AGM shares of An Giang Import-Export Joint Stock Company (Angimex) have been hitting the floor for 3 sessions, down to 3,900 VND, after setting a series of 8 consecutive ceiling price increases.
AGM shares opened on September 24 at the floor price of VND3,900 and remained there throughout the session. This was the third consecutive session that the stock lost all its amplitude after breaking the ceiling price streak that lasted for 8 previous sessions. The market price accordingly decreased by nearly 20% compared to the last ceiling price session.
AGM closed today's session with no buyers. Selling pressure was strong, but buyers were cautious, so the successful transfer volume only reached 149,900 shares, equivalent to a transaction value of more than VND584 million, less than half of the first session of the week. Meanwhile, the remaining sell volume at the floor price at the end of the session was nearly 700,000 shares.
In the first floor-price session, AGM recorded a matched volume of 1.5 million shares, the highest since the company returned to full-time trading on the Ho Chi Minh City Stock Exchange at the end of March.
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| Price chart and liquidity of AGM shares since returning to full-time trading on the Ho Chi Minh City Stock Exchange. |
The recent sharp increase and decrease in AGM market price, according to Angimex's management, is due to increased investor expectations as the rice market fluctuates significantly.
In a document sent to the Ho Chi Minh City Stock Exchange (HoSE) to explain the series of ceiling price increases starting from September 10, Angimex leaders said that Vietnam's rice export situation is still favorable due to increased import demand from traditional customers. However, India's consideration of easing its rice export policy is a factor causing many fluctuations in the rice market at the end of this year. In addition, super typhoon Yagi caused severe damage to rice and corn in the northern provinces, the risk of food shortages leading to fluctuations in domestic prices has increased investors' expectations .
The company said that AGM's stock price has continuously increased due to supply and demand in the stock market and investors' decisions beyond the company's control. Angimex affirmed that it has no impact on the stock price in the stock market.
The stock price increased sharply despite HoSE putting AGM shares under control since September 10 due to accumulated losses exceeding the actual charter capital in this year's semi-annual consolidated financial report. In a written explanation a day later, Mr. Huynh Thanh Tung, General Director of Angimex, said that the company is implementing many solutions to remove the shares from control.
According to Mr. Tung, Angimex continues to seek professional securities investors to carry out procedures for issuing individual shares to increase the scale of equity capital, thereby supplementing working capital for production and business activities and overcoming the situation of accumulated losses exceeding the actual contributed charter capital. In addition, the company also carries out comprehensive restructuring through optimizing the management apparatus, streamlining personnel, urging the collection of bad debts and liquidating assets.
Angimex's board of directors is also considering issuing private shares to convert bond debt into shares for bondholders, thereby increasing charter capital and improving the financial situation. The board of directors added that to overcome the situation of controlled shares, the company will explain and report the situation quarterly and will not violate regulations on information disclosure on the stock market.
Recently, Angimex announced that it had received the resignation letter of Ms. Nguyen Thi Thu Hoa, Deputy General Director in charge of finance, for personal reasons. Angimex will carry out relevant procedures and submit them to the Board of Shareholders to consider and resolve Ms. Hoa's resignation letter according to regulations.
In the first half of the year, Angimex recorded revenue of VND151 billion, down more than half compared to the same period last year. The company reported a loss after tax of nearly VND100 billion, while in the same period in 2023, the figure was less than VND58 billion. The heavy loss in the first half of the year increased the undistributed accumulated loss to VND259 billion, thereby causing negative equity of VND77 billion.
Angimex set a target of VND1,742 billion in revenue and VND5 billion in pre-tax profit this year. This target is much better than the business results of last year when revenue was only VND788 billion and pre-tax loss was more than VND221 billion.
The company's total assets currently reach VND1,165 billion, a slight decrease compared to the beginning of the year. Liabilities exceed assets by up to VND1,242 billion, most of which are short-term debts.
Source: https://baodautu.vn/co-phieu-agm-dao-chieu-dot-ngot-d225740.html
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