Vietnam's largest brokerage, Saigon Securities Inc. (SSI), said on Wednesday it would seek permission to shift its share listing to the Ho Chi Minh Stock Exchange from the Hanoi market.
Executive Director Nguyen Hong Nam said in a statement the Ho Chi Minh City-based SSI would submit an application by August 5 and list all its 80 million shares on the main exchange after a licence is in place.
He did not give a reason for the move, but companies find the Ho Chi Minh exchange more attractive due to its greater liquidity partly due to the listing of major stocks such as Vinamilk, FPT and Sacombank on the exchange.
On Wednesday, the total value of shares traded in the Ho Chi Minh City market hit $31.5 million, compared with just $4.9 million in the Hanoi market.
Analysts said many companies launched their initial listings last year on the Hanoi market -- where listing rules are less stringent -- to test market sentiment about their stocks, and also to take advantage of corporate tax relief for listed firms which expired on Dec. 31, 2006.
The Hanoi market now trades in 87 stocks, including SSI, with a total capitalisation of $5 billion, while the Ho Chi Minh market has 109 listed firms with a capitalisation of nearly $13 billion.
SSI, which underwrites share and debt issues and advises state-run companies on privatisation, is one of more than 50 companies offering such services in Hanoi and Ho Chi Minh City.
The State Securities Commission said about two dozen more brokerages were seeking operating licences in Vietnam's capital.
The Australia and New Zealand Banking Group Ltd. has a 10 percent stake in SSI while Japan's Daiwa Securities Group Incorporation has a 1.25 percent stake.
SSI said it posted a record net profit of 668.5 billion dong ($41 million) in the first six months of this year, more than four times its annual earnings last year.
Shares in the brokerage gained 0.32 percent to close at 156,500 dong ($9.7) on Wednesday on the over-the-counter Hanoi market.
Source: Reuters
Showing posts with label SSI. Show all posts
Showing posts with label SSI. Show all posts
Wednesday, July 25, 2007
Monday, July 23, 2007
SSI H1 net profit at record $41 mln
Vietnam's top brokerage, Saigon Securities Inc. (SSI), posted a record net profit of 668.5 billion dong ($41 million) in the first half, more than four fold its annual earnings last year, a state-run newspaper reported.
The company's net profit for the whole of 2006 was just 148.8 billion dong, its prospectus showed.
However, the Lao Dong (Labour) daily quoted the Ho Chi Minh City-based firm as saying net profit in the second quarter was half the earnings in the first quarter at 203.88 billion dong ($12.6 million). The report gave no reasons for the fall in second-quarter earnings.
SSI's main lines of businesses include underwriting share and debt issues as well as advising state-owned companies on privatisation. It is among about 50 companies offering such services in Hanoi and Ho Chi Minh City.
Earlier this month, Australia and New Zealand Banking Group Ltd. and Japan's Daiwa Securities Group Incorporation paid $88 million and $10.9 million respectively for a 10 percent and 1.25 percent stakes in SSI, valuing the firm at about $880 milllion.
Shares in SSI were traded down 0.32 percent at 156,400 dong ($9.7) each at 0225 GMT on the over-the-counter Hanoi exchange on Monday.
Source: Reuters
The company's net profit for the whole of 2006 was just 148.8 billion dong, its prospectus showed.
However, the Lao Dong (Labour) daily quoted the Ho Chi Minh City-based firm as saying net profit in the second quarter was half the earnings in the first quarter at 203.88 billion dong ($12.6 million). The report gave no reasons for the fall in second-quarter earnings.
SSI's main lines of businesses include underwriting share and debt issues as well as advising state-owned companies on privatisation. It is among about 50 companies offering such services in Hanoi and Ho Chi Minh City.
Earlier this month, Australia and New Zealand Banking Group Ltd. and Japan's Daiwa Securities Group Incorporation paid $88 million and $10.9 million respectively for a 10 percent and 1.25 percent stakes in SSI, valuing the firm at about $880 milllion.
Shares in SSI were traded down 0.32 percent at 156,400 dong ($9.7) each at 0225 GMT on the over-the-counter Hanoi exchange on Monday.
Source: Reuters
Friday, July 20, 2007
Banks and funds snap up $31 mln CII bonds
Seven institutional investors including two banks have snapped up the 7-year corporate bonds worth 500 billion dong ($31 million) issued by an investment firm in Ho Chi Minh City, underwriters of the debt said on Friday.
Ho Chi Minh City Infrastructure Investment Co. (CII) sold the July 2014 bonds at an annual coupon of 10.3 percent, underwriters Vietnam International Bank and Vietnam International Securities Company said in a statement.
CII has said it will use proceeds from the issue to finance water supply and bridge construction projects in the city. It did not say if the bonds would be listed on Vietnam's stock market.
Shares in CII were trading down 2.86 percent at 68,000 dong ($4.2) by 0227 GMT on Friday, valuing the firm at around $126 million.
State-run Vietindebank and Saigon Securities (SSI) each bought 100 billion dong worth of the debt.
Other investors included Baoviet Securities (BVS), Prudential Balanced Fund (PRUBF1), Prudential Vietnam Assurance Private Ltd., Hong Kong-based PCA International Funds SPC and unlisted Military Bank that is run by Vietnam's army.
CII invests in urban projects such as roads, bridges, and residential areas. It also provides consultation on financial investment and collects road tolls.
Source: Reuters
Ho Chi Minh City Infrastructure Investment Co. (CII) sold the July 2014 bonds at an annual coupon of 10.3 percent, underwriters Vietnam International Bank and Vietnam International Securities Company said in a statement.
CII has said it will use proceeds from the issue to finance water supply and bridge construction projects in the city. It did not say if the bonds would be listed on Vietnam's stock market.
Shares in CII were trading down 2.86 percent at 68,000 dong ($4.2) by 0227 GMT on Friday, valuing the firm at around $126 million.
State-run Vietindebank and Saigon Securities (SSI) each bought 100 billion dong worth of the debt.
Other investors included Baoviet Securities (BVS), Prudential Balanced Fund (PRUBF1), Prudential Vietnam Assurance Private Ltd., Hong Kong-based PCA International Funds SPC and unlisted Military Bank that is run by Vietnam's army.
CII invests in urban projects such as roads, bridges, and residential areas. It also provides consultation on financial investment and collects road tolls.
Source: Reuters
Tuesday, July 17, 2007
Commission draws flack for being soft on market violators
There is growing public concern that punishments for violating securities laws are too lax, which only encourages more people to break the rules.
