FPT Corporation (FPT) has just announced the purchase of Cardinal Peak, a technology engineering services provider in North America.

With 20 years of operation, Cardinal Peak provides comprehensive technology services, including hardware, embedded software, IoT, cloud computing and mobile product development for more than 300 companies, in the fields of automotive, consumer electronics, healthcare, online content, robotics, security - safety, defense - aerospace.

Therefore, although the contract value has not been disclosed, this is considered a big deal. With this move, FPT expects Cardinal Peak to help FPT double its revenue from product technical services in the US market within the next two years.

America is one of FPT’s largest overseas markets , with a system of 14 offices in the US, Canada, Colombia, Costa Rica and Mexico. FPT CEO Nguyen Van Khoa hopes that this deal will help both sides create new products on a global scale.

Since 2014, FPT has continuously carried out mergers and acquisitions with large technology companies in the world. In 2022, FPT made a strategic investment in LTS, a consulting, business administration and digital transformation company in Japan.

In 2023, FPT expanded its presence in the US by acquiring the entire technology services division of Intertec International. Last October, FPT announced that it had become a major investor in Landing AI, an American computer vision and AI software company.

In the first 9 months of 2023, FPT's IT service revenue for foreign markets reached VND 17,626 billion, up 30.9%, pre-tax profit reached VND 2,878 billion, up 30.2% over the same period last year.

FPT also recorded many large orders from foreign markets, with newly signed revenue reaching VND20,700 billion, up 23.2% over the same period. Of which, there were 20 projects with a scale of over USD5 million.

Listed company news

The stock market has a number of other important events of listed companies.

* PDR : The Board of Directors of Phat Dat Real Estate Development Corporation approved the transfer of all shares at Phat Dat Industrial Park Investment and Development Corporation (Phat Dat Industrial Park). The transferee is Phat Dat Holdings Company Limited. The transfer price will not be lower than 130% of the par value, equivalent to more than VND 1,297 billion.

* PLC: Petrolimex Petrochemical Corporation - JSC has just announced a written request for shareholders' opinions on adjusting the 2023 production and business plan. PLC's sales revenue decreased by 6% to VND 8,396 billion although the output target remained the same. Accordingly, after-tax profit decreased by 30% to VND 112 billion.

* CII : Nam Bay Bay Joint Stock Company approved the policy of signing a loan contract with Ho Chi Minh City Infrastructure Investment Joint Stock Company, the loan value does not exceed 940 billion VND, medium-term loan period. The purpose of the loan is to repay project investment capital and use it for production and business activities.

* SLD : Sacom Real Estate JSC (Samland) recorded a loss of VND 4.46 billion in the third quarter, with a cumulative loss of VND 19.4 billion in the first 9 months of 2023.

* GIL : Binh Thanh Production, Trading and Import-Export Joint Stock Company announced its consolidated financial statements for the third quarter with a loss of VND19 billion, while in the same period last year it had a profit of VND129 billion. This is the third quarter the company has suffered a loss.

* BMP : On November 21, Binh Minh Plastics Joint Stock Company closed the final registration to make a list of shareholders to receive the first cash dividend payment of 2023 at a rate of 65% of par value (1 share receives 6,500 VND). Implementation date: December 12.

* APG : The State Securities Commission issued a decision to impose an administrative penalty in the field of securities and the securities market on APG Securities JSC in the amount of VND 85 million for violating regulations on entrusting the management of securities trading accounts of individual investors.

* AAS : SmartInvest Securities JSC has set the final registration date to close the list of shareholders to receive 2022 stock dividends at a rate of 15% (equivalent to receiving 15 new shares for every 100 shares) as November 15. AAS plans to issue nearly 30 million new shares.

* KDC : Mr. Nguyen Gia Huy Chuong, Member of the Board of Directors of Kido Group Corporation, registered to sell all 13,200 shares. The transaction is expected to take place from November 8 to December 6.

* VPB : Sumitomo Mitsui Banking Corporation reported buying nearly 1.2 million VPBank shares, increasing ownership to 15.005% of capital, thereby becoming a major shareholder. The transaction took place during the session of October 30.

VN-Index

At the end of the session on November 6, VN-Index increased by 12.88 points (+1.2%), to 1,089.66 points. Total trading volume reached more than 692.79 million units, worth VND14,079.18 billion.

HNX-Index increased by 1.85 points (+0.85%) to 219.59 points. Total matched volume reached 76.17 million units, worth VND1,303.66 billion.

UPCoM-Index increased by 0.89 points (+1.06%), to 85.05 points with 184 stocks increasing and 75 stocks decreasing. Total matched volume reached more than 25.71 million units, worth 395 billion VND.

Market commentary, KB Securities Vietnam (KBSV) said that VN-Index closing at the session's highest level shows that buyers continue to dominate and leaves open the opportunity to expand the recovery in the following sessions.

The downtrend is still playing a dominant role, the index will likely soon face correction pressure around the notable resistance level of 1,095 (+/-10) points.

Investors are advised to avoid chasing and selling to a safe level during early recoveries.

According to Vietcombank Securities (VCBS), investors can disburse an additional 10-20% for stocks available in their accounts in industries that are attracting good cash flow such as banking and steel.

Vietnamnet.vn