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Daily Market Summary

MAY 13th


1) VPI: Van Phu - Invest's financial risk remains significantly higher than the industry average, according to the assessment by FiinRatings. While the real estate market shows signs of improvement, VPI's heavy reliance on loan capital to finance projects contributes to its elevated risk profile.

Key points from FiinRatings' assessment:

  1. Credit Rating: VPI's credit rating is maintained at BB+ with a 'Stable' outlook, indicating a moderate ability to meet financial obligations.
  2. Financial Risk: VPI's financial risk is attributed to its continued use of loan capital for project financing. Despite a slight improvement in leverage due to a plan to convert maturing bonds into equity in 2024, VPI's leverage ratios remain high.
  3. Debt Metrics: At the end of Q1/2024, VPI's total debt reached VND 6,502.4 billion, with a leverage ratio of 1.6 times and a Debt/EBITDA ratio of 8.0 times. These ratios are significantly higher than the industry average.
  4. Loan Conversion Plan: FiinRatings anticipates a temporary decrease in leverage by the end of 2024 following converting a VND 690 billion bond into equity. This is projected to bring VPI's leverage ratio to around 1.2 times.
  5. Revenue and Profit Outlook: VPI is expected to experience a revenue recovery in the 2024-2025 period due to ongoing project implementation and sales, particularly in areas with increasing housing demand. However, profit margins may be more modest due to higher project development costs.
  6. Contract Revenue/Inventory Ratio: FiinRatings estimates an improvement of around 20-35% in the Contract Revenue/Inventory ratio for the period 2024-2025, indicating better revenue management compared to previous years.
  7. Revenue Projection: Assuming no major economic or political disruptions, FiinRatings forecasts VPI's revenue to recover and maintain an average growth rate of about 20-30% annually, reaching approximately 2,200-2,400 billion VND in 2024 and 2,700-3,000 billion VND in 2025, with an estimated EBITDA margin of 25-35%.

 

 

2) VHM: In just over a month, Vinhomes (VHM) has successfully raised 8,000 billion VND through four bond issuances, interest rate 12%/year

 

April 25, 2024: Vinhomes issued bond batch VHMB2426004 worth 2,000 billion VND. The bonds have a term of 24 months and mature on April 25, 2026.

 

April 15, 2024: Another bond batch, VHMB2426003, was issued with a total value of 2,000 billion VND. These bonds also have a 24-month term, maturing on April 15, 2026.

 

March 25, 2024: Vinhomes successfully issued two batches of bonds. VHMB2427001, valued at 3,000 billion VND with a term of 36 months, matures on March 25, 2027. VHMB2427002, worth 1,000 billion VND, also has a 36-month term and matures on March 25, 2027.

 

The interest rate for all these bonds is 12% per annum.

 

It's worth noting that Vinhomes aimed to mobilize a total of 10,000 billion VND through bond issuances, as announced by its Board of Directors on March 22, 2024. These bonds are non-convertible, have no warrants, and do not include collateral. The latest issuance deadline is the third quarter of the year, and the maximum bond term is between 2 to 3 years from the date of issuance.

 

3) HPG: HPG has just announced that May 24 will be the last registration date to exercise the right to receive shares issued to increase capital. Accordingly, Hoa Phat will issue nearly 581.5 million additional shares to existing shareholders at a rate of 10%, meaning shareholders owning 10 shares will receive 1 new share. The number of decimal shares (if any) will be canceled.

 

 

4) SHS: Profit increased 9 times, SHS Securities plans to increase its charter capital to over 17,100 billion VND by issuing nearly 899.5 million new shares through four options:

  1. Stock Dividends: Issuing shares as stock dividends at a 5% rate, meaning shareholders owning 100 SHS shares will receive 5 new shares. Around 40.7 million shares are expected to be issued from the profit after tax in 2023.
  2. Using Reserve Fund: Utilizing the reserve fund and accumulated surplus capital until December 31, 2023, to reward shareholders with shares at a 5% rate, equivalent to around 40.7 million shares.
  3. Public Offering: Offering nearly 813.2 million shares to existing shareholders for 10,000 VND/share. This offering allows existing shareholders to purchase new shares at a 100% rate, meaning each shareholder owning 01 SHS share can buy 01 new shares.

As of May 10, 2024, the market price of SHS shares stands at 19,000 VND/share. Comparatively, the offering price to shareholders is about 47% lower.

If the offering is successful, SHS Securities can raise over 8,100 billion VND. 40% of this amount will be allocated to loan activities such as margin and advances, while the remaining 60% will be invested in stock activities.

 

5) DXG: Dat Xanh Group Joint Stock Company (HoSE: DXG) recently modified its capital usage plan from the proceeds of a 1,220.1 billion VND offering of 102 million shares, priced at 12,000 VND/share to existing shareholders (ratio 6:1), conducted between December 2023 and January 2024.

In the original plan, Dat Xanh intended to allocate 1,118.5 billion VND as a capital contribution to its subsidiary, Ha An Real Estate Business Investment Joint Stock Company. This allocation included 210.5 billion VND for bond principal and interest payment for Hoi An Invest Company, 688 billion VND for repaying principal and interest on bank loans for Ha Thuan Hung Company, and 101.6 billion VND for corporate income tax payments and salaries.

However, in the new plan, Dat Xanh redirected the entire 101.6 billion VND allocated for salaries towards tax payments.

 

Subsequently, Dat Xanh plans to issue shares in 2024 to raise capital for debt repayment. At the Annual General Meeting of Shareholders in April, two options were approved:

  1. Issuing 150.1 million shares to existing shareholders at 12,000 VND/share, with a ratio of 24:5. The expected revenue is 1,801.8 billion VND, with 1,358.8 billion VND allocated for debt repayment for Ha An Company and 443 billion VND for debt repayment and working capital supplementation for the parent company.
  2. Offering 93.5 million individual shares at 18,600 VND/share to professional securities investors in 2024. The raised amount of 1,739.1 billion VND will be used to contribute capital to the subsidiary.

As of March 31, Dat Xanh's assets totaled 29,647.6 billion VND, primarily comprising inventory and short- and long-term receivables. Cash, cash equivalents, and bank deposits amounted to 1,482.9 billion VND, indicating minimal utilization of the newly issued funds.

 

6) CII: Under Official Dispatch No. 460/2024/CV-CII dated May 9, 2024, of CII sent to the State Securities Commission and Ho Chi Minh City Stock Exchange. Ho Chi Minh City on Reporting on the results of issuing 413,300 CII shares to convert 4,133 CII42013 bonds at Phase 7 on May 2, 2024, the Company announced a change in the number of CII42013 bonds in circulation since May 9 2024 as follows:

 

A total number of CII42013 outstanding bonds:

Before the Change: 28,870

Change: -4,133

After the change: 24,737

Reason for change: Convert 4,133 CII42013 bonds into shares Phase 7 on May 2, 2024