Though the State Securities Commission (SSC) has indicated all violators would face harsh repercussions, the number and types of regulatory infringements continues to rise.
Since the beginning of the year, the HCM City Securities Trading Centre (HoSTC) has issued warnings to securities companies and suspended brokers for mismanaging orders. The companies include Hai Phong Securities, Au Lac Securities, Gia Anh Securities, Thang Long Securities and HCM City Securities.
The SSC recently ordered six brokerages, including Pacific Securities and VPBank Securities, to close employees’ secondary accounts. Regulations state that brokers are allowed to open only one account with their company of employment.
It is not only small securities firms that have violated regulations.
Indochina Capital was fined VND10 million for trading VNM shares internally without reporting the activity to authorities, while HoSTC officials have warned Citigroup Global for not reporting its acquisition of 5.48 per cent of NKD shares.
Sai Gon Securities Inc had to pay a VND10 million fine after raising its charter capital three times last year from VND52 billion to VND500 billion without reporting to the commission in time.
There were also cases with senior executives at listed companies silently trading shares without properly notifying authorities.
In mid-June, Tran Le Viet Hung, a board member of Bibica JSC (BBC), and Luu Tan Khoa, supervisor of Ry Ninh II Hydropower JSC (RHC), traded BBC and RHC shares on the HCM City exchange, but did not tell authorities and executives at their respective companies.
The HoSTC did not punish either of the executives, but issued a warning to properly comply with regulations regarding public disclosure in future.
Bui Ngoc Tuoc, a freelance securities analyst, says most securities violations are intentional and were discovered only after the SSC and HoSTC carried out investigations.
The two executives who financially gained from silently swapping shares, for example, knew the regulations clearly but were not afraid since they knew punishment would be light, says Tuoc.
On June 28, the SSC announced it had imposed a VND30 million fine on Nguyen Diem Phuong Khanh, an investor in HCM City, after she colluded with her brokerage to create artificial demand for a stock, which pushed share prices higher.
"This was good news as it was the first time an attempt to distort prices was discovered," says HoSTC Deputy Director Le Hai Tra. "The punishment was rather light though, but we cannot act beyond the scope of regulations."
Some brokerages are upset with how authorities have handled cases since soft punishments only hurt securities companies that comply with regulations.
SSC Director Vu Bang says the commission has submitted a plan to the Government to establish a regulatory enforcement board, which will co-operate with securities trading centres on market oversight.
The board’s two main functions will be to search for market manipulating practices and oversee the bourses’ information systems.
Source: VNS
Though the State Securities Commission (SSC) has indicated all violators would face harsh repercussions, the number and types of regulatory infringements continues to rise.
Since the beginning of the year, the HCM City Securities Trading Centre (HoSTC) has issued warnings to securities companies and suspended brokers for mismanaging orders. The companies include Hai Phong Securities, Au Lac Securities, Gia Anh Securities, Thang Long Securities and HCM City Securities.
The SSC recently ordered six brokerages, including Pacific Securities and VPBank Securities, to close employees’ secondary accounts. Regulations state that brokers are allowed to open only one account with their company of employment.
It is not only small securities firms that have violated regulations.
Indochina Capital was fined VND10 million for trading VNM shares internally without reporting the activity to authorities, while HoSTC officials have warned Citigroup Global for not reporting its acquisition of 5.48 per cent of NKD shares.
Sai Gon Securities Inc had to pay a VND10 million fine after raising its charter capital three times last year from VND52 billion to VND500 billion without reporting to the commission in time.
There were also cases with senior executives at listed companies silently trading shares without properly notifying authorities.
In mid-June, Tran Le Viet Hung, a board member of Bibica JSC (BBC), and Luu Tan Khoa, supervisor of Ry Ninh II Hydropower JSC (RHC), traded BBC and RHC shares on the HCM City exchange, but did not tell authorities and executives at their respective companies.
The HoSTC did not punish either of the executives, but issued a warning to properly comply with regulations regarding public disclosure in future.
Bui Ngoc Tuoc, a freelance securities analyst, says most securities violations are intentional and were discovered only after the SSC and HoSTC carried out investigations.
The two executives who financially gained from silently swapping shares, for example, knew the regulations clearly but were not afraid since they knew punishment would be light, says Tuoc.
On June 28, the SSC announced it had imposed a VND30 million fine on Nguyen Diem Phuong Khanh, an investor in HCM City, after she colluded with her brokerage to create artificial demand for a stock, which pushed share prices higher.
"This was good news as it was the first time an attempt to distort prices was discovered," says HoSTC Deputy Director Le Hai Tra. "The punishment was rather light though, but we cannot act beyond the scope of regulations."
Some brokerages are upset with how authorities have handled cases since soft punishments only hurt securities companies that comply with regulations.
SSC Director Vu Bang says the commission has submitted a plan to the Government to establish a regulatory enforcement board, which will co-operate with securities trading centres on market oversight.
The board’s two main functions will be to search for market manipulating practices and oversee the bourses’ information systems.
Source: VNS
Sacombank earnings, SSI deal drive modest rally
The stock market rebounded, albeit slightly, this week after an abysmal start to the month, while overall activity on the bourse remained slow.
The release of solid mid-year earnings by Sacombank and the successful sale of Saigon Securities Inc (SSI) shares to ANZ Bank bolstered investor confidence in the beginning of the week. The ANZ-SSI news also spurred talk over other possible deals between foreign and local companies.
SSI shares closed the week at VND161,000 each on the Ha Noi exchange, while Sacombank ended at VND63,000 in HCM City.
Source: VNS
The release of solid mid-year earnings by Sacombank and the successful sale of Saigon Securities Inc (SSI) shares to ANZ Bank bolstered investor confidence in the beginning of the week. The ANZ-SSI news also spurred talk over other possible deals between foreign and local companies.
SSI shares closed the week at VND161,000 each on the Ha Noi exchange, while Sacombank ended at VND63,000 in HCM City.
Source: VNS
Thursday, July 12, 2007
Daiwa pays $11 mln for Vietnam SSI stake
Saigon Securities Inc. (SSI) said on Thursday it had sold one million shares to Japan's Daiwa Securities Group Incorporation for about $10.9 million.
The Ho Chi Minh City-based brokerage said in a statement published by the Hanoi Securities Trading Center it sold the shares, which represent a stake of about 1.25 percent, for 175,100 dong ($10.9) each, a 9.4 percent premium.
This week, Australia and New Zealand Bank Group Ltd. bought 8 million shares in SSI for 170,000 dong each, along with 555,600 convertible SSI bonds at 100,000 dong each.
