DIC Corp (DIG VN) – $118M follow-on public offering (FPO) is approved
The State Securities Commission (SSC) announced its written approval for DIC Corp to implement the FPO. Therefore, 200 million shares will be offered to existing shareholders on pro rata basis, at offer price of VND15,000 per share, leading to a total expected proceeds of VND3,000 billion (about USD118 million). Proceeds will be used for funding current real estate projects and repaying its bonds due in 2024. Lock-up period will not apply to additional shares purchased by existing shareholders but for other investors if any, there will be 1-year lock in. After the FPO, DIC Corp plans to issue over 210 million additional shares via private placement (150M), ESOP (30M), stock dividend and equivalents (30.4M). DIC Corp generated revenue of VND47 billion in Q3 2024 (about USD1.9 million, down -79.9% YoY) and net income of VND7 billion (about USD279,000, down -58.4% YoY). However, this firm is project-based and has been conducting business in a highly cyclical sector, therefore business performance can be somewhat hard to predict on a quarterly basis. DIG VN closed at VND20,150 per share on 16th Dec 2024, falling by 40% from its 52-week high and merely up +1.3% from its 52-week low, thus 149.3x P/E and 1.6x P/B.
Phu Nhuan Jewelry (PNJ) - 424 Stores Active in November 2024
PNJ reported its November business results with revenue of VND2,839 billion (about USD112 million, up down -9% YoY) and net profit of VND276 billion (about USD11 million, up +39% YoY), also completed nearly 90% of FY2024 profit projection. In this month, PNJ already closed 11 stores but opened 35 others, resulting 424 active stores in total by the end of November. PNJ VN closed at VND98,200 per share on 16th Dec 2024, down -8.9% from its all-time high, hence 11.0x P/E and 3.2x P/B. To remind, EPS and BVPS for PNJ VN were determined with Q3 2024 financials, excluding changes following monthly updates.
PVN Ca Mau Fertilizer (DCM VN) – Completed 98% of FY2024 production projection
The firm announced its November update with Urea-equivalent nitrogen fertilizer production of 82,000 tons, leading to 870 tons year-to-date or 98% of its FY2024 projection of 892 tons. On the other hand, the fertilizer company already surpassed 100% NPK fertilizer expected production by the end of November. Dam Ca Mau announced its Q3 2024 financials with net revenue of VND2,634 billion (about USD104 million, down -12.5% YoY) and net income of VND120 billion (about USD4.7 million, up +63.3% YoY). DCM VN closed at VND36,600 per share on 16th Dec 2024, down -10.1% from its recent peak in July, thus 12.5x P/E and 2.0x P/B.
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