Dragon Capital-linked funds continue selling shares of Vietnam steelmaker HSG
A group of funds affiliated with Dragon Capital, among the top foreign-run asset management firms in Vietnam, has unloaded another three million shares of Hoa Sen Group (HoSE: HSG) to cut their combined holding to 6.7% from 7.1%.
The transactions were made on August 21, according to a Dragon Capital note to the Ho Chi Minh Stock Exchange (HoSE).
The funds have been net selling HSG shares since February. As of February 1, they owned 75.5 million HSG shares, or a 12.6% stake. Since then, they have net sold 34.2 million shares, including 7.6 million shares this month.
Market prices of the ticker have declined some 10% over the past month, closing flat at VND20,800 ($0.84) on Tuesday. The stock was trading at VND21,000 a share at the time of writing.
The selling came after Hoa Sen Group announced that it earned a consolidated net profit of VND273.4 billion ($10.9 million) on revenue of VND10,840 billion in Q3 of its 2023-2024 fiscal year, up 18.3-fold and 25.4% year-on-year, respectively.
According to analysts with BIDV Securities, Hoa Sen’s sales volume in Q3 of its 2023-2024 fiscal year rose 33% year-on-year, with domestic sales up 44% and exports up 23%.
The group’s profit margin improved two percentage points thanks to increased output. Financial costs fell 27% year-on-year, buoyed by lower interest rates.
The analysts forecast Hoa Sen’s Q4 performance to decline from Q3 due to lower steel prices and output due to seasonal factors.
- Read More
Former Ha Giang province Party chief subject to disciplinary action for Thuan An Group-related violations
The Central Inspection Committee has proposed disciplining Dang Quoc Khanh, former Party chief of Ha Giang province, for violations related to a Tuyen Quang-Ha Giang Expressway bid package implemented by Thuan An Group.
Politics - Wed, September 11, 2024 | 10:44 pm GMT+7
HCMC makes plans to realize target of becoming world-class logistics center
HCMC will implement “key tasks and solutions” to increase investment in logistics infrastructure development, enlarging loading and unloading capacity, and building seaport warehouses, the municipal administration says.
Economy - Wed, September 11, 2024 | 9:28 pm GMT+7
Vietnam-China border gate reopens after two-day closure over flooding
The Lao Cai-Hekou International Border Gate has reopened following a two-day closure caused by super typhoon Yagi.
Economy - Wed, September 11, 2024 | 6:45 pm GMT+7
American automaker Polaris launches $36 mln factory in northern Vietnam
The U.S.-based Polaris, an automaker in the Fortune 500 list, launched its second factory in Vietnam’s northern province of Vinh Phuc on Wednesday.
Industries - Wed, September 11, 2024 | 6:18 pm GMT+7
Binh Dinh province to divest from minerals firm
Binh Dinh province in south-central Vietnam will offer state capital at Binh Dinh Minerals Joint Stock Company at a starting price of VND22,300 ($0.91) per share.
Companies - Wed, September 11, 2024 | 4:56 pm GMT+7
Taiwan footwear firm aims to invest $100 mln in central Vietnam
Taiwan-based footwear firm Dah Lih Puh (DLP Group) plans to build a $100-million factory in Vietnam’s central province of Ha Tinh.
Industries - Wed, September 11, 2024 | 4:38 pm GMT+7
Vietnam among eight ‘strategic’ countries to join US semiconductor workforce development initiative
Vietnam and seven other “strategic countries” have been selected to join a U.S. initiative designed to enhance semiconductor capabilities and supply chain resilience worldwide.
Economy - Wed, September 11, 2024 | 3:49 pm GMT+7
Vietnam pharma firm Bidiphar’s stock attracts institutional investors
Several organizations and investment funds have continuously registered to buy DBD shares of Vietnamese pharma major Binh Dinh Pharmaceutical Medical Equipment JSC (Bidiphar) since last June.
Companies - Wed, September 11, 2024 | 3:26 pm GMT+7
Russia’s Gazprom to support Vietnam growth with LNG supply: exec
Russian state-owned energy giant Gazprom will support Vietnam’s socioeconomic growth with LNG supplies, vice chairman Vitaly Markelov said Tuesday.
Energy - Wed, September 11, 2024 | 2:31 pm GMT+7
Heineken value chain halves to 0.5% of Vietnam GDP in 2023
Heineken Vietnam’s value chain added value equivalent to 0.5% of GDP to the economy in 2023, according to the brewer’s sustainability report 2023 released Tuesday.
Companies - Wed, September 11, 2024 | 10:56 am GMT+7
Red River floods exceed warning level 2, disaster risk elevated in Hanoi
Flood levels on the Red River in Hanoi have surpassed warning level 2, triggering a level 2 natural disaster risk alert.
Society - Wed, September 11, 2024 | 8:44 am GMT+7
Super typhoon Yagi damage leads to over 1,750 non-life insurance claims
Insures in Vietnam had received 1,754 claims against property and vehicle damage caused by super typhoon Yagi as of Tuesday afternoon.
Society - Wed, September 11, 2024 | 8:39 am GMT+7
AI can be a game changer for Vietnam tourism
Artificial intelligence can play a pivotal role in enhancing both operational efficiency and customer experience in the tourism industry, writes Dr Nuno F. Ribeiro, a senior lecturer at RMIT University and chairman of the tourism and hospitality sector committee at Eurocham Vietnam.
Consulting - Wed, September 11, 2024 | 8:15 am GMT+7
Citi-led consortium completes $521.5 mln loan for PV Power’s LNG power plants
A consortium led by Citi has completed a $521.5 million loan for PV Power, the power generation arm of state-owned energy giant Petrovietnam.
Banking - Tue, September 10, 2024 | 10:50 pm GMT+7
Philippines’ rice imports up 19% in eight months
Rice imports to the Philippines amounted to 2.8 million metric tonnes (MT) during the first eight months of this year, 19% higher than the 2.3 million in the same period last year, data from the country's Department of Agriculture (DA) showed.
Southeast Asia - Tue, September 10, 2024 | 9:54 pm GMT+7
Thailand’s daily wage increase plan sets to go ahead
Thai Labour Minister Phiphat Ratchakitprakarn has revealed that the country’s move to raise the minimum wage nationwide to THB 400 ($11.7) a day will be started from Oct. 1 despite concerns that the rise will harm businesses.
Southeast Asia - Tue, September 10, 2024 | 9:52 pm GMT+7
- Consulting
-
Remove roadblocks to lure foreign investment into Vietnam: HSBC exec
-
Investment opportunities in LNG-to-power projects in Vietnam
-
Pepper prices 2024: will the dream of 'black gold' repeat?
-
Vietnam's new power development plan: Showing the path to a green future?
-
Hydrogen fuel in Vietnam: status and opportunity
-
Expert analysis of new national power development plan