Foreign banks have been moving increasingly into Vietnam as a wave of privatisations and share sales drive market activity.
The Vietnam Index was the top performing stock index in Asia in 2006 and is up almost 40 percent so far this year.
SSI reported in May its first quarter net profit jumped four times from a year earlier to $28.8 million on revenues of $35.5 million as the brokerage and IPO underwriting businesses thrived.
Source: Reuters
The Ho Chi Minh City-based brokerage said in a statement published by the Hanoi Securities Trading Center it sold the shares, which represent a stake of about 1.25 percent, for 175,100 dong ($10.9) each, a 9.4 percent premium.
This week, Australia and New Zealand Bank Group Ltd. bought 8 million shares in SSI for 170,000 dong each, along with 555,600 convertible SSI bonds at 100,000 dong each.
Foreign banks have been moving increasingly into Vietnam as a wave of privatisations and share sales drive market activity.
The Vietnam Index was the top performing stock index in Asia in 2006 and is up almost 40 percent so far this year.
SSI reported in May its first quarter net profit jumped four times from a year earlier to $28.8 million on revenues of $35.5 million as the brokerage and IPO underwriting businesses thrived.
Source: Reuters
Monday, July 09, 2007
ANZ buys into SSI
Australia and New Zealand Banking Group Ltd. said on Monday it had acquired a 10 percent stake in Vietnam's top stock broker Saigon Securities Inc. for US$88 million, further boosting its Asian expansion.
The acquisition values the Saigon Securities at about $880 million, compared with its Friday's market value of about $481.3 million, Reuters reported Monday.
ANZ is paying around 283,360 Vietnamese dong ($17.6) per share, based on Reuters calculations, a hefty premium of about 83 percent over Saigon Securities' last trade price for its minority stake, based on the US dollar conversion.
ANZ senior managing director, Bob Edgar, said the strategic partnership with SSI would benefit ANZ's existing institutional capital markets business in the fast-growing Vietnamese economy.
"This unique partnership combines the strong local market capabilities of SSI with ANZ's regional access, and builds on the existing relationship between the two organizations," Edgar said in a statement.
Saigon Securities, which also advises state-owned companies undergoing privatization and underwrites share and debt issues, reported a four times rise its first-quarter profit to US$28.8 million from a year ago. Quarterly revenue rose to US$35.5 million.
ANZ, which is Australia's third-biggest lender, has been aggressively expanding into Asia to offset any potential slowdown in its main Australia and New Zealand markets.
ANZ has spent about A$1.5 billion in buying largely small minority stakes in banks from Indonesia to China and analysts are expecting new Chief Executive Officer Michael Smith, who takes charge in October, to continue with ANZ's Asian growth strategy.
Smith has a strong background in Asian banking, having been HSBC Holdings' Asian business head.
ANZ has also been looking to boost its stockbroking business in Australia, and in April took control of E*Trade Australia Ltd.
Established in 2000, Saigon Securities listed on the Hanoi stock exchange in December last year.
"We look forward to further developing our relationship with ANZ and leveraging their international expertise to take full advantage of the opportunities presented by economic growth in Vietnam," Saigon Securities' chairman and chief executive officer Nguyen Duy Hung said.
Vietnam has averaged GDP growth of more than 7.5 percent for the past five years, and the industry and services sectors now account for more than 82 percent of the economy.
Source: Thanh Nien
The acquisition values the Saigon Securities at about $880 million, compared with its Friday's market value of about $481.3 million, Reuters reported Monday.
ANZ is paying around 283,360 Vietnamese dong ($17.6) per share, based on Reuters calculations, a hefty premium of about 83 percent over Saigon Securities' last trade price for its minority stake, based on the US dollar conversion.
ANZ senior managing director, Bob Edgar, said the strategic partnership with SSI would benefit ANZ's existing institutional capital markets business in the fast-growing Vietnamese economy.
"This unique partnership combines the strong local market capabilities of SSI with ANZ's regional access, and builds on the existing relationship between the two organizations," Edgar said in a statement.
Saigon Securities, which also advises state-owned companies undergoing privatization and underwrites share and debt issues, reported a four times rise its first-quarter profit to US$28.8 million from a year ago. Quarterly revenue rose to US$35.5 million.
ANZ, which is Australia's third-biggest lender, has been aggressively expanding into Asia to offset any potential slowdown in its main Australia and New Zealand markets.
ANZ has spent about A$1.5 billion in buying largely small minority stakes in banks from Indonesia to China and analysts are expecting new Chief Executive Officer Michael Smith, who takes charge in October, to continue with ANZ's Asian growth strategy.
Smith has a strong background in Asian banking, having been HSBC Holdings' Asian business head.
ANZ has also been looking to boost its stockbroking business in Australia, and in April took control of E*Trade Australia Ltd.
Established in 2000, Saigon Securities listed on the Hanoi stock exchange in December last year.
"We look forward to further developing our relationship with ANZ and leveraging their international expertise to take full advantage of the opportunities presented by economic growth in Vietnam," Saigon Securities' chairman and chief executive officer Nguyen Duy Hung said.
Vietnam has averaged GDP growth of more than 7.5 percent for the past five years, and the industry and services sectors now account for more than 82 percent of the economy.
Source: Thanh Nien
Thursday, June 07, 2007
SSI releases list of 20 blue chips
he Saigon Securities Incorporated (SSI) has released its first report about the stock market, which names 20 listing companies which have the biggest market capitalization value.
According to SSI, the named 20 companies now account for 80% of the total market capitalization volume on Hanoi and HCM City Securities Trading Centres. These include:
1. Corporation for Financing and Promoting Technologies (FPT)
2. Vietnam Dairy Products Joint Stock Company (VNM)
3. Saigon Thuong Tin Bank (STB)
4. Asia Commercial Bank (ACB)
5. Pha Lai Thermopower Joint Stock Company (PPC)
6. Petro Drilling Company (PVD)
7. Saigon Securities Incorporated (SSI)
8. Refrigeration Electrical Engineering Co. (REE)
9. Vinh Son – Song Hinh Hydropower Joint Stock Company (VHS)
10. The Cable and Telecommunications Materials Co (Sacom)
11. Bao Minh Insurance Joint Stock Company (BMI)
12. Tan Tao Industrial Zone Development Company (ITA)
13. Song Da Industrial Zone and Urban Development and Investment Company (SIS)
14. General Forwarding and Agency Co., Ltd. (GMD)
15. Kinh Do Joint Stock Company (KDC)
16. Bao Viet Securities Joint Stock Company (BVS)
17. But Son Cement Joint Stock Company (BTS)
18. Thu Duc Housing Development Company (TDH)
19. Vietnam Petroleum Transport Joint Stock Co (VIPCO)
20. Binh Minh Plastics Joint Stock Company (BMP)
The report said that the prospect of the 20 companies proves to be very bright as they have the turnover growth rate of 58.32%, higher than the average growth rate of top 50 S&P 500’s companies in the last three years. However, the companies do not have the big capitalization value in accordance with international standards.
