TASCO (HUT VN) - BOD Passes Resolution on 178.5 million Share Offer
The Board of Directors passed a resolution on offering over 178.5 million additional shares at price of VND10,000 per share to existing shareholders, equivalent to 20% of current shares outstanding. Starting time will be in Q1 or Q2 2025, following the SSC's written approval. Expected proceeds of VND1,785 billion (about USD70 million) will be used for capital injection to its key subsidiaries which are (1) ETC solution provider - VETC (45%); (2) Car dealer - TASCO Auto (28%); and (3) P&C Insurer - TASCO Insurance (27%). In Q3 2024, TASCO generated total revenue of VND8,031 billion (about USD316 million, up +214% YoY) and net income of VND18 billion (about USD700,000, up +141% YoY), thanks to its business combination of SAVICO (SVC VN) last year. HUT VN closed at VND15,800 per share on 18th of December 2024, thus 210.7x P/E and 1.6x P/B.
PV Gas (GAS VN) - Peak business performance in 2024
The state-owned gas company reported that it has successfully completed all targets (operational and financial), for 2024. It provided 6.4 billion m3 of LNG, 76 thousand tons of condensate, 3.1 million tons of LPG this year, generating revenue of nearly VND105 trillion (about USD4.13 billion, up +14% YoY, outperforming by 50%) and earnings before tax of over VND13 trillion (about USD512 million, outperforming by 82%). GAS VN closed at VND68,500 per share on 18th December 2024, hence 14.5x P/E and 2.8x P/B.
Binh Son Refinery (BSR VN) - First trading day on HOSE is 17th Jan 2025
BSR VN will de-list from the UPCoM and will not be available for trading from the 7th of January 2025 to complete required processes and procedures for listing on HOSE. The downstream company also announced its 2025 projections with revenue of VND114,654 billion (about USD4.5 billion) and net income of VND752 billion (about USD29.6 million). but did not mention about full-year results of 2024 yet. BSR VN was last traded at VND22,300 per share on 18th of December 2024, thus 23.1x P/E and 1.2x P/B
Global M&A Market Update (Bloomberg) - Automotives
Honda Motor (TYO:7267) and Nissan Motor (TYO:7201) are considering a potential merger, and reportedly open to potentially including Mitsubishi Motors (TYO:7211) which is partly owned by Nissan Motor. If successful, this will dramatically re-shape the Japanese automotive industry, signaling an increasingly competitive business environment for all other automakers around the world, including in high-growth markets like Vietnam.
Investor can see the full Newsletter below:
