Becamex completed the issuance of the fourth bond lot worth VND500 billion, raising the total value of capital collected from bonds from the beginning of 2024 to VND1,800 billion.
Becamex IDC (Becamex IDC, stock code: BCM) recently announced the results of the private bond issuance with code BCMH2427003 to the Hanoi Stock Exchange (HNX) and Ho Chi Minh City Stock Exchange (HoSE). The issuance volume this time is 5,000 bonds. The face value of each bond is 100 million VND, the issuance value reaches 500 billion VND.
This bond was issued domestically on August 14 and completed on August 22. The bond has a term of 3 years, which means the maturity date is August 14, 2027. The applicable interest rate is 10.2%/year.
Previously, Becamex completed the issuance of 3 bond lots including bond lot BCMH2427001 worth 800 billion VND, bond lot BCMH2427002 worth 200 billion VND and bond lot BCMH2427004 worth 300 billion VND.
In 2023, Becamex also raised VND3,706 billion through three bond issuances. The first two issuances were in July 2023 worth VND2,000 billion and October 2023 worth VND406 billion, respectively. By the end of the year, the company issued another batch of bonds worth VND1,300 billion.
Becamex targets total revenue of VND9,000 billion in 2024 and after-tax profit of VND2,350 billion, up 2% and 3% respectively compared to 2023. The company plans to pay dividends this year at a rate of 10%.
After half a year, the company recorded net revenue of more than VND1,967 billion, up 4.3% over the same period. After deducting expenses, the company reported pre-tax profit of VND372 billion and after-tax profit of more than VND406 billion, respectively 3.7 times and 8.3 times higher than the same period last year. Accordingly, the company has completed 21.9% of the revenue plan and 17.3% of the profit target.
In a recently published report, ASEAN Securities Joint Stock Company forecasts Becamex's revenue in 2024 to reach VND5,486 billion, up 30% year-on-year, and its after-tax profit for parent company shareholders to reach VND1,767 billion, down 38% year-on-year.
This forecast comes from the company owning a large industrial park land fund in Binh Duong province and the revenue recovery from FDI enterprises. In addition, the Cay Truong Industrial Park project has been approved for planning and is awaiting approval for investment policy. In addition, the residential real estate market gradually recovering from the end of this year will help improve Becamex's revenue.
ASEAN Securities' analysis team recommends buying BCM shares with a target price of VND80,332/share (up 11.5% compared to the current market price). With a more optimistic view, in a report published in early August 2024, MB Securities Joint Stock Company (MBS) expects BCM's target price in the next 1 year to be VND82,500.
As of the end of June 2024, Becamex had total assets of approximately VND 54,806 billion, an increase of VND 1,382 billion compared to the beginning of the period. Liabilities increased slightly compared to VND 33,951 billion at the beginning of the year, to VND 35,065 billion. Owner's equity was over VND 19,741 billion, undistributed profit after tax reached VND 6,043 billion.
On the stock market, BCM shares are at VND72,000, slightly down from the peak of nearly a year recorded at the end of July 2024 (VND73,300). The average matched volume in the last 10 sessions is over 750,000 units. With 1.035 billion shares listed on the HoSE, the market capitalization reaches VND74,520 billion.
Source: https://baodautu.vn/becamex-thu-1800-ty-dong-tu-trai-phieu-d223981.html
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