On the experts’ worries about the overly high prices of the 20 companies’ share items, even higher than the actual value, SSI said that the worries prove to be reasonable if considering the P/E (price on equity). The average P/E index of 20 companies on March 12, the day when the VN Index hit the highest level, was 54.98 (the index of 40 and higher are considered high).
Having the low starting level, while striving for a fast development, these companies need big sums of capital for expanding production.
If considering the turnover, profit and growth rate of the 20 companies, one may see many factors that attract investors. Even when the VN Index fell down to the 900-point threshold, the 20 share items still led the market.
Vu Ngoc Thang, an investor on ACBS trading floor in HCM City said that investors always check the information about the trading volume of FPT, SSI, REE, ACB, and SJS to predict the market performance.
However, among the 20 share items, there were the ones the prices of which could not exceed the VND70,000/share threshold, like PPC and VHS (both were priced at VND69,000 on June 6), and BTS (VND43,900).
In fact, many share items, though were not listed on the top 20, but have the biggest trading volume and high prices, including S99, NTP, SGH, HRC, DRC,EBS and HPC.
Bui Ngoc Tuoc, a securities expert also said that S99, DRC, HRC and ECS have good indexes, and even better than the items listed on the top 20. He also said that the number of blue chips is actually more than 20 if considering the trading volume of share items.
SSI’s report just reflects the viewpoint of SSI only. However, Vu Thu Huong, an investor on SSI’s trading floor and many other investors said that she would refer to the report before making investment decisions.
Source: VNE
According to SSI, the named 20 companies now account for 80% of the total market capitalization volume on Hanoi and HCM City Securities Trading Centres. These include:
1. Corporation for Financing and Promoting Technologies (FPT)
2. Vietnam Dairy Products Joint Stock Company (VNM)
3. Saigon Thuong Tin Bank (STB)
4. Asia Commercial Bank (ACB)
5. Pha Lai Thermopower Joint Stock Company (PPC)
6. Petro Drilling Company (PVD)
7. Saigon Securities Incorporated (SSI)
8. Refrigeration Electrical Engineering Co. (REE)
9. Vinh Son – Song Hinh Hydropower Joint Stock Company (VHS)
10. The Cable and Telecommunications Materials Co (Sacom)
11. Bao Minh Insurance Joint Stock Company (BMI)
12. Tan Tao Industrial Zone Development Company (ITA)
13. Song Da Industrial Zone and Urban Development and Investment Company (SIS)
14. General Forwarding and Agency Co., Ltd. (GMD)
15. Kinh Do Joint Stock Company (KDC)
16. Bao Viet Securities Joint Stock Company (BVS)
17. But Son Cement Joint Stock Company (BTS)
18. Thu Duc Housing Development Company (TDH)
19. Vietnam Petroleum Transport Joint Stock Co (VIPCO)
20. Binh Minh Plastics Joint Stock Company (BMP)
The report said that the prospect of the 20 companies proves to be very bright as they have the turnover growth rate of 58.32%, higher than the average growth rate of top 50 S&P 500’s companies in the last three years. However, the companies do not have the big capitalization value in accordance with international standards.
On the experts’ worries about the overly high prices of the 20 companies’ share items, even higher than the actual value, SSI said that the worries prove to be reasonable if considering the P/E (price on equity). The average P/E index of 20 companies on March 12, the day when the VN Index hit the highest level, was 54.98 (the index of 40 and higher are considered high).
Having the low starting level, while striving for a fast development, these companies need big sums of capital for expanding production.
If considering the turnover, profit and growth rate of the 20 companies, one may see many factors that attract investors. Even when the VN Index fell down to the 900-point threshold, the 20 share items still led the market.
Vu Ngoc Thang, an investor on ACBS trading floor in HCM City said that investors always check the information about the trading volume of FPT, SSI, REE, ACB, and SJS to predict the market performance.
However, among the 20 share items, there were the ones the prices of which could not exceed the VND70,000/share threshold, like PPC and VHS (both were priced at VND69,000 on June 6), and BTS (VND43,900).
In fact, many share items, though were not listed on the top 20, but have the biggest trading volume and high prices, including S99, NTP, SGH, HRC, DRC,EBS and HPC.
Bui Ngoc Tuoc, a securities expert also said that S99, DRC, HRC and ECS have good indexes, and even better than the items listed on the top 20. He also said that the number of blue chips is actually more than 20 if considering the trading volume of share items.
SSI’s report just reflects the viewpoint of SSI only. However, Vu Thu Huong, an investor on SSI’s trading floor and many other investors said that she would refer to the report before making investment decisions.
Source: VNE
SSI upbeat on market
Vietnam’s largest securities firm Saigon Securities Inc. has an optimistic view of the market despite the high P/E ratio of many shares.
A report by its research and investment advisory department said the P/E ratio was just one of factors influencing the market besides others like economic prospects.
SSI pointed to several positive factors like robust economic growth with a GDP target of 8.2 to 8.5 percent this year, a stable regulatory framework, and improving management of the stock market.
Vietnam’s 20 largest companies remained attractive to the market and many of them, like FPT, VNM, STB, ACB, PVD, REE, and VSH, had raised easily capital from the market in 2006 and 2007.
Both sales and net earnings growth of these firms averaged above 56 percent while net margins in 2007 remained significant at 26.02 percent.
Source: Thanh Nien
A report by its research and investment advisory department said the P/E ratio was just one of factors influencing the market besides others like economic prospects.
SSI pointed to several positive factors like robust economic growth with a GDP target of 8.2 to 8.5 percent this year, a stable regulatory framework, and improving management of the stock market.
Vietnam’s 20 largest companies remained attractive to the market and many of them, like FPT, VNM, STB, ACB, PVD, REE, and VSH, had raised easily capital from the market in 2006 and 2007.
Both sales and net earnings growth of these firms averaged above 56 percent while net margins in 2007 remained significant at 26.02 percent.
Source: Thanh Nien
Friday, May 25, 2007
Petrovietnam and Lilama to build hydroelectric power plant
Two State-owned giants, PetroVietnam and Lilama, will join forces to build the Hua Na hydroelectric facility in the central province of Nghe An, under an agreement signed on May 24.
