Nam Tan Uyen JSC (NTC VN) – Update on NTC 3 Industrial Park
The industrial park developer announced its financial results for Q3 2024 with net revenue of VND51.2 billion (about USD2.1 million, down -5.7% YoY) and net income of VND64.2 billion (about USD2.6 million, down -16.4% YoY). It also recorded the third consecutively bearish quarter for the company, with YTD revenue totaling VND195.1 billion (about USD7.9 million, down -16.4% YoY). The company explained that lower interest rate from its term deposits at banks was a reason for decreasing profits.
About upcoming NTC 3 Industrial Park, the company started the 2nd phase of Nam Tan Uyen IP expansion (or NTC 3 project) in Tan Uyen City, Binh Duong Province (proximate to Ho Chi Minh City), with over VND171 billion already invested by the end of Q3 2024. Recently, the Board of Directors has planned to borrow nearly VND2.62 trillion (about USD106.4 million) from Vietcombank to fund the land acquisition process. Before that, Mr. Do Huu Phuoc had resigned from his post as Chairman of the Board because the major shareholder, the state-backed Vietnam Rubber Group (GVR VN) dismissed him from its representative position in Nam Tan Uyen.
Subsequently, Mr. Tran Quoc Thai and Mr. Le Duy Thanh were elected to the Board, and the former later became the Chairman of the Board. NTC VN was traded around VND199,890 per share on 15th October 2024, down -16.1% from its 52-week high, hence 18.3x P/E and 4.1x P/B.
Dabaco (DBC VN) – Massive earnings surprise for Q3 2024 result
The animal husbandry corporation reported its Q3.2024 business results with net revenue of VND3,525 billion (about USD143.3 million, up +30.1% YoY) and net income of VND312 billion (about USD12.7 million, up +2,405% YoY), thus VND530 billion (about USD21.5 million, +2,758% YoY) in year-to-date net income. The company explained that prices of animal feed were relatively stable in Q3.2024.
Year-to-date, Dabaco completed 39% of target revenue but already 73% target net profit for full-year 2024, proposed at AGM 2024. The company also assumes that completion of target net profit is feasible with a sustained increase in the price of pork. DBC VN closed at VND30,400 per share on 15th October 2024, slightly down -4.0% from its adjusted 52-week high in June 2024, thus 19.0x P/E and 1.6x P/B.
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