DNSE Securities will be listed on HoSE on July 1 with a valuation of VND9,900 billion.

Ho Chi Minh City Stock Exchange (HoSE) has just approved the listing of shares of DNSE Securities Joint Stock Company (code DSE) on HoSE.

On June 21, 2024, Ho Chi Minh City Stock Exchange approved the listing of 330 million DSE shares on HoSE.

At the same time, DNSE Securities will list on the first day on HoSE on July 1, with a reference price of VND 30,000/share, equivalent to a capitalization of VND 9,900 billion (offering price equal to IPO price).

It is known that on March 7, 2024, Ho Chi Minh City Stock Exchange received the listing application of 330 million shares of DNSE Securities Joint Stock Company, equivalent to a charter capital of VND 3,300 billion.

Previously, DNSE Securities successfully IPOed 30 million shares at VND30,000/share, increasing its charter capital from VND3,000 billion to VND3,300 billion.

DNSE Securities increased capital from VND 160 billion to VND 3,300 billion in 2 years before listing on HoSE

At the introduction of investment opportunities in DNSE Securities shares in the recent IPO of 30 million shares, this unit set a goal of reaching 5 million customers, capitalization of 72,000 billion VND (3 billion USD), and profit of 2,400 billion VND (100 million USD) in the next 5 years.

Before implementing the IPO and planning to list on HoSE in the second to third quarter of 2024, DNSE Securities has stepped up capital increase.

It is known that DNSE Securities was established in 2007 with a charter capital of 38 billion VND and has now increased to 3,000 billion VND, equal to 78.9 times the time of establishment. In particular, before the IPO, the Company continuously increased its charter capital from 160 billion VND to 1,000 billion VND in July 2021 and continued to increase its capital from 1,000 billion VND to 3,000 billion VND in May 2022 and has just officially increased its charter capital to 3,300 billion VND after successfully IPOing 30 million shares.

In addition, regarding the shareholder structure in the most recent update, as of September 30, 2023, DNSE Securities has two major shareholders including Encapital Financial Technology JSC owning 56.1% of charter capital; Encapital Holdings JSC owning 11% of charter capital; and the remaining 32.9% of charter capital belongs to small shareholders owning less than 5% of charter capital.

It can be seen that before listing on HoSE, DNSE Securities has accelerated capital increase, the capital increase rate increased sharply in 2021 and 2022, before listing on HoSE.

Total debt is up to 4,919.06 billion VND and equal to 115.8% of equity

In terms of business activities, in the first quarter of 2021, DNSE Securities recorded total revenue of VND 181.5 billion, an increase of 20.6% over the same period, and after-tax profit of VND 70.15 billion, an increase of 77.8% over the same period.

In terms of revenue structure, profit from financial assets recognized through profit/loss (FVTPL) increased by 26.2% over the same period, equivalent to an increase of VND 3.31 billion, to VND 15.95 billion; profit from investments held to maturity (HTM) increased by 9% over the same period, equivalent to an increase of VND 4.71 billion, to VND 57.06 billion; profit from loans and receivables increased by 4.3% over the same period, equivalent to an increase of VND 3.08 billion, to VND 74.2 billion; revenue from securities brokerage increased by 157.5% over the same period, equivalent to an increase of VND 19.64 billion, to VND 32.11 billion; and other activities fluctuated insignificantly.

In terms of cost structure, during the period, financial assets recorded through profit/loss (FVTPL) recorded a negative VND 4.09 billion compared to the same period, positive VND 7.38 billion, down VND 11.47 billion; costs of financial asset provisions, handling of bad receivables and financial impairment losses, borrowing costs decreased by 78.1% compared to the same period, equivalent to a decrease of VND 37.62 billion, to VND 10.53 billion; brokerage costs increased by 90.6%, equivalent to an increase of VND 18.38 billion, to VND 38.66 billion and other activities fluctuated insignificantly.

In 2024, DNSE Securities plans to do business with 3 scenarios of after-tax profit of 170 billion VND, 335 billion VND and 445 billion VND.

Thus, at the end of the first quarter of 2024, DNSE Securities completed 15.8% of the profit plan of VND 445 billion and completed 41.3% of the profit plan of VND 170 billion.

As of March 31, 2024, DNSE Securities' total assets increased by 24% compared to the beginning of the year, equivalent to an increase of VND 1,788.7 billion, to VND 9,234.8 billion. In which, the main assets were loans recorded at VND 3,408.8 billion, accounting for 36.9% of total assets; mainly investments held to maturity (HTM) recorded at VND 2,915.5 billion, accounting for 31.6% of total assets; long-term financial assets recorded at VND 1,264.7 billion, accounting for 13.7% of total assets; financial assets recorded at fair value through profit/loss (FVTPL) recorded at VND 621.2 billion, accounting for 6.7% of total assets and other items.

For the FVTPL portfolio, DNSE Securities said it is investing VND53.4 billion in STB shares, VND42.9 billion in VHM shares, VND17.98 billion in NVL shares...

Regarding capital sources, by the end of the first quarter of 2024, total loans and short-term financial lease debts continued to increase by 34.5% compared to the beginning of the year, equivalent to an increase of VND 1,261.73 billion, up to VND 4,919.06 billion and equal to 115.8% of equity (at the beginning of the year, total outstanding debt was VND 3,588.2 billion, equal to 110.7% of equity).

Looking more broadly from December 31, 2019 to March 31, 2024, DNSE Securities' total debt increased 379.73 times, equivalent to an increase of VND 4,906.14 billion, to VND 4,068.9 billion (at the beginning of the period, it was only VND 12.92 billion).

Thus, in just over 4 years, DNSE Securities has continuously increased external borrowing to finance the Company's capital expansion process.

Source: https://baodautu.vn/chung-khoan-dnse-se-chao-san-hose-ngay-17-voi-dinh-gia-9900-ty-dong-d218267.html