Vinhomes (VHM VN) – Nomura Real-estate increases collaboration
Currently, the Japanese investor has invested in Vinhomes Royal Island (Vu Yen, Hai Phong), Vinhomes Grand Park (Thu Duc, HCMC), and Vinhomes Ocean Park 1 (Hanoi). The investor has signed an MOU with Vinhomes on collaboration in future real estate projects, including residential, commercial, and logistics.
Vinhomes reported Q3 2024 financials with net revenue of VND33,323 billion (about USD1.31 billion, up +1.8% YoY) and net income of VND7,866 billion (about USD309 million, down -26.4% YoY). VHM VN closed at VND40,350 per share on 20th December 2024, thus 8.1x P/E and 0.8x P/B.
New Listing: Black Cat Insulation (BMK VN) – 1st UPCoM trading day, 26th Dec 2024
Established in 2006, Black Cat provides insulation solutions, scaffolding, industrial paints, and passive fire protection products to industrial projects including Vinfast plant, Heineken brewery, Long Son refinery, and several thermal power plants. By mid-September 2024, the company had 287 employees.
The firm filed its audited financial statements for fiscal year ended 31st March 2024, recording revenue of VND308 billion (about USD12.1 million, down -6.3% YoY) and net income of VND21 billion (about USD818,000, down -37.9% YoY). BMK VN will open at VND14,800 per share on its first day of trading, followed by a capped volatility of 40% for both directions (+/-). Based on first day price and FY2023 financials, BMK VN will be traded at about 4.8x P/E and 1.3x P/B.
Seaprodex (SEA VN) – GELEX Group becomes major shareholder
GELEX Group (GEX VN) announced publicly about purchase of nearly 5.9 million SEA VN shares on 17th Dec 2024, increasing its stakes up to 11.9 million shares, equivalent to 9.5% of shares outstanding. It also means that GELEX Group will be the third largest shareholder, after state-owned SCIC with 63.4% and Red Capital with 14.4%.
The aquaculture company produced revenue of VND153 billion in Q3 2024 (about USD6 million, down -18.7% YoY) and net profit of VND41 billion in the same quarter (about USD1.6 million, down -33.3% YoY). SEA VN was last traded at VND45,200 per share on 20th December 2024, therefore 29.5x P/E and 2.5x P/B.
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