Closed profit on FPT stock investment, expected profit to exceed plan

T-Corp Shareholders' Meeting: FPT stock investment has been closed, expected profit exceeds plan

At noon on June 8, the 2024 General Meeting of Shareholders of Tri Viet Asset Management Group Joint Stock Company (T-Corp, code TVC - HNX) took place in Hanoi.

Shareholders continue to question founder Pham Thanh Tung

At the discussion session, shareholders continued to ask questions to T-Corp's Board of Directors about founder Pham Thanh Tung.

Previously, as reported by Dau Tu Electronic Newspaper, at the General Meeting of Shareholders on June 3 of Tri Viet Securities JSC (code TVB - HoSE) - a subsidiary of T-Corp, information about Mr. Pham Thanh Tung, founder and former Chairman of the Board of Directors of TVC and TVB was also of great interest to shareholders and Ms. Nguyen Thi Hang, Chairman of the Board of Directors of T-Corp, responded.

Then, on June 6, the Hanoi People's Procuracy issued an indictment to prosecute former Chairman of the Board of Directors of Tri Viet Securities Joint Stock Company, former Chairman of the Board of Directors of Tri Viet Asset Management Group Joint Stock Company Pham Thanh Tung (born in 1979) and 2 employees of Tri Viet Securities Joint Stock Company including Do Thi Hong Hanh (born in 1986), Nguyen Manh Thin (born in 1988) for the same crime of "Stock market manipulation" as prescribed in Article 211, Clause 2, Point c-Penal Code.

Authorities determined that former Chairman of Tri Viet Securities Pham Thanh Tung directed the manipulation of the stock market, creating fake supply and demand, causing 31 investors to lose more than 3.3 billion VND. This is the second case in which Mr. Pham Thanh Tung has been prosecuted for the crime of "Stock Market Manipulation".

Speaking to shareholders at the noon meeting on June 8, Ms. Nguyen Thi Hang, Chairwoman of the Board of Directors of T-Corp, affirmed that this was Mr. Tung's personal matter and did not affect the Company.

Reiterating the indictment of the Hanoi People's Procuracy, Ms. Hang further clarified that Mr. Pham Thanh Tung directed the use of TVB and TVC shares deposited in internal group accounts to mortgage and borrow money from securities companies, and used the borrowed money to invest in other securities codes.

In the first months of 2020, due to the stock market being affected by the Covid-19 pandemic, stock codes decreased in price, leading to many investment loans being called-margin, having to sell collateral to repay debts. TVB and TVC were also subject to order-matching transactions and agreements to roll over debts during that time. Therefore, 31 investors lost more than 3.3 billion VND, in addition, Mr. Tung also lost 130 billion VND from investment activities and roll over debts during the above period.

The time of the incident was also the early stage of the Securities Law (amended) 2019 coming into effect, so Mr. Pham Thanh Tung did not promptly realize the violations.

“On behalf of the Board of Directors, I would like to send our thanks to shareholders, customers, and all employees for accompanying the Company through difficult times; we hope to continue to receive the support and trust of shareholders, customers, and all employees in the next journey,” said Ms. Hang.

Ms. Nguyen Thi Hang, Chairwoman of T-Corp's Board of Directors, chaired the Company's 2024 Annual General Meeting of Shareholders. (Photo: KT)

Set consolidated profit target of 340 billion VND

At the meeting, shareholders approved the reports and proposals of the Board of Directors. Accordingly, in 2023, T-Corp recorded revenue of VND 70 billion and profit after tax of VND 278.6 billion. The reason for the increase in profit after tax was mainly due to the reversal of provisions for devaluation of securities when the prices of stocks in the investment portfolio of the Parent Company and Subsidiaries increased and the companies implemented more effective cost management.

In 2024, T-Corp sets the target of the parent company's total revenue of VND 380 billion and profit after tax of VND 250 billion. The expected consolidated result is total revenue of VND 610 billion and profit after tax of VND 340 billion.

According to the consolidated financial report for the first quarter of 2024, T-Corp recorded revenue of VND 90.25 billion and profit after tax of nearly VND 159 billion.

Sharing with shareholders, Ms. Nguyen Thi Hang said that in the short term, the Company will focus on good management and operations, prioritizing safety, improving capacity and culture, reviewing and cutting costs effectively, and managing the subsidiary TVB well.

Regarding debt collection, the Company has set aside a 70% reserve and is in the process of debt collection. “We affirm that we will collect all the outstanding debts. The signals so far are positive, with partners cooperating properly. When the debt is collected, it will be the Company’s profit,” said Ms. Hang.

Regarding business development, the Company will focus on core areas of analysis and investment. At the same time, review backlogs and past legal issues to gain experience and stabilize business operations.

In the long term, we will gradually expand our business, prioritize quality over quantity, improve the quality of analysis, and screen businesses for medium-term investment activities. At the same time, we will improve corporate governance, actively transform digitally, focus on legal issues, and strengthen our legal department.

FPT stock investment has been closed

In response to a shareholder's request to raise the after-tax profit plan even higher, Mr. Nguyen Duc Thanh, Director of Investment, said that the profit target of 250 billion VND is already very difficult.

“It is very difficult to achieve more. We have recently “taken profit” from FPT shares, which means that the investment capital has expanded, the amount of money that can be used has expanded, so we have raised the target to 250 billion VND,” Mr. Thanh explained.

Although the stock market currently does not have many attractive opportunities, Mr. Thanh affirmed that T-Corp's Investment Department will strive to achieve even higher results than the set plan.

“We have a profit buffer when we close FPT profits and our current holding portfolio has a very strong stock, MWG, which is expected to be strong for another 12-24 months or even longer,” said Mr. Thanh.

Clarifying the basis for setting such a high investment performance level, Mr. Thanh shared about T-Corp's investment strategy. Specifically, the Company divides investments into long-term, medium-term and short-term time frames.

In particular, long-term investment is in industries with long-term development potential, specifically Tri Viet Securities (TVB); medium-term is listed enterprises; short-term focuses on blue-chip stocks with high liquidity.

Specifically, for TVB, the Company has strengthened management and operational control over TVB, brought in people, and "rolled up their sleeves" with TVB (Mr. Nguyen Duc Thanh has just been elected to join TVB's Board of Directors).

For medium-term investment of 12-24 months, T-Corp will study macroeconomics and politics for a long time, then select potential industries, on that basis select typical enterprises in that industry, typically successful with stock codes FPT, HPG...

For short-term investments, the Company can use margin but learn from past lessons, so the portfolio structure must avoid unsystematic risks.

In addition, the company is also researching to expand its investment in derivatives and bonds, investing in businesses that are not large in terms of capitalization but have promising new industries. “We will still invest in listed companies, not OTC. We are not angel investors,” said Mr. Thanh.

To implement the above investment strategies, Mr. Thanh said, T-Corp is promoting recruitment and talent recruitment.

Source: https://baodautu.vn/dhdcd-t-corp-da-chot-loi-khoan-dau-tu-co-phieu-fpt-ky-vong-lai-vuot-ke-hoach-d217181.html