Vinhomes (VHM VN) – Plans to raise up to $255M from bond issuance
The nation’s largest, listed real estate developer will sell its latest batch of bonds worth up to VND6,500 billion (about USD255 million) via private placement. These bonds will be non-convertible, secured by collaterals, with tenor of up to 36 months. Several weeks ago, Vinhomes passed a resolution on offering up to VND4,000 billion (about USD157 million) to investors. VHM VN closed at VND40,000 per share on 31st December 2024, leading to 8.0x P/E and 0.8x P/B.
Vinafood II (VSF VN) – Setting FY2025 revenue at $694M
The agribusiness company has sold 1.2 million metric tons of rice, surpassing target by 31%, leading to revenue of nearly VND20.6 trillion (about USD808 million, outperforming by 20.4% but down -10.6% YoY). However, the corporate leaders still choose narrow objectives for the next year, revenue of VND17,695 billion (about USD694 million) and pre-tax income of VND107 billion (about USD4.2 million). VSF VN closed at VND35,500 per share on 31st December 2024, thus 788.9x P/E and 7.8x P/B.
EVN Finance (EVF VN) – Terminated audit agreement with E&Y
The Board of the finance company decided to end its partnership with Ernst & Young, choosing Baker Tilly A&C as the new external auditor instead. In Q3 2024, EVN Finance recorded total operating income of VND362 billion (about USD14.2 million, up +59.1% YoY) and earnings before tax of VND181 billion (about USD7.1 million, up +57% YoY), and also completed 92% profit objective for FY2024. EVF VN closed at VND9,100 per share on 31st December 2024, therefore 14.3x P/E and 0.8x P/B.
Viet Thanh Plastic (VTZ VN) – EGM convening
The plastic manufacturer announced its Board’s resolution on convening shareholders for the upcoming EGM but the purpose is not disclosed yet. Record date is 17th January 2025, implying 16th as Ex-date. The EGM will be held on 13th February 2025 at headquarters in Long An province. Since November 2024, VTZ VN has been a constituent of MSCI Frontier Markets Small Cap Index, but there has been no official ETF tracking this index yet. Viet Thanh Plastics generated revenue of VND875 billion (about USD34.3 million, up +85.5% YoY) and net profit of VND21 billion (about USD818,000, up +306% YoY) in Q3 2024. VTZ VN closed at VND17,200 per share on 31st December 2024, hence 25.6x P/E. 2.5x P/B.
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