Novaland stock price falls due to market sentiment: company
Major Vietnamese real estate developer Novaland says the price of its shares has fallen for five consecutive sessions due to market sentiment and macroeconomic conditions.
The company (trading code: NVL) cited the reasons behind its stock hitting its floor prices for five consecutive sessions in a letter sent to the Ho Chi Minh City Stock Exchange (HoSE).
Meanwhile, Bui Cao Nhat Quan, son of Nova Group chairman Bui Thanh Nhon, just announced his successful purchase of two million NVL shares from October 14 to November 3. Quan currently owns over 83 million NVL shares, equivalent to a 4.269% stake.
On November 3, Novaland canceled its plan to issue 482 million shares that aimed to increase its equity, citing the plan is no longer suitable with the company's current situation.
At the beginning session on November 10, NVL hit VND44,950 ($1.8) per unit. The price of NVL has gone down approximately 40% after more than 10 trading sessions.
On November 9, broker Mirae Asset Securities announced to lower the margin lending ratio for NVL shares from 40% to 30%. This is the second time the securities company has lowered the margin lending rate for NVL.
Novaland recorded consolidated after-tax profits of VND2,054 billion ($82.7 million) in the first nine months of the year, down 19% year-on-year.
It earned consolidated net revenues of VND7,908 billion ($318.5 million) in the period, down 23.7%.
By September 30, 2022, the company's total assets were more than VND259,590 billion ($10.45 billion), up 28.6% compared to the end of last year.
Of this, inventories accounted for more than VND129,636 billion ($5.22 billion), mainly from the acceleration of development investment in the Aqua City, NovaWorld Phan Thiet and NovaWorld Ho Tram projects and from the transfer of new projects.
Most of the inventory, 93% or VND120,750 billion ($4.86 billion), was the value of land fund and projects under construction, and the remainder was completed projects waiting to be handed over to customers. The balance of cash, cash equivalents and deposits held to maturity at banks was nearly VND21,168 billion ($852.4 million).
On October 24, Novaland stated that recent rumors spreading on social networks about its projects and business operations were false. The rumors have negatively affected the corporation, its clients and employees, the Ho Chi Minh City-based developer said in a press release.
- Read More
Vietnam-Singapore ties set for elevation to comprehensive strategic partnership
Vietnam and Singapore will elevate bilateral ties to a comprehensive strategic partnership and Singaporean Prime Minister Lawrence Wong will visit Vietnam next year.
Politics - Wed, November 20, 2024 | 8:16 pm GMT+7
Vietnam’s Vingroup establishes robotics firms, with co-founder’s 2 sons as major shareholders
Vingroup, Vietnam’s largest private conglomerate by ecosystem, has set up a robotics unit as it moves to ramp up its industrial-high technology ecosystem.
Companies - Wed, November 20, 2024 | 6:17 pm GMT+7
E-commerce, digital platforms likely to pay taxes on behalf of their sellers in Vietnam
E-commerce and digital platforms will have to declare and pay taxes on behalf of their sellers starting January 1, 2025, according to a draft amendment to the Law on Tax Administration.
Finance - Wed, November 20, 2024 | 5:37 pm GMT+7
Flexibility, adaptability key to effective leadership: PepsiCo Vietnam exec
In a rapidly changing world, leaders need to develop the skill of being “as flexible as seaweed,” says Nguyen Viet Ha, general director of PepsiCo Foods Vietnam.
Companies - Wed, November 20, 2024 | 3:52 pm GMT+7
Central Vietnam province okays $88 mln automobile part project
Binh Thuan province's industrial zone authority on Tuesday granted an investment registration certificate to a $88 million project invested by Taiwan’s NeoSCM Limited.
Industries - Wed, November 20, 2024 | 3:44 pm GMT+7
Thai packaging firm Thantawan Industry makes inroad into Vietnam
Thantawan Industry Public Company Limited, a leading Thai manufacturer of premium plastic packaging, has inked a deal for a 30-year factory lease, marking its inaugural investment in Vietnam.
Industries - Wed, November 20, 2024 | 3:34 pm GMT+7
Developer Novaland gets legal hassles cleared for satellite urban area bordering HCMC
Major property developer Novoland has had legal obstacles for its Aqua City project cleared after Dong Nai Chairman Vo Tan Duc approved Tuesday a critical adjustment to the southern province’s urban development plan.
Companies - Wed, November 20, 2024 | 2:29 pm GMT+7
Pegatron to quadruple workforce at $800 mln project in Vietnam
Pegatron Vietnam, a subsidiary of Taiwanese electronics manufacturer Pegatron Corporation, is set to soon quadruple the company's workforce for its $800-million project in Vietnam.
Industries - Wed, November 20, 2024 | 2:03 pm GMT+7
Thailand’s WHA greenlighted to invest $55 mln in central Vietnam industrial park
WHA Group, a leading Thai provider of fully integrated logistics and industrial facilities solutions, has secured in-principle approval from the Vietnamese government to invest in an industrial park in central Vietnam.
Industrial real estate - Wed, November 20, 2024 | 12:01 pm GMT+7
Indonesia, Brazil sign cooperation deals worth $2.65 bln
Indonesia and Brazil on Monday sealed cooperation agreements worth $2.65 billion in the areas of renewable energy, sustainable agriculture and technology at the Indonesia-Brazil Business Forum held in Rio De Janeiro, Brazil, on the sidelines of the G20 Summit.
Southeast Asia - Wed, November 20, 2024 | 11:57 am GMT+7
Nusantara not yet feasible as Indonesia’s capital city: authorities
Indonesian Minister of Home Affairs Tito Karnavian said Jakarta still holds the capital status despite the enactment of State Capital Law No. 3 of 2022, adding that the capital city will officially be relocated after the president issues a presidential decree.
Southeast Asia - Wed, November 20, 2024 | 11:55 am GMT+7
Malaysia’s Halal industry to make up 10.8% of GDP by 2030
Malaysia’s Halal industry is projected to account for 10.8% of the country's GDP by 2030, with an estimated value of RM231.1 billion ($51.7 billion).
Southeast Asia - Wed, November 20, 2024 | 11:48 am GMT+7
Thailand takes more fiscal measures to sustain growth momentum
The Thai government is working on a raft of fresh fiscal measures to sustain an economic recovery, foster new foreign investment, and lower the near-record household debt, says Thai Prime Minister Paetongtarn Shinawatra's top aide.
Southeast Asia - Wed, November 20, 2024 | 11:46 am GMT+7
Indonesia named world's most generous country in 2024
Indonesia has been the world's most generous country for the seventh consecutive year since 2017, reported local weekly magazine Tempo.
Southeast Asia - Wed, November 20, 2024 | 11:41 am GMT+7
Work begins on Mitsubishi Estate’s $55 mln logistics facility in northern Vietnam
Logistics facility brand Logicross, under Japan’s Mitsubishi Estate, kicked off the construction of its Logicross Hai Phong ready-built warehouse in Vietnam’s northern city of Hai Phong on Tuesday.
Industrial real estate - Wed, November 20, 2024 | 10:58 am GMT+7
French logistics giant eyes to launch electric barges on inland waterways in Vietnam
CMA-CGM Group, a French shipping and logistics company, has plans to deploy electric barges, initially on inland waterways in Vietnam.
Companies - Wed, November 20, 2024 | 10:43 am GMT+7