Hua Na Hydropower Co Ltd will complete the joint venture, which will be formed with total capital of 1.2 trillion VND (75 million USD). PetroViet nam and Lilama shall each hold 14%, with addition stakes held by Military Bank, Sai Gon Securities Incorporation, Sai Gon Commercial Bank, Lilama 10 and Financial Investment and Consulting Co.
The combined facility and reservoir, covering a total area of 20.6sq.km, will be built at a cost of 4.3 trillion VND (270.8 million USD). Construction of the 180MW plant is expected to start in the first quarter of next year, with the plant to go on line in the first quarter of 2011.
Apart from the power project, the new joint venture will outfit other power plant and mining facilities and expand into real estate development.
The Do Luong Cement Plant is one project on the drawing board.
PetroVietnam and Lilama have also agreed to form a stronger strategic partnership. Lilama will become a supplier to Petro Vietnam construction projects, while PetroVietnam will provide financing and insurance services for the projects in which Lilama is a primary investor.
Source: VNA
Hua Na Hydropower Co Ltd will complete the joint venture, which will be formed with total capital of 1.2 trillion VND (75 million USD). PetroViet nam and Lilama shall each hold 14%, with addition stakes held by Military Bank, Sai Gon Securities Incorporation, Sai Gon Commercial Bank, Lilama 10 and Financial Investment and Consulting Co.
The combined facility and reservoir, covering a total area of 20.6sq.km, will be built at a cost of 4.3 trillion VND (270.8 million USD). Construction of the 180MW plant is expected to start in the first quarter of next year, with the plant to go on line in the first quarter of 2011.
Apart from the power project, the new joint venture will outfit other power plant and mining facilities and expand into real estate development.
The Do Luong Cement Plant is one project on the drawing board.
PetroVietnam and Lilama have also agreed to form a stronger strategic partnership. Lilama will become a supplier to Petro Vietnam construction projects, while PetroVietnam will provide financing and insurance services for the projects in which Lilama is a primary investor.
Source: VNA
Tuesday, May 22, 2007
Oligopolistic structures securities brokers' market
People think that securities companies, like geese that lay golden eggs, can bring huge profit to their owners. However, many of them are facing big difficulties.
There are more than 50 securities companies that are the members of the HCM City Securities Trading Centre, which are running some 100 trading floors. When the stock market boomed late last year, and many clients were refused service, many new securities companies were set up at that time to attract clients from senior companies.
The new companies tried to attract clients by impressive launching ceremonies, offering attractive gifts to first clients and preferential service fees at 0.15%.
It is quite strange that even when there are more choices with many newly set up securities companies, clients still want to make transactions at senior companies. More and more new accounts have been opened at big companies like SSI, BSC, VCBS, ACBS, even when the market is quiet.
According to Le Hai Duong, Head of BSC’s Brokerage Division, in March, the company had 1,000 new accounts, and the same number was seen in April. Meanwhile, Horizon Company, which made its debut in mid April, only has 300 accounts so far.
Analysts said that the ‘big four’ in the market, SSI, VCBS, BIDVS and ACBS, now hold up to 80% of the market share, while other new companies compete fiercely with each other for the remaining 20%.
However, despite the fierce competition, securities companies are still mushrooming. A lot of groups and corporations plan to set up financial and securities companies. At shareholders’ meetings of Pha Lai Thermo Power Plant, Hanaka, Vincom, Minh Phu, Techcombank, Bao Minh, all have approved plans to enter the financial market.
According to Nguyen Ngoc Thanh, Managing Director of VNDirect, the fierce competition will force securities companies to improve the quality of their services in order to retain clients. However, in several years, small companies will disappear from the market.
She said that the scenario occurred in Thailand and Taiwan in the past, where a series of securities companies were established at high tide, but smaller companies then merged with each other to form bigger and more competitive companies.
Source: VNE
There are more than 50 securities companies that are the members of the HCM City Securities Trading Centre, which are running some 100 trading floors. When the stock market boomed late last year, and many clients were refused service, many new securities companies were set up at that time to attract clients from senior companies.
The new companies tried to attract clients by impressive launching ceremonies, offering attractive gifts to first clients and preferential service fees at 0.15%.
It is quite strange that even when there are more choices with many newly set up securities companies, clients still want to make transactions at senior companies. More and more new accounts have been opened at big companies like SSI, BSC, VCBS, ACBS, even when the market is quiet.
According to Le Hai Duong, Head of BSC’s Brokerage Division, in March, the company had 1,000 new accounts, and the same number was seen in April. Meanwhile, Horizon Company, which made its debut in mid April, only has 300 accounts so far.
Analysts said that the ‘big four’ in the market, SSI, VCBS, BIDVS and ACBS, now hold up to 80% of the market share, while other new companies compete fiercely with each other for the remaining 20%.
However, despite the fierce competition, securities companies are still mushrooming. A lot of groups and corporations plan to set up financial and securities companies. At shareholders’ meetings of Pha Lai Thermo Power Plant, Hanaka, Vincom, Minh Phu, Techcombank, Bao Minh, all have approved plans to enter the financial market.
According to Nguyen Ngoc Thanh, Managing Director of VNDirect, the fierce competition will force securities companies to improve the quality of their services in order to retain clients. However, in several years, small companies will disappear from the market.
She said that the scenario occurred in Thailand and Taiwan in the past, where a series of securities companies were established at high tide, but smaller companies then merged with each other to form bigger and more competitive companies.
Source: VNE
Saturday, May 19, 2007
Securities broker VIS opens branch in Ho Chi Minh City
The Hanoi-based Vietnam International Securities Joint Stock Company, or VIS, has opened a branch in HCMC.
Established last November, the firm has total assets of VND800 billion.
Vietnam has over 50 registered securities firms but four of them – Saigon Securities Inc, Bao Viet Securities Company, Asia Commercial Bank Securities Company, and the Bank for Investment and Development of Vietnam Securities Company – account for 71% of all trade.
The State Securities Commission received more than 30 applications for setting up securities firms in the first quarter.
It is considering a temporary halt to new licenses due to the poor quality of services at existing brokerages.
Tuesday, May 15, 2007
Japanese investors attracted by Vietnamese stock market
Vietnam’s stock market proves to attract Japanese securities investors, who hope to make high profit in the young market.
More and more foreign tourists come to Vietnam to open transaction accounts at Vietnamese securities companies, hoping to make high profit in the young market. It is estimated that 50-60% of them are Japanese.
To serve the increasingly high number of Japanese investors who come to open transaction accounts the Saigon Securities Incorporated (SSI) has set up a division specialising in dealing with Japanese investors.
Nguyen Huynh Bach Khoa, Deputy Head of the brokerage division, said that not only Japanese people who live and work in HCM City but Japanese tourists also were coming to open transaction accounts at the company.
Previously, some 5-10 accounts were opened every week, but the figure has risen to 40-50 in the last two months. SSI’s representative said that approximately 1,800 foreign investors had opened transaction accounts at SSI, including 1,500 Japanese investors.
Bao Viet Securities Company (BVSC) has also reported a sharp increase in the number of accounts opened at the company. According to Pham Thanh Hung, a staff at BVSC, the number of new foreign investor accounts has increased by 200-300% over 2006. Most Japanese investors are optimistic about their investment deals in Vietnam. They have said that they regret not coming to Vietnam sooner, and they do not want to delay their investment deals any more.
Omura, who is managing JAIC Fund in HCM City, said that Japanese investors were really very interested in Vietnam’s stock market. Previously, they just focused on four main markets, the BRIC (Brazil, Russia, India and China), but they are now shifting to make investment in Vietnam. They have realised that the said markets prove to be quite risky, while Vietnam, an emerging market, seems to bring stable profit. Making investment in Vietnam proves to be a good choice for Japanese investors, as they cannot make such a high profit margin in Japan, where the bank interest rate is very low, at 0.1-0.2% per annum.
Haru, who has just opened a transaction account at SSI, told a Nguoi lao dong reporter that she planned to make long-term investment in Vietnam, a young and developing market.
Leaders of securities companies said that most foreign investors believed that they could make high profit with their investment deals in Vietnam.
“Most of them are long-term investors, so they do not fear the ups and downs of the market. Some of them even consider the ups and downs as opportunities for investment,” they said.
Source: VNE
More and more foreign tourists come to Vietnam to open transaction accounts at Vietnamese securities companies, hoping to make high profit in the young market. It is estimated that 50-60% of them are Japanese.
To serve the increasingly high number of Japanese investors who come to open transaction accounts the Saigon Securities Incorporated (SSI) has set up a division specialising in dealing with Japanese investors.
Nguyen Huynh Bach Khoa, Deputy Head of the brokerage division, said that not only Japanese people who live and work in HCM City but Japanese tourists also were coming to open transaction accounts at the company.
Previously, some 5-10 accounts were opened every week, but the figure has risen to 40-50 in the last two months. SSI’s representative said that approximately 1,800 foreign investors had opened transaction accounts at SSI, including 1,500 Japanese investors.
Bao Viet Securities Company (BVSC) has also reported a sharp increase in the number of accounts opened at the company. According to Pham Thanh Hung, a staff at BVSC, the number of new foreign investor accounts has increased by 200-300% over 2006. Most Japanese investors are optimistic about their investment deals in Vietnam. They have said that they regret not coming to Vietnam sooner, and they do not want to delay their investment deals any more.
Omura, who is managing JAIC Fund in HCM City, said that Japanese investors were really very interested in Vietnam’s stock market. Previously, they just focused on four main markets, the BRIC (Brazil, Russia, India and China), but they are now shifting to make investment in Vietnam. They have realised that the said markets prove to be quite risky, while Vietnam, an emerging market, seems to bring stable profit. Making investment in Vietnam proves to be a good choice for Japanese investors, as they cannot make such a high profit margin in Japan, where the bank interest rate is very low, at 0.1-0.2% per annum.
Haru, who has just opened a transaction account at SSI, told a Nguoi lao dong reporter that she planned to make long-term investment in Vietnam, a young and developing market.
Leaders of securities companies said that most foreign investors believed that they could make high profit with their investment deals in Vietnam.
“Most of them are long-term investors, so they do not fear the ups and downs of the market. Some of them even consider the ups and downs as opportunities for investment,” they said.
Source: VNE
Friday, May 11, 2007
SSI to open new branches
Saigon Securities Inc has announced that it would open three new branches in the coming months as the firm inaugurated its new headquarters.
In HCM City, Saigon Securities (SSI) will open a new Nguyen Thi Minh Khai Street branch this month and another will be launched on Bui Thi Xuan Street, said deputy general director Nguyen Hong Nam.
Outside of HCM City and Ha Noi, the firm's only other branch is in Hai Phong. SSI expects to expand its network to other cities and provinces beginning in 2008, said Nam.
Source: VNA
In HCM City, Saigon Securities (SSI) will open a new Nguyen Thi Minh Khai Street branch this month and another will be launched on Bui Thi Xuan Street, said deputy general director Nguyen Hong Nam.
Outside of HCM City and Ha Noi, the firm's only other branch is in Hai Phong. SSI expects to expand its network to other cities and provinces beginning in 2008, said Nam.
Source: VNA
Thursday, May 10, 2007
Who is the most valuable CEO?
The Refrigeration Electrical Engineering Corporation (REE) created a ‘revolution’ of salary for its CEO Nguyen Thi Mai Thanh. All shareholders attending the REE shareholders’ meeting held in late March 2007 voted to increase Ms Thanh’s wage from VND48 million (US$3,000) per month in 2006 to VND100 million ($6,200) per month this year.
REE shareholders call this a ‘revolution’ because Ms Thanh’s wage had not changed in the previous three years (under a labour contract signed on January 1, 2004, Ms Thanh’s salary is VND48 million per month) and now it has increased by more than two times.
An official of REE commented: “It is understandable to see Ms Mai Thanh’s wage rising like this because this number must be equivalent to the annual growth of REE.”
A human resources expert said that the wages of CEOs of firms listed in the Vietnamese stock market meets the current situation on the market for senior human resources of Vietnam. However, wages are only the easy-to-see part of income of CEOs because the thing that keeps them close to listed firms is that the volume of shares they and their family members own increases each time their companies issue bonus shares and new shares to increase capital.
High bonuses calculated based on the percentage of after-tax profit of the corporations are also a way to retain senior personnel.
Ms Thanh is one of the CEOs of listed companies who began as a state employee. Other CEOs of the same kind include Ms Mai Kieu Lien, Chairman and CEO of the Vietnam Dairy Product Company (Vinamilk), Mr Le Quang Doanh, Chairman and CEO of Binh Minh Plastic Company (BMP), and Ms Pham Thi Viet Nga, Chairman and CEO of the Hau Giang Pharmaceutical Company.
The common thing of those CEOs is that after equitisation they were trusted and appointed to be the representative of the State in the equitised firms. Their fast adaptation to their new working environments has also been highly praised by investors.
The CEO of a fund management company said: “I like Ms Mai Thanh’s to-the-fullest working style. Once my fund was about to issue more fund certificates, she called me at night to ask about the upcoming form of issuance so that REE could buy. I don’t know how she could work that hard, but such is the way of a businessperson who always considers the interest of his company.”
However, many shareholders are beginning to ask if it is in fact good for listed firms to have CEOs who were previously state employees and have stayed in their positions for so long. Because, according to human resources experts, one who sits in a position for a long time will become idle and lack new ideas.
Stock investors admire the group of CEOs who they call ‘two in one’ the most. These are real owners and businessmen, who are considered the richest on the Vietnamese bourse based on the volume and the value of shares they own.
Some big names are Tran Kim Thanh and Tran Le Nguyen of the Kinh Do Group, Truong Gia Binh of the Corporation for Financing and Promoting Technology (FPT), Dang Thanh Tam of the Tan Tao Industrial Zone JS Company (ITACO), Le Van Quang of Company, and Nguyen Duy Hung of the Saigon Securities Trading JS Company (SSI). Wages are no longer important to those CEOs because they are the biggest shareholders of the companies they lead.
Dang Thanh Tam, who has just left the CEO position of ITACO to assume a new post at the HCM City Hi-tech Park, is an example of this kind of CEO. But only several people know that the biggest ability of Mr Tam is designing projects. Projects of thousands of pages are always attractive to this CEO since this man wrote the first lines for the project to establish the Tan Tao Industrial Zone in HCM City.
Mr Tam is also very good at speaking English. He can directly negotiate with foreign partners without translators. He is also an ‘anonymous lawyer’ because he widely understands both Vietnamese and international laws on economics. During his foreign business trips, Ms Tam plays the role of a CEO, a translator, and a lawyer. Thus, he can make decisions very quickly and doesn’t need time to seek outside consultancy.
However, stock investors are still waiting for a new generation of young businessmen who will blow new and strong winds into listed firms. They are professional CEOs who are trained methodically and systematically and have tempered themselves in the international environment.
Phan Bich Van, CEO of Saigon Thuong Tin Bank (Sacombank), is an example. Ms Van worked for the International Finance Company (IFC) under the World Bank and won a Fulbright scholarship to study for a Master’s of Business Administration in the US before working for Sacombank.
As the representative for Sacombank at international workshops, Ms Van has won the hearts of participants with her charm, self-confidence, which have contributed to creating the image of young, talented and professional CEOs of Vietnam in the eyes of international investors.
According to investors, two CEOs considered the most ‘expensive’ in the Vietnamese stock market based on their annual income and success in business affairs are Don Lam, CEO of VinaCapital, and Dominic Scriven, CEO of Dragon Capital.
Don Lam graduated from Toronto University in Canada, majoring in trade and politics, in 1990. He was previously Deputy General Director of PricewaterhouseCoopers Vietnam, in charge of corporate finance consulting and management consulting and Manager in charge of corporate of the Deustche Bank Vietnam.
Dominic Scriven graduated with honours in law and social studies from Exeter University, the UK. He has 15 years of experience in the field of investment, including 13 years in Asia, particularly in Hong Kong and Vietnam. He worked for M&G Investment Management, Sun Hung Kai & Co and Citicorp Investment Bank.
REE shareholders call this a ‘revolution’ because Ms Thanh’s wage had not changed in the previous three years (under a labour contract signed on January 1, 2004, Ms Thanh’s salary is VND48 million per month) and now it has increased by more than two times.
An official of REE commented: “It is understandable to see Ms Mai Thanh’s wage rising like this because this number must be equivalent to the annual growth of REE.”
A human resources expert said that the wages of CEOs of firms listed in the Vietnamese stock market meets the current situation on the market for senior human resources of Vietnam. However, wages are only the easy-to-see part of income of CEOs because the thing that keeps them close to listed firms is that the volume of shares they and their family members own increases each time their companies issue bonus shares and new shares to increase capital.
High bonuses calculated based on the percentage of after-tax profit of the corporations are also a way to retain senior personnel.
Ms Thanh is one of the CEOs of listed companies who began as a state employee. Other CEOs of the same kind include Ms Mai Kieu Lien, Chairman and CEO of the Vietnam Dairy Product Company (Vinamilk), Mr Le Quang Doanh, Chairman and CEO of Binh Minh Plastic Company (BMP), and Ms Pham Thi Viet Nga, Chairman and CEO of the Hau Giang Pharmaceutical Company.
The common thing of those CEOs is that after equitisation they were trusted and appointed to be the representative of the State in the equitised firms. Their fast adaptation to their new working environments has also been highly praised by investors.
The CEO of a fund management company said: “I like Ms Mai Thanh’s to-the-fullest working style. Once my fund was about to issue more fund certificates, she called me at night to ask about the upcoming form of issuance so that REE could buy. I don’t know how she could work that hard, but such is the way of a businessperson who always considers the interest of his company.”
However, many shareholders are beginning to ask if it is in fact good for listed firms to have CEOs who were previously state employees and have stayed in their positions for so long. Because, according to human resources experts, one who sits in a position for a long time will become idle and lack new ideas.
Stock investors admire the group of CEOs who they call ‘two in one’ the most. These are real owners and businessmen, who are considered the richest on the Vietnamese bourse based on the volume and the value of shares they own.
Some big names are Tran Kim Thanh and Tran Le Nguyen of the Kinh Do Group, Truong Gia Binh of the Corporation for Financing and Promoting Technology (FPT), Dang Thanh Tam of the Tan Tao Industrial Zone JS Company (ITACO), Le Van Quang of Company, and Nguyen Duy Hung of the Saigon Securities Trading JS Company (SSI). Wages are no longer important to those CEOs because they are the biggest shareholders of the companies they lead.
Dang Thanh Tam, who has just left the CEO position of ITACO to assume a new post at the HCM City Hi-tech Park, is an example of this kind of CEO. But only several people know that the biggest ability of Mr Tam is designing projects. Projects of thousands of pages are always attractive to this CEO since this man wrote the first lines for the project to establish the Tan Tao Industrial Zone in HCM City.
Mr Tam is also very good at speaking English. He can directly negotiate with foreign partners without translators. He is also an ‘anonymous lawyer’ because he widely understands both Vietnamese and international laws on economics. During his foreign business trips, Ms Tam plays the role of a CEO, a translator, and a lawyer. Thus, he can make decisions very quickly and doesn’t need time to seek outside consultancy.
