Recently, CMH Vietnam Group Corporation (HNX: CMS) sent a dispatch to the Hanoi Stock Exchange to explain the situation of its shares hitting the ceiling for 5 consecutive sessions.
Specifically, from August 31 to September 8, CMS shares increased dramatically in 5 consecutive sessions, helping the market price increase from VND 12,500/share to VND 19,900/share, equivalent to an increase of more than 59%.
Along with that, the average liquidity also reached nearly 1.2 million shares within 5 sessions. Even in the trading session on September 11, although the stock price decreased by 6.03%, the liquidity level still reached nearly 2 million shares. This is the highest liquidity level of this stock in the past 2 years, the most recent time was more than 1.5 million shares in the trading session on September 7, 2023.
At the end of the trading session on September 11, CMS shares decreased by 6.03% to VND18,700/share. However, earlier in the morning trading session, this stock also had a dramatic increase to VND21,800/share, but then changed to the floor price of VND18,000/share within just a few hours of the session.
CMS stock trading statistics in the last 7 sessions.
The company said that the increase/decrease in CMS stock price depends entirely on the supply and demand of the stock market, as well as the tastes and needs of investors. The company's business activities are taking place normally, without any unusual fluctuations, and CMH Vietnam does not have any information or impact that affects the transaction price on the market.
During the period when the stock price increased sharply, Mr. Pham Van Xuyen, a major shareholder of CMS, sold 500,000 shares in two sessions on August 31 and September 5 to reduce his ownership ratio from 7.86% to 5.89%.
According to the audited financial report, in the first half of 2023, the company recorded net revenue of more than 24 billion VND, after-tax profit of 853.8 million VND, respectively an increase of 4% and profit 3 times higher than the figure in the independent financial report.
Explaining the above difference, CMS said that the auditors had recalculated and reduced the deferred financial costs of the company's equipment purchase contract; the auditors reclassified the equipment depreciation expense item that was being recorded in general management expenses to the production costs of the Truong Vinh project.
In addition, the audit unit also re-determines the increases/decreases in taxable income that change the current payable corporate income tax expense. With the above fluctuations, the profit in the audited financial statements increases significantly compared to the self-prepared financial statements.
On the other hand, compared to the same period with a net loss of nearly 200 million VND, CMS's first half of 2023 results are considered a sudden growth.
The company said that revenue in the first 6 months of this year mainly came from the Cam Khe - Central Park urban area project and the Nghi Son Cement Plant conveyor tunnel wall repair project. In addition, CMS also transferred all of its capital contribution at CM Phan Thiet JSC .
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