Nearly 120 million shares of the agricultural, consumer goods and retail company of Nova Group have been approved for trading with the code NCG.
According to a recent decision by the Hanoi Stock Exchange (HNX), Nova Consumer Group Joint Stock Company is registered to trade shares on the UPCoM exchange. The total number of securities is about 119.8 million NCG shares, equivalent to nearly VND 1,198 billion.
The company representative said that the listing process is currently only at the licensing level, so there is no information about the official listing date and reference price for the first trading day.
In the current market, investors trade the most on the HoSE and HNX. Of which, HoSE has the largest capitalization and trading volume, along with strict listing regulations, including the requirement that the enterprise must have been profitable for two consecutive years. Meanwhile, UPCoM often gathers shares of enterprises that have not registered or do not meet the conditions to be listed on HoSE or HNX.
Nova Consumer is a member of Nova Group, initially operating in the agricultural sector before gradually expanding into consumer goods and retail. NCG made its initial public offering (IPO) in March 2022 at VND44,000 per share. According to the company's management, this is an attractive price and has good growth potential because the P/E ratio is about 15-16 times, lower than the average of nearly 19 times of businesses in the same industry. Nova Consumer then expected that the stock could be listed on the HoSE by the end of April or at the latest in May 2023.
However, at the end of last year, the Ho Chi Minh City Stock Exchange stopped reviewing NCG's listing application because it did not meet the requirements for editing and supplementing documents. Explaining at the annual meeting, the company's leaders said that 2022 is an unfavorable year for the stock market, HoSE is restructuring the organization, so the application review process is delayed.
Instead, Nova Consumer chose to list its shares on UPCoM. The reason given was to create flexibility in stock trading and ensure maximum shareholder benefits.
Regarding business performance, the company reported a loss for the first time in the first quarter and continued in the second quarter. In the first half of the year, NCG recorded revenue of VND2,140 billion, a slight increase compared to the same period. However, financial expenses doubled, causing after-tax profit to be negative VND31 billion, while in the same period, it made a profit of nearly VND185 billion.
This year, Nova Consumer set a target of VND5,629 billion in revenue, up 15%. However, the target profit decreased by nearly 94%, to nearly VND17 billion.
Siddhartha
Source link
Comment (0)