Vinpearl, a member of Vingroup (VIC) – Becoming a public company
The SSC approved Vinpearl’s registration to become a public company, and from now will have responsibility to announce all its material information publicly. According to ongoing regulations, Vinpearl has to either: (1) Register its stock for trading on UPCoM after going public; (2) File public offering documents to the SSC before listing its stock on HOSE instead. Recall: Vinpearl used to be a listed company on HOSE in the past with stock code VPL VN, just before its stock-for-stock merger with Vincom (currently known as Vingroup, VIC VN) in 2011. Stock code VPL VN is currently available at the Vietnam Securities Depository Corporation (VSDC). Thus, its reasonable to suggest VPL may be the ticker.
In the first of 2024, Vinpearl recorded net income of VND2,579 billion (about USD101.6 million, up +284.6% YoY). By the end of H1 2024, its owner’s equity was VND31.5 trillion and D/E ratio was about 1.15x. Meanwhile, VIC VN closed at VND40,400 on 18th November 2024, down -16.7% from its 52-week high, thus 16.2x P/E and 1.1x P/B.
Thu Dau Mot Water (TDM VN) – An insider registered to buy 1 million shares
Mr. Nguyen Thanh Phong – Member of the Board, registered to purchase 1 million TDM VN shares in order to restructure his investment portfolio, effective from 19th Nov to 17th Dec. Presently, he owns no shares - so, if successful, he will increase his ownership up to 0.9%. However, his related party – N.T.P Trading, established in 1999, HCMC-based, currently owns 4.6 million TDM VN shares, equivalent to 4.2% of shares outstanding. Weeks ago, the firm sent its tender offer to all shareholders of Can Tho Water (CTW VN), offering to purchase 6.82 million CTW VN shares, equivalent to 24.4% ownership, at pri
ce of VND30,400 per share, close to its recent closing prices. The provincial authority of Can Tho City and BIWASE (BWE VN) – also the related party of Thu Dau Mot Water, are currently the two largest shareholders with economic interest of 51% and 24.6% respectively.
Regarding 2024 performance, the company announced its financial statements for Q3 2024 with net revenue of VND106 billion (about USD4.2 million, down -0.4% YoY) and net income of VND57 billion (about USD2.2 million, up +1.3% YoY). TDM VN closed at VND50,000 per share on 18th November 2024, just down -2.5% from its 52-week high, hence 28.9x P/E and 2.2x P/B.
Investor can see the full Newsletter below:
