Vietnam Airlines (HVN VN) – EGM and capital injection plan approved by the State
The National Assembly approved injecting VND22,000 billion (about USD867 million) to the national flag airline, progressively. In the first phase, the government-backed SCIC will purchase shares worth VND9,000 billion (about USD355 million) on behalf of the government. The second phase, Vietnam Airlines will be granted share purchase rights owned by state shareholders, implying that the company will need to find new investors to buy these shares worth VND13,000 billion (about USD512 million) in total. Of interest, the airline also had total debt outstanding of VND22,127 billion (about USD872 million) on its balance sheet by the end of Q3 2024. Thus, it opens the possibility of using proceeds to settle all debts.
As a result, an EGM will be held on 25th January 2025 and the Ex-right date is 25th December 2025. Vietnam Airlines generated revenue of VND26.6 trillion in Q3 2024 (about USD1.05 billion, up +12.9% YoY) and net income of VND768 billion (about USD30.3 million, bullish compared to huge net loss in Q3 2023). HVN VN closed at VND27,700 per share on 10th December 2024, down -23.8% from its 52-week high, thus 15.7x P/E and negative P/B (due to negative owner’s equity). To remind, HVN VN is presently trading in the afternoon sessions.
Phu Tai Corporation (PTB VN) – Dividend declared
The diversified business declared a cash dividend of VND1,000 per share, also the first payout from 2024 profit. The Ex-dividend date is 2nd January 2025 and the Settlement date is 16th January 2025. Phu Tai reported Q3 2024 consolidated net revenue of VND1,485 billion (about USD58.5 million, up +25.1% YoY) and net income of VND80 billion (about USD3.2 million, up +3.9% YoY). PTB VN closed at VND64,000 per share on 10th December 2024, down -15.2% from its 52-week high, hence 12.9x P/E. 1.5x P/B.
Oriental Commercial Bank (OCB VN) – New Chief Accountant appointed
The bank announced its decision on appointing Ms. Nguyen Van Anh as the new Chief Accountant. Before that, just a few days ago, Mr. Pham Hong Hai – CEO, registered to purchase 300,000 OCB VN shares. OCB VN closed at VND11,200 per share on 10th December 2024, up +8.2% from its 52-week low in November, thus 9.0x P/E and 0.9x P/B.
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