Lasuco (LSS VN) – AGM convening notice
The listed sugar producer announced its AGM convening notice for fiscal year 2023 (ending on 30th June). In the notice, the corporate leaders remind us that the volume of sugar cane processed by Lasuco is highest in 5 recent years, and it completed 113% of the original projection, and up +44% YoY. As a result, the Board proposes a dividend payout ratio of 5% (in cash) and 7% (in stock), which means for every 100 shares owned, investors may receive VND500 and 7 additional shares. Lasuco reported its audited financial statements for fiscal year 2023 with net revenue of VND2,692 billion (about USD107.7 million, up +48.9% YoY) and net income of VND121 billion (about USD4.9 million, up +302.8% YoY). LSS VN closed at VND12,100 per share on 19th September 2024, down -14.2% from its 52-week high of VND14,100 per share but already up +34.4% from its 52-week low of VND9,000 per share. Thus, LSS VN traded at 8.2x P/E, 5.5x EV/EBITDA, and 0.6x P/B.
Vinacomin Power (DTK VN) – EGM in-detail agenda and filings
Following the power company’s information disclosure, the EGM will be held at 9am on Thursday, 26th September 2024, at the company’s headquarters. Shareholders will vote for or against:
(1) Resignation of Mr. Nguyen Duc Pha – BOD member and also representative of major shareholder TKV in the company, due to his retirement;
(2) Election of Mr. Bui Minh Tan – current Deputy CEO, to replace the retired Board member and also a new representative of TKV.
For H1 2024, the company reported bullish financial results, consolidated net revenue is VND6,916 billion (about USD276.6 million, up +17.8% YoY) and net income is VND493 billion (about USD19.7 million, up +5.7% YoY). DTK VN closed at VND12,400 per share on 19th September 2024, fluctuating between VND9,880 and VND16,200 per share within last 12 months. Thus, DTK VN traded at 15.3x P/E, 5.4x EV/EBITDA, and 1.0x P/B.
Ministry of Finance (MoF) - Circular 68/2024/TT-BTC
The Ministry of Finance (MoF), issued Circular 68/2024/TT-BTC, enabling foreign institutional investors to buy listed securities without first having funds available in their custodian account prior to Order placement. This will apply to foreign institutions and not to foreign individual investors. Securities companies will cover settlement obligations in instances of insufficient funds. This is viewed as another advance from Frontier to Emerging Market status and will take effect commencing 2nd of November, 2024.
Investor can see the full Newsletter below:
