issue this batch of bonds in the first half of 2022 and can be exchanged for VinFast shares from a group of reputable institutional investors. The offering price for each bond is 1 million USD.

 

The move helps ease cash flow pressure on the group as it seeks to raise VND10,000 billion ($395.3 million) to fund electric vehicle manufacturing company VinFast Auto Ltd.

 

4) SCR: The Annual General Meeting of Shareholders for the 2023 fiscal year of TTC Land (SCR) took place on April 23, 2024, with notable outcomes and strategic insights:

  1. Leadership Changes: The meeting approved the dismissal of three members of the Board of Directors, including Chairman Huynh Bich Ngoc. Mr. Dang Van Thanh, Chairman of TTC Group, emphasized the need for responsible governance and outlined a cautious strategy, focusing on retaining profits and avoiding expansion.
  2. Financial Performance: Despite expecting a sharp increase in revenue to 705 billion VND, pre-tax profits are projected to remain flat at 16 billion VND for 2024. The challenging business environment led to a decision not to distribute profits and to reinvest the entire undistributed after-tax profit, amounting to over 406 billion VND, into the company's activities.
  3. Debt Restructuring: SCR presented a plan to issue nearly 35 million shares to swap debt, with domestic investors holding the swapped debt. This issuance aims to alleviate financial pressures and improve liquidity.
  4. Industrial Real Estate Focus: With the real estate market facing difficulties, SCR emphasizes sales efforts and strategic focus on key projects such as TTC Plaza Da Nang and Panomax River Villas. Additionally, the company sees potential growth in industrial and logistics real estate due to factors like manufacturing shifts from China to Vietnam and the growth of e-commerce.
  5. New Board Members: The meeting plans to reduce the number of Board of Directors members from 6 to 5 and elect 2 additional members, including 1 independent member. Two candidates nominated by shareholder groups include Mr. Le Quang Vu and Mr. Pham Trung Kien, bringing diverse expertise to the board.
  6. Outlook and Challenges: Despite the difficult market conditions, SCR remains committed to its strategic orientation and aims to capitalize on opportunities in industrial and logistics real estate while navigating challenges in the broader real estate sector.

 

5) TNG Investment and Trading Joint Stock Company (HNX: TNG) has made significant amendments and updates to its plan to issue bonds to the public worth 400 billion VND, with several key changes outlined:

  1. Collateral Valuation: The value of the secured bonds, backed by TNG Dai Tu factory assets and 10 million shares owned by the Chairman of the Board of Directors, has been re-evaluated. The revised value is more than 362 billion VND, reflecting a decrease from previous appraisals of more than 365 billion VND.
  2. Disbursement and Allocation: The disbursement timeline has been adjusted, with funds now planned to be disbursed from the second to fourth quarter of 2024. The allocation of funds for employee salaries and raw materials/services has also been modified.
  3. Debt Repayment Plan: The revised plan includes a detailed debt repayment source section, outlining expected business plans, revenue, profit, equity, and loan capital from 2024 to 2028. TNG aims to clear the bond debt by December 31, 2028.
  4. Interest Rate Structure: The interest rate structure has been clarified, with fixed rates of 9.5%/year for the first four interest periods and subsequent rates determined by averaging savings deposit interest rates of Vietcombank, BIDVVietinbank, and Agribank plus 3.5%/year.
  5. Approval and Registration: The issuance plan was approved by TNG's 2023 Annual General Meeting of Shareholders and subsequently by the Board of Directors. Offering registration documents was approved in late December 2023.
  6. Issuance Details: The bonds will have a term of 48 months, with the issuance planned from the first to the second quarter of 2024 and due in 2028. The specific date will be decided by the Chairman of the Board of Directors. The bonds are non-convertible corporate bonds without warrants and with collateral.
  7. Current Status: As per HNX information, TNG does not currently have any circulating batches of bonds, with the latest bond maturity recorded as September 30, 2023.