BIDV (BID VN) – Record Date for bondholders of BID121028 and BID121027 bonds
Record Date for bondholders of 2028 bond and 2027 bond is 15th October 2024 and 14th October 2024, respectively, and Settlement Date is also 14 days later for both. BIDV plans to redeem early 100% of these bonds, which are 9.71 million BID121028 at price of VND106,217 per bond and 12 million BID121027 at price of VND105,906 per bond (both have face value of VND100,000, per bond). Thus, the bank will need total cash value of up to VND2,302 billion (about USD93.6 million, not including transaction fees) to complete its bond early redemption. The state-owned bank reported its reviewed financials for H1 2024 with total operating income of VND37.5 trillion (about USD1.52 billion, up +8.6% YoY), net income of VND12.18 trillion (about USD495 million, up +11.8% YoY), and total assets of VND2,521 trillion (about USD102.48 billion, +9.6% compared to the end of FY2023). BID VN closed at VND50,100 per share on 27th September 2024, hence 12.5x P/E and 2.1x P/B, slightly down -7.9% from its all-time high of VND54,400 per share.
PV Drilling (PVD VN) – DC Buys 100,000 shares and Sells 500,000 shares
Dragon Capital had bought 100,000 shares then quickly sold 500,000 shares, thus becoming a major shareholder on 18th September but getting rid of this designation the day after. After this, all funds represented by Dragon Capital held collectively nearly 27.4 million shares, equivalent to 4.92% of total shares outstanding, still the second largest institutional shareholder (group) behind PVN, holding just over 50%. The upstream company announced its reviewed financial statements for H1 2024 with net revenue of VND4,038 billion (about USD164 million, up +53.1% YoY) and net income of VND296 billion (about USD12 million, up +29.1% YoY). PVD VN closed at VND27,250 per share on 27th September 2024, thus 23.6x P/E and 1.0x P/B, down -21.9% from its 52-week high of VND34,900 per share.
Vingroup (VIC VN) - USD$10 billion Project in Quang Ninh Advances
Last Friday, Vingroup released a resolution approving Vincons Construction Development and Investment JSC (aka Vincons) to construct the USD$10billion project in Quang Ninh (located on the coast about 150km from Hanoi). Vincons is a 100% wholly-owned subsidiary of Vingroup. Meanwhile, Vinhomes (VHM VN) signed a contract with Vincons on September 23, relating to school and office projects for Vinhomes Ocean Park 2 and 3. VHM closed at VND43,400 per share (+4.80%, 1M), thus the P/E (x) is 8 and P/B (x) is 1.
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