Business Briefs December 27

27-Dec-2016 Intellasia | | 3:24 PM Print This Post

* Sao Ta Foods Company (FMC), which is among the biggest shrimp exporters by revenue in Vietnam, has set a target of attaining $150 million in revenue and $4.48 million in pre-tax profit next year. The company plans to pay a dividend of 20 percent of par value for 2017. In January-September, FMC saw its revenue rising by 8 percent year-on- year to VND2.25 trillion and net profit falling 6 percent to VND72.6 billion.

* Tran Viet Thang, head of the supervisory board at GTNFoods Company (GTN), has registered to buy 150,000 GTN shares to increase his ownership to 311,900 shares over one month starting from December 27.

* Power distribution firm Song Ba Company (SBA) said its revenue may reach VND204 trillion and its net profit will likely hit VND62 trillion this year, reports.

* Viglacera Corporation Company (VGC) last Thursday made its debut on the Hanoi exchange, offering more than 65 million shares at the reference price of VND15,600 each. VCG rose 2.56 percent to VND16,000 a share at the close and ended at the same price last Friday. The firm will seek shareholder approval to its raise chartered capital from VND3.07 trillion to VND4.27 trillion. VGC looks to increase its revenue by 13.4 percent versus 2016 to VND9.3 trillion next year, and after-tax profit by 47.7 percent to VND661.6 billion. VGC said it would pay a 2017 dividend of 8 percent.

* Global Electrical Technology Corporation (GLT) said it would pay a 2016 first round dividend in cash for shareholders at 12 percent on the record date of January 5: Payments will be made on January 20.

* Saigon – NgheTinh Beer Company (SBl), which has charted capital of VNDl05 billion, said it got approval from the Hanoi exchange to list 10.5 million shares on the market for unlisted companies (UPCoM) in the near future. Saigon Beer – Alcohol – Beverage Corporation (SAB) is the biggest shareholder of SBI with a 54.73 percent stake. In the first nine months of this year, SBI earned VND238.4 billion in revenue and VND17 billion in net profit. By end-September, its total assets had neared VND249 billion, up slightly against the end of 2015.



Stocks mixed, market quiet pre-NYE

27/Dec/2016 Intellasia | VNA

Shares were mixed on the two local exchanges on December 26 while investor confidence remained low ahead of the end of the year holiday.

The benchmark VN Index on the HCM Stock Exchange was down 0.3 percent to close at 662.45 points.

Large-cap stocks continued to pull the market down with 14 of the 30 largest companies by capitalisation suffering losses.

Those decliners included dairy producer Vinamilk (VNM), PetroVietnam Gas Corp (GAS), property and retail corporation Vingroup (VIC) and Vietinbank (CTG).

VNM fell 1.2 percent, GAS dropped 1.5 percent, VIC inched down 0.2 percent and CTG edged down 0.3 percent.

Nearly 115 million shares were traded on December 26, worth 2.88 trillion VND (128.3 million USD), up 1.8 percent in volume and 24.8 percent in value compared to last week’s daily average numbers.

Such an improvement was attributed to the increase of put-through trading orders. More than 47.6 million shares were exchanged via this method, worth 1.48 trillion VND.

Foreign investors recorded a net sell value of 320 billion VND, putting more pressure on local stocks and domestic investors’ sentiment.

On the opposite side, steelmakers became attractive to investors on expectations for tightened policies on imported steel products in order to protect the local industry.

That information boosted demand for steel companies’ shares on the day, including Hoa Phat Group (HPG), Hoa Sen Group (HSG) and Vietnam-Germany Steel Pipe JSC (VGS).

Those stocks advanced 2 percent, 1 percent and 3.7 percent, respectively.

Unlike the southern market, the HNX Index on the Hanoi Stock Exchange rose 0.2 percent to end at 79.25 points, ending a two-day loss of 1.5 percent.

The northern market index was lifted by Asia Commercial Bank (ACB), VNDirect Securities Corp (VND) and Vietnam Construction and Import-Export JSC (VCG).

ACB rose 2.9 percent, VND moved up 0.8 percent and VCG increased by 0.7 percent.

More than 30.7 million shares were exchanged on the northern bourse, worth 321 billion VND.

“The stock market will likely be quiet this week as investors may stand by until the New Year begins,” Bao Viet Securities Corp (BVSC) said in a note.

“Supporting information may appear after the New Year holiday when new macroeconomic targets are announced and listed companies begin to report their earnings.”


Category: Business, Vietnam

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