FPT Corporation (FPT VN) - SBI Holdings plans to own 35% ownership of a subsidiary
FPT Corporation and SBI Holdings of Japan (TYO:8473) signed a memorandum of understanding, whereby SBI will invest in FPT Smart Cloud Japan, specialized in AI. The deal is expected to close in January 2025. The company also revealed its November business results, reporting VND4,700 billion in revenue (about USD and VND860 billion in earnings before tax, meaning 90.3% and 94.4% completion of revenue and profit projection for FY2024. FPT VN closed at its all-time high of VND150,500 per share on 11th December 2024, thus 29.6x P/E and 7.5x P/B.
Dat Xanh Group (DXG) - Subject to mulct for violating regulations
The SSC decided to fine the real estate developer VND515 million mostly related to non-disclosure of material information and unauthorized changes in public offering. The regulator also demanded Dat Xanh to remediate all its past actions while the company itself has been experiencing a decline in Q3 2024 business performance. DXG VN closed at VND17,850 per share on 11th December 2024, up +46.3% from its 52-week low, hence 90.6x P/E and 1.2x P/B.
Vinpearl, a member of Vingroup (VIC VN) - Upcoming VND5 trillion public offering
According to the Board's resolution, Vinpearl will offer over 70 million shares to existing investors at a price of VND71,350 per share before listing, meaning the hospitality arm of Vingroup may has more than VND5 trillion in cash. Proceeds will be used for acquisitions and refinancing. Currently, Vingroup is holding about 85.5% of Vinpearl, mostly via a SPV named Ngoc Viet, implying a potential smooth divestment in the future. VIC VN closed at VND41,300/s on December 11 2024, down -14.8% from its 52-week high, 16.5x P/E 1.2x P/B.
KIDO Group (KDC VN) – Upcoming EGM to ballot its shareholders on owned brands
In late-2020, KIDO Group merged its subsidiary KIDO Foods with a stock-for-stock acquisition but still kept the latter a limited company. A few months ago, KIDO Group completed partial divestment of KIDO Foods, revealing that Nutifood purchased 51% of the ice cream producer but not the trademark of both Celano and Merino. KIDO Group reported Q3 2024 financials with net revenue of VND2,244 billion (about USD88.4 million, down -2.6% YoY) and net income of VND24 billion (about USD0.95 million, down -66.9%). KDC VN closed at VND54,90 per share on 11th December 2024, up +10.4% from its 52-week low, but still negative P/E and 2.3x P/B.
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