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
Nghiem Xuan Thanh appointed Party chief of Khanh Hoa province
Nghiem Xuan Thanh, Party chief of Hau Giang province, was appointed by the Politburo, the country’s supreme decision-making body, to be Khanh Hoa province’s Party chief for the 2020-2025 term.
Politics - Sun, November 3, 2024 | 7:45 pm GMT+7
Thailand seeks FTA negotiations with Eurasian Economic Union
Thailand is holding talks with Russia to expedite negotiations for a free trade agreement (FTA) with the Eurasian Economic Union (EAEU).
Southeast Asia - Sun, November 3, 2024 | 7:20 pm GMT+7
Indonesia attracts foreign investment in technology sector
As many as 19 Australian companies have expressed an interest in investing in Indonesia's technology sector, Communication and Digital Affairs Minister Meutya Hafid said on Thursday.
Southeast Asia - Sun, November 3, 2024 | 7:18 pm GMT+7
Robots work hard, don’t argue: Viettel exec counsels effective use of technology
Small businesses in logistics should look to use existing tools, software and technology solutions effectively, says Dinh Thanh Son, deputy CEO of Viettel Post.
Companies - Sun, November 3, 2024 | 4:30 pm GMT+7
Vietnamese multi-sector group Masan uses AI to forecast product sales: executive
AI has helped Masan Group forecast the number of items likely to be sold during peak season based on available data and to optimize product placement, says An Luong, head of the corporation’s artificial intelligence & data science division.
Companies - Sun, November 3, 2024 | 2:51 pm GMT+7
Vietnam needs large, specialized logistics centers to compete better: official
Vietnam needs large-scale, specialized logistics centers that will enable greater competitiveness of local economies and enterprises, says Tran Thanh Hai, deputy head of the Ministry of Industry and Trade's agency of foreign trade.
Economy - Sun, November 3, 2024 | 11:00 am GMT+7
Vietnam manufacturing sector sees 35% increase in Q3 job orders: Adecco
Vietnam’s manufacturing and sourcing sectors saw a substantial 35% year-on-year increase and a 52% quarter-on-quarter increase in Q3/2024 job orders, global workforce solutions provider Adecco said in a reseach report released Thursday.
Economy - Sun, November 3, 2024 | 9:00 am GMT+7
Construction majors to continue capitalizing on public investment projects
Vietnamese construction giants are expected to continue capitalizing on public investment projects for the remainder of this year after delivering strong performances in the third quarter, analysts say.
Companies - Sun, November 3, 2024 | 8:00 am GMT+7
Former Government Office chairman receives $7,900 bribe from property project
Mai Tien Dung, former Minister-Government Office Chairman, received a bribe worth VND200 million ($7,900) from Nguyen Cao Tri, owner of the Dai Ninh eco-resort and urban area project in Lam Dong province.
Society - Sat, November 2, 2024 | 9:13 pm GMT+7
Thai food giant CP enters public-private partnership to promote food system transformation
Thai-invested C.P. Vietnam Livestock JSC and the Partnership for Sustainable Agriculture Vietnam (PSAV) signed a memorandum of understanding Friday on working together to advance sustainable agriculture in the country.
Companies - Sat, November 2, 2024 | 7:16 pm GMT+7
Central Vietnam province Quang Ngai to begin work on new VSIP industrial park next year
Vietnam’s central province of Quang Ngai will work with the investor to have construction of VSIP II Quang Ngai, a facility based on the Vietnam-Singapore Industrial Park (VSIP) model, begin in August 2025.
Industrial real estate - Sat, November 2, 2024 | 3:47 pm GMT+7
Vietnam likely to grow 6.5% in 2024-2025: VinaCapital
VinaCapital, among the biggest foreign-run asset managers in Vietnam, has forecast the country’s economy to achieve 6.5% growth in both 2024 and 2025, with the composition of the expansion to change to more domestically driven factors next year.
Economy - Sat, November 2, 2024 | 2:00 pm GMT+7
Major Vietnamese developer Novaland appoints new CEO
Duong Van Bac, who joined Novaland as chief financial officer in August 2023, has been appointed general director, starting Friday.
Companies - Sat, November 2, 2024 | 10:24 am GMT+7
Vietnamese conglomerate Bamboo Capital posts 36-fold profit growth in Q3
Ho Chi Minh City-based Bamboo Capital Group recorded an after-tax profit of VND331.2 billion ($13.1 million) in the third quarter of 2024, an astounding 36-fold expansion year-on-year.
Southeast Asia - Sat, November 2, 2024 | 9:41 am GMT+7
ThaiBev to bag $54 mln from Sabeco’s upcoming dividend payout
Vietnam Beverage, wholly owned by Thai Beverage (ThaiBev) will rake in VND1,374 billion ($54.26 million) worth of dividend from Ho Chi Minh City-based top brewer Sabeco.
Companies - Sat, November 2, 2024 | 9:13 am GMT+7
Steel heavyweight Hoa Phat pours over $2 bln into central Vietnam complex
Leading Vietnamese steelmaker Hoa Phat had invested more than VND52.5 trillion ($2.08 billion) in its Dung Quat Iron and Steel Integrated Complex (Dung Quat 2) in the central province of Quang Ngai as of Q3/2024.
Industries - Sat, November 2, 2024 | 8:00 am GMT+7