However, stock investors are still waiting for a new generation of young businessmen who will blow new and strong winds into listed firms. They are professional CEOs who are trained methodically and systematically and have tempered themselves in the international environment.
Phan Bich Van, CEO of Saigon Thuong Tin Bank (Sacombank), is an example. Ms Van worked for the International Finance Company (IFC) under the World Bank and won a Fulbright scholarship to study for a Master’s of Business Administration in the US before working for Sacombank.
As the representative for Sacombank at international workshops, Ms Van has won the hearts of participants with her charm, self-confidence, which have contributed to creating the image of young, talented and professional CEOs of Vietnam in the eyes of international investors.
According to investors, two CEOs considered the most ‘expensive’ in the Vietnamese stock market based on their annual income and success in business affairs are Don Lam, CEO of VinaCapital, and Dominic Scriven, CEO of Dragon Capital.
Don Lam graduated from Toronto University in Canada, majoring in trade and politics, in 1990. He was previously Deputy General Director of PricewaterhouseCoopers Vietnam, in charge of corporate finance consulting and management consulting and Manager in charge of corporate of the Deustche Bank Vietnam.
Dominic Scriven graduated with honours in law and social studies from Exeter University, the UK. He has 15 years of experience in the field of investment, including 13 years in Asia, particularly in Hong Kong and Vietnam. He worked for M&G Investment Management, Sun Hung Kai & Co and Citicorp Investment Bank.
Thursday, May 03, 2007
SSI first quarter profit up fourfold
Top Vietnam stock brokerage Saigon Securities Inc. said on Thursday its first quarter net profit jumped four times from a year earlier to 465.3 billion dong ($28.8 million).
Its quarterly revenues rose 245% to 573 billion dong ($35.5 million), the Ho Chi Minh City-based company said in a statement published by the Hanoi over-the-counter market <.HASTCI>.
SSI also advises state-owned companies on privatisation as well as underwriting share and debt issues. It is among about 45 companies offering such services in Hanoi and Ho Chi Minh City.
Shares in the company edged up 0.3% on Thursday to 218,000 dong ($13.5), but are 21% down from their year high of 276,700 dong ($17.2).
Source: Reuters
Its quarterly revenues rose 245% to 573 billion dong ($35.5 million), the Ho Chi Minh City-based company said in a statement published by the Hanoi over-the-counter market <.HASTCI>.
SSI also advises state-owned companies on privatisation as well as underwriting share and debt issues. It is among about 45 companies offering such services in Hanoi and Ho Chi Minh City.
Shares in the company edged up 0.3% on Thursday to 218,000 dong ($13.5), but are 21% down from their year high of 276,700 dong ($17.2).
Source: Reuters
Reorganised SSI to expand service range
The Saigon Securities Inc (SSI) plans to restructure itself as a parent company to a group of enterprises offering various services to investors.
SSI will act as the umbrella organisation to companies providing services such as securities and fund management, investment banking and market research.
SSI managing director Nguyen Hong Nam said that SSI plans to join hands with a major international fund management company to establish its new fund management company, which is expected to open in May.
"We’re negotiating with a Japanese firm to set up a market research company," he said.
SSI shareholders have authorised the executive board to select an appropriate time this year to increase SSI capital to VND1.5 trillion (US$93 million) from VND500 billion.
The board will select one from two foreign institutions, currently in negotiations, to whom it will sell 10 per cent of SSI.
The company is now listed at the Ha Noi Securities Trading Center but is expected to move to the HCM City centre in May.
SSI is also in the process of selecting a consultant to assist in listing and raising capital overseas.
This year, SSI targets VND800 billion in net profits and a dividend of 30 per cent. In the first quarter the company has already netted VND465 billion in profits. Last year, it achieved a VND242 billion profit with a 25 per cent dividend.
Source: VNS
SSI will act as the umbrella organisation to companies providing services such as securities and fund management, investment banking and market research.
SSI managing director Nguyen Hong Nam said that SSI plans to join hands with a major international fund management company to establish its new fund management company, which is expected to open in May.
"We’re negotiating with a Japanese firm to set up a market research company," he said.
SSI shareholders have authorised the executive board to select an appropriate time this year to increase SSI capital to VND1.5 trillion (US$93 million) from VND500 billion.
The board will select one from two foreign institutions, currently in negotiations, to whom it will sell 10 per cent of SSI.
The company is now listed at the Ha Noi Securities Trading Center but is expected to move to the HCM City centre in May.
SSI is also in the process of selecting a consultant to assist in listing and raising capital overseas.
This year, SSI targets VND800 billion in net profits and a dividend of 30 per cent. In the first quarter the company has already netted VND465 billion in profits. Last year, it achieved a VND242 billion profit with a 25 per cent dividend.
Source: VNS
Saturday, April 28, 2007
SSI to sell 10% stake to foreigner partner
Saigon Securities Inc, (SSI, Hanoi Stock Exchange) Vietnam’s biggest brokerage house, is set to sell 10% of its stake to a foreign investor and triple its chartered capital to VND1.5 trillion this year.
A spokesman for the market-listed brokerage said the firm was in negotiations to sell the stake to a strategic partner at US$90 million.
But it is not known if the 10% will be in the expanded capital or existing capital.
According to another source, interested parties include Goldman Sachs, JP Morgan Stanley, and UBS.
SSI plans to issue fresh shares and convertible bonds this year, with a detailed plan to be presented to shareholders in September.
It is also mulling listing in Ho Chi Minh City and in foreign exchanges like Hong Kong and Singapore.
In other plans, SSI is seeking to become a holding company, spinning off independent offshoots specializing in securities and investment banking services.
In the first quarter, its after-tax profit was VND465 billion (US$29 million) on revenues of VND579 billion.
Source: Thanh Nien vietnam equity fund
A spokesman for the market-listed brokerage said the firm was in negotiations to sell the stake to a strategic partner at US$90 million.
But it is not known if the 10% will be in the expanded capital or existing capital.
According to another source, interested parties include Goldman Sachs, JP Morgan Stanley, and UBS.
SSI plans to issue fresh shares and convertible bonds this year, with a detailed plan to be presented to shareholders in September.
It is also mulling listing in Ho Chi Minh City and in foreign exchanges like Hong Kong and Singapore.
In other plans, SSI is seeking to become a holding company, spinning off independent offshoots specializing in securities and investment banking services.
In the first quarter, its after-tax profit was VND465 billion (US$29 million) on revenues of VND579 billion.
Source: Thanh Nien vietnam equity fund
Subscribe to:
Posts (Atom)
