DNVN - According to credit rating company Vis Ratings, among the high-risk bonds maturing in August 2024, VND4.3 trillion of bonds were issued by companies in the construction and residential real estate sector. Notably, Nova Land, Hung Thinh Land and Dai Thinh Phat are the issuers that have delayed paying many bonds since 2023.
In the recently published corporate bond market report, Vietnam Investment Credit Rating Joint Stock Company (Vis Ratings) estimated that in the next 12 months, about 20% of the VND259 trillion of maturing bonds will be bonds with high risks of late principal repayment.
Meanwhile, the value of high-risk maturing bonds in August 2024 is higher than in July 2024. Specifically, in August 2024, Vis Ratings estimates that about VND 7.3 trillion of the VND 18.6 trillion of high-risk maturing bonds will not be able to repay their principal on time, mainly from the residential real estate and energy sectors.
Among the high-risk bonds maturing in August 2024, VND4.3 trillion of bonds were issued by companies in the construction and residential real estate sectors.
Of which, Nova Land, Hung Thinh Land and Dai Thinh Phat are the issuers that have delayed paying many bonds since 2023.
According to Vis Ratings, Nova Land, along with Hung Thinh Land and Dai Thinh Phat, are issuers that have delayed many bond payments since 2023.
Citing sources from the Hanoi Stock Exchange (HNX), Vis Ratings said that No Va Real Estate Group Corporation (Novaland Group, stock code NVL) has 8 bond codes maturing in August 2024, including: NVL2020-02-100, NVL2020-02-150, NVL2020-02-250, NVL2020-02-200, NVL2020-03-190, NVL2020-03/140, NVL2020-02-350 and NVL 2020-03-240 with a total value of VND 1,620 billion.
Previously, in May, in a notice sent to HNX, NVL said it was late in paying interest on two bonds due on May 20, NVLH2232001 and NVLH2232002, with the amounts of VND164.55 billion and VND5.48 billion, respectively. The total amount of late interest payment was more than VND170 billion.
The reason given by Novaland for the total late interest payment of more than 170 billion VND is that it has not arranged enough payment sources. The company has also not given an expected payment date for this late interest payment.
It is known that Novaland Group's consolidated profit after tax in the second quarter of this year reached VND 344.6 billion, an increase of 131.5% over the same period in 2023 (loss of VND 1,094 billion).
According to Novaland's explanation, after-tax profit increased compared to the same period last year and shifted from loss in the second quarter of 2023 to profit in the second quarter of 2024 mainly due to increased financial revenue compared to the same period last year.
Meanwhile, Hung Thinh Land JSC has bond code HTL-H2023-005 worth 300 billion VND, issued on August 28, 2020, maturing on August 28.
Previously, in April, Hung Thinh Land made partial payment of 4 bond lots with a total restructuring value of VND 3.99 billion after late payment of principal/interest on August 31, 2023.
According to the introduction, Hung Thinh Land is in the process of restructuring the business. One of the most recent activities related to restructuring is the announcement of a new brand identity on July 31.
Operating in the construction sector, Dai Thinh Phat Construction Investment JSC has bond code DPJCH2224002 worth 472 billion VND, maturing on August 9.
This bond code was issued on August 9, 2022. Previously, on July 29, 2022, Dai Thinh Phat successfully issued bond code DPJCH2224001 with a value of VND 500 billion, 2-year term, due on July 29, 2024.
In 2023, Dai Thinh Phat was late in paying interest on the above 2 bond lots by up to 111 billion VND. According to Dai Thinh Phat's explanation, it was due to arranging capital sources and announcing the debt repayment plan to bondholders.
Regarding business performance, according to information recently announced by HNX, in 2023, Dai Thinh Phat's after-tax profit was more than VND10 billion, while in the same period last year it lost nearly VND5 billion. Last year, the company spent more than VND10 billion to pay bond interest.
Thu An
Source: https://doanhnghiepvn.vn/kinh-te/chung-khoan/novaland-hung-thinh-land-va-dai-thinh-phat-cham-tra-trai-phieu-tu-nam-2023/20240816055739997
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