Vietnam Airlines JSC (HVN VN) – Reviewed Financial Report for 1H 2024
The Vietnamese leading airline announced its reviewed financial report for 1H 2024 and also a written explanation for the extraordinary change in profit after tax. Net revenue in 1H.2024 is VND52,562 billion (about USD2.1 billion, up +19.5% YoY) and net income is VND5,194 billion (about USD208 million, positive from a net loss in the same period last year). The company revealed that bullish results from core business lines had contributed a large part with a growth rate of 24% however, a substantive amount of the change came from ‘other’ income, which in turn had stemmed from debt relief and by returning aircraft.
Additionally, the airline reported their solutions and progress for the trading restriction status of HVN VN shares and following this, the airline proposed the corporate restructuring plan for 2021 – 2025 period. The company will focus on turning the consolidated owner’s equity account positive by simultaneously (1) increasing business adaptation and profitability; and (2) restructuring asset structure and investment portfolio to have a net cash inflow. HVN VN closed at VND22,100 per share on 30th August 2024, down -39.2% from its 52-week high of VND36,350 per share in July 2024.
EVN Finance (EVF VN) – The SBV Approved Request to Increase Charter Capital
According to the finance company’s latest disclosure, its request was approved by the SBV, to increase charter capital by about VND638 billion, in which VND563 billion stems from stock dividend and VND75 billion stems from ESOP stock issuance. EVN Finance announced its financials for Q2.2024 with total operating income of VND390 billion (about USD15.6 million, down -9.3% YoY) and net income of VND118 billion (about USD4.7 million, up +57.7% YoY). EVF VN closed at VND12,200 per share on 30th August 2024, significantly down -36.6% from its all-time high of VND19,250 per share in early-March 2024.
Vietnam Manufacturing PMI in August 2024 posted 52.4 by S&P Global
S&P Global explains that although the index is down from 54.7 in July 2024 but still signaling a solid monthly improvement in business conditions midway through the third quarter (of this year). Operating conditions have now strengthened in each of the past five months. S&P Global also points out 3 key findings: (1) continued marked increases in output and new orders; (2) inflationary pressures soften; and (3) employment down for the first time in three months. In a positive sign for the recovery of the economy this is the 5th consecutive time the S&P Global PMI was over 50.
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