BECAMEX (BCM VN) - Upcoming public offering of 300 million shares
Vietnam's largest, and Sembcorp (Singapore) invested industrial park developer, Becamex (BCM VN) announced its resolution on implementation of the 300 million shares public offering proposed In AGM 2024. The offering price has not been determined yet, but is likely to be no lower than VND50,000 per share, as recently publicly disclosed. Starting time of this public offering can be Q4 2024 or early 2025, depending on when the SSC approves. According to its projected use of proceeds, VND6.3 trillion (USD248 million, 42%) will be used to Invest in new projects, Cay Truong IP and Bau Bang IP expansion. Over VND3.6 trillion (about USD143 million, 24%) will be used for increasing equity of subsidiaries and associates, while the rest of nearly VND5.1 trillion (about USD200 million, 34%) will be used to pay down debts, including bank loans and bonds. BECAMEX reported a bullish business result for Q3 2024 with consolidated net revenue of VND1,228 billion (about USD48.4 million, up +8.9% SVCK) and net income of VND344 billion (about USD13.6 million, +58.4% SVCK). BCM VN closed at VND67,900 per share on 13th November 2024, down -6.0% from its 52-week high. Hence, 25.2x P/E. 3.7x P/B.
Vietnam Airlines (HVN VN) - Plan to purchase 50 new aircraft from Boeing
Vietnam Airlines will send its purchasing order of 50 Boeing MAX airliners next year while Boeing has offered a good deal. Currently, the state-invested airline only has a narrow-body fleet of all-Airbus aircraft and will need 170 additional aircraft by 2035. Vietnam Airlines reported its Q3 2024 financials with net revenue of VND26.6 trillion (about USD1.05 billion, up +12.9% SVCK) and net income of VND768 billion (about USD30.3 million, down -10.7% SVCK). HVN VN closed at VND26,000 per share on 13th November 2024, down -28.5% from its 52-week high in July, thus 14.8x P/E but still negative P/B due to its negative book value.
ICD Tan Cang - Long Binh (ILB VN) - Opposite actions between major shareholders VinaCapital's VESAF, sold 115,000 ILB shares, decreasing its stake down from over 5% to about 4.6%. Other related funds, VIBF, Hanwha Life VN, and Chubb Life VN together own 327,800 shares in total. Thus, collectively owning approximately 5.9% of the stock. Further, America LLC, an entity related to NanoCap Fund, purchased another 125,000 shares, increasing its ownership up to 6.2%. Currently, the military-invested Tan Cang Sai Gon is still the parent of the company, holding 51.3% of its shares outstanding, followed by MBAMC with about 7.7%, ILB VN closed at VND32,500 per share on 13th November 2024, slightly down -6.8% from its 52-week high, thus 8.1x P/E and 1.6x P/B.
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