At the seminar with investors in Ban Viet Securities Joint Stock Co (VCSC) held on March 10, Truong Thanh Nhan, Van Phat Hung Joint Stock Co (coded VPH)'s general director said that in 2010 his firm targets to reach 600 billion dong of revenue, 114 billion dong in after tax profit and 25 percent dividend payment.
Nhan stressed that the company's revenue and profit this year will be mainly from Phu Thuan and Nhon Duc projects. In addition, about 50 billion dong of revenue and 20 billion dong of profit will be from existing projects. The company also plans to earn about 30 billion dong revenue and 10 billion dong profit from brokerage activities.
According to VCSC's evaluation, Phu Thuan project on a site of 60.793 square metres with total investment of 1.16 trillion dong would bring 943.9 billion dong in profit for VPH. Nhon Duc project covering on an area of 406.968 square metres with total investment of 756.44 billion dong would bring 418.46 billion dong of profit.
Totally, with nine projects including two above projects and others such as residential area projects of Binh Trung Dong, Long Truong, Hiep Phuoc, Hoang Quoc Viet, Tan Tao, Phu My Thuan and New Saigon would bring some 1.598 trillion dong profit for VPH this year.
Additionally, VPH is preparing to introduce Binh Tan Complex and The Tulip apartment projects in HCM City's Dist 7.
Nhan also said that in Q4 his company will retail 4,016,657 shares to the strategic partners at the price of not lower than 40,000 dong per share (of which, VPH will sell over 2.5 million shares for VCSC).
As planned, the capital of some 160 billion dong being raised from the share issuance is to support the company's working capital and restructure the company's capital sources.
According to VCSC's evaluation, with equity of 266 billion dong and capital earning from share issuance along with profit, VPH's Net Asset Value (NAV) would be up to two trillion dong. Therefore, VCSC said that NAV on each VPH-coded share would be 85,707 dong. In comparison with the market price on March 10 at 63,500 dong per share, the potential benefit when investing in VPH share will be 34 percent, higher than BCI (30 percent) and SJS (22 percent).
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