Hoa Binh Construction (HBC VN) – A Deputy CEO resigned
Following the company’s information disclosure, its Board approved the resignation letter of Deputy CEO Mr. Nguyen Hung Cuong – one of 4 DCEO of HBC. On the other hand, the company also reported changes of charter capital in its corporate charter in order to comply with regulations. The construction contractor announced its reviewed financial statements for H1 2024 with major changes compared to its previous self-reporting documents.
Consolidated net revenue is VND3,812 billion (about USD155 million, up +10.1% YoY) and net income is VND829 billion (about USD33.7 million, massively positive compared to its huge loss last year). Few days ago, HBC VN started trading the first time on UPCoM on 18th September 2024, after nearly 2 weeks of trading suspension due to delisted status. HBC VN has been traded around VND5,370 per share since its first day on UPCoM, down -42.1% from its adjusted 52-week high of VND9,280 per share.
Fubon FTSE VN ETF – Restructuring portfolio by purchasing NAB and selling VCG
FTSE Vietnam 30 Index – the reference benchmark of Fubon ETF, decided to reconstitute by adding NAB VN (Nam A Bank) as the 5th bank stock in the index, while removing VCG VN (Vinaconex) at the opposite side. Earlier this year, FTSE Russell had added NAB into its Mid-cap bracket of FTSE Frontier Index, pushing VCG to 41st position, under the threshold of Top 40 which in turn naturally made VCG not suitable for the index. Currently, Fubon ETF is the largest Vietnam-focused ETF by NAV, valued at roughly USD670 million.
FDI - Samsung Considering Investing US$1.8 billion in Vietnam
A subsidiary of Samsung (Samsung Display Vietnam) with extant operations in the northern province of Bac Ninh is advancing plans to invest an additional US$1.8 billion. A Memorandum of Understanding (MOU) for investment connected to Samsung Display Vietnam, was signed Sunday, 22nd of September 2024, and witnessed by Prime Minister Pham Minh Chinh. H1 2024 operating results for Samsung Display Vietnam reported revenue of USD$6.8 billion and a profit of US$283.6 million. To put this in context, over the first half of 2024, Samsung factories in Vietnam accounted for approximately 30% of the company's total global revenue. Nationwide, Samsung has invested in excess of US$22 billion to-date, in foreign direct investment (FDI) with about 50% of this in the northern province of Bac Ninh.
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