Dragon Capital continues to sell 350,000 more Hoa Sen shares

No longer "collecting" shares, the fund group related to Dragon Capital fund continued to sell 350,000 shares of Hoa Sen Group Joint Stock Company (code HSG - HoSE floor) to reduce ownership to 8.97% of charter capital.

On July 11, a group of funds related to Dragon Capital fund sold a net 350,000 HSG shares to reduce ownership from 9.03% to 8.97% of charter capital. Of which, Wareham Group Limited fund sold 300,000 shares; Vietnam Enterprise Investments Limited fund sold 250,000 shares; Samsung Vietnam Securities Master Investment Trust (Equity) fund sold 70,000 shares; Norges Bank fund bought 250,000 shares; and KB Vietnam Focus Balanced Fund bought 20,000 shares.

Previously, on May 3, Dragon Capital group bought 1 million HSG shares; on June 7, Dragon Capital related fund group bought an additional 400,000 HSG shares; on June 19, Dragon Capital related fund group sold 1.25 million HSG shares.

In addition, the selling trend of insiders has also been recorded recently. In particular, from March 7 to April 2, Mr. Tran Ngoc Chu, Permanent Vice Chairman of the Board of Directors - Operations, sold 1.5 million HSG shares, reducing his ownership from 1,781,147 shares (0.29% of charter capital) to 281,147 shares (0.046% of charter capital).

And on April 17, Mr. Bui Thanh Tam, Head of Administration, sold 390,900 HSG shares, reducing ownership from 390,964 shares (0.06% of charter capital) to 64 shares (0% of charter capital).

Hoa Sen changes senior leadership

Regarding personnel, on May 31, Hoa Sen appointed Mr. Nguyen Tran Dai (born in 1985) to the position of Acting Deputy General Director in charge of Hoa Sen Home business, concurrently holding the position of Deputy General Director of Hoa Sen Home system in charge of the North, with the appointment period starting from June 3.

It is known that Mr. Dai was previously Deputy General Director of Hoa Sen Home system in charge of the North.

Furthermore, previously, on April 12, Hoa Sen dismissed Mr. Tran Quoc Tri from his position as General Director and legal representative, and at the same time, Mr. Tran Quoc Tri was no longer in charge of the Hoa Sen Group branch - Hoa Sen Phu My Steel Factory.

Thus, after being dismissed, Mr. Tran Quoc Tri will only hold the position of non-executive member of the Board of Directors from April 12, 2024.

According to research, Mr. Tran Quoc Tri joined Hoa Sen since 2004 and was officially appointed as a member of the Board of Directors, General Director, and legal representative from the Annual General Meeting of Shareholders for the 2017-2018 fiscal year (2018).

On the contrary, Hoa Sen elected Mr. Vu Van Thanh to the position of General Director and legal representative, effective from April 12.

It is known that Mr. Vu Van Thanh was born in 1966, currently holds the position of Deputy General Director and Deputy General Director in charge of marketing - communications.

In addition, Hoa Sen appointed Mr. Nguyen Ngoc Huy as Deputy General Director Truc from May 1 (previously Deputy General Director in charge of export); appointed Mr. Nguyen Le Manh Tung as acting Deputy General Director in charge of export from May 1 (previously Deputy General Director of export); appointed Mr. Nguyen Tan Hoa as Deputy General Director in charge of industrial projects from May 1 (previously Executive Director of Supply, Purchasing & Industrial Projects and Director of Information Technology & ERP); appointed Mr. Tran Dinh Tai as acting Deputy General Director in charge of Marketing - Communications from May 1 (previously Executive Director of Marketing and Communications); appointed Mr. Pham Dinh as acting Deputy General Director in charge of Supply from May 1 (previously Deputy General Director of Hoa Sen Home system).

Exceeded profit plan of 400 billion VND after 6 months

In terms of business activities, in the second quarter of the 2023 - 2024 fiscal year (from January 1, 2024 to March 31, 2024), Hoa Sen recorded revenue of VND 9,248.2 billion, an increase of 32.5% over the same period, and after-tax profit recorded a profit of VND 318.9 billion, an increase of 27.3% over the same period last year. Of which,

Accumulated in the first 6 months of the 2023 - 2024 fiscal year, Hoa Sen recorded revenue of VND 18,321.4 billion, an increase of 23% over the same period, after-tax profit recorded a profit of VND 422.2 billion compared to the same period with a loss of VND 424.2 billion, an increase of VND 846.4 billion.

It is known that in the 2023 - 2024 fiscal year (from October 1, 2023 to September 30, 2024), Hoa Sen Group plans to do business with two scenarios.

In particular, scenario 1 with consumption output of 1,625 thousand tons, up 13.3% over the same period, expected revenue of 34,000 billion VND, up 7.4% over the same period and expected after-tax profit of 400 billion VND, up 12.33 times compared to the implementation in the fiscal year 2022 - 2023.

Scenario 2, total estimated consumption output is 1,730 thousand tons, up 20.7% over the same period, estimated revenue is 36,000 billion VND, up 13.7% over the same period, and expected after-tax profit is 500 billion VND, up 15.67 times compared to the implementation in the 2022-2023 fiscal year.

Thus, at the end of the first 6 months of the 2023 - 2024 fiscal year, Hoa Sen has completed 105.6% of the profit plan of VND 400 billion and completed 84.4% of the profit plan of VND 500 billion.

In contrast to the increase in profits, in the first 6 months of the 2023-2024 fiscal year, Hoa Sen unexpectedly recorded a negative main business cash flow of VND 3,412.4 billion compared to the same period of positive VND 784.7 billion. In addition, investment cash flow recorded a negative VND 43.6 billion and financial cash flow recorded a positive VND 3,227.8 billion, mainly due to increased borrowing to offset the deficit in business cash flow.

It is known that from 2016 to now, Hoa Sen has never recorded a record negative operating cash flow of VND 3,412.4 billion as in the first 6 months of the 2023 - 2024 fiscal year. In which, the year with the largest negative cash flow was 2017 with a negative value of VND 2,173.4 billion and the Company went through the 2018-2023 period with continuous positive operating cash flow.

Source: https://baodautu.vn/dragon-capital-tiep-tuc-ban-ra-them-350000-co-phieu-hoa-sen-d220248.html