The Chairman of the Board of Directors of Hoa Sen Group Joint Stock Company (stock code: HSG) is entitled to buy 10% of the total 5 million ESOP shares to be issued at a price of VND 10,000/share.
Hoa Sen Group Joint Stock Company recently announced a list of 162 employees participating in the preferential stock issuance program. The company divided this list into 7 groups according to job title.
The allocation rate for the group of senior leaders is 26%. Of which, Chairman of the Board of Directors Le Phuoc Vu is the person who is bought the most with 10% of the 5 million shares to be issued, equivalent to 500,000 shares. After Mr. Vu, Mr. Tran Ngoc Chu, Executive Vice Chairman of the Board of Directors and Mr. Vu Van Thanh, General Director are respectively bought 400,000 shares (equivalent to 8%) and 150,000 shares (equivalent to 6%).
The senior executive and senior advisor groups were bought 20% and 10% respectively. The senior assistant group was bought 23%. The remaining portion was reserved for the middle and senior management groups.
According to the plan, Hoa Sen will issue 5 million shares under the employee stock option program (ESOP), equivalent to 0.81% of the total outstanding shares. The issuance price is 10,000 VND/share, half of the market price of the shares currently traded on the stock exchange.
The shares are expected to be issued in the third or fourth quarter of 2024, after being approved by the State Securities Commission. These shares are restricted from transfer for one year from the completion of the issuance. After the issuance, the company's charter capital will increase from VND6,159 billion to VND6,209 billion.
In terms of business activities, in the third quarter of the 2023-2024 fiscal year (from April 1, 2024 to June 30, 2024), Hoa Sen recorded net revenue of VND 10,840 billion, an increase of 25.4% over the same period. Gross profit during this period was approximately VND 1,337 billion, an increase of 50% compared to VND 892 billion in the same period last year. Gross profit margin reached 12.3%, an increase of 2 percentage points over the same period. After deducting expenses, Hoa Sen's pre-tax profit was more than VND 287 billion and after-tax profit was VND 273 billion, respectively 22.5 times and 18.3 times higher than the same period.
Accumulated in the first 9 months of the fiscal year (from October 1, 2023 to June 30, 2024), Hoa Sen recorded net revenue of VND 29,163 billion, an increase of 23.8% over the same period. Gross profit was approximately VND 3,405 billion, an increase of 71% over the same period last year. Profit margin was nearly 11.7%, a significant increase compared to 8.4% achieved in the same period. The company reported pre-tax profit of VND 717 billion and after-tax profit of VND 696 billion, while in the same period it lost VND 352 billion and VND 410 billion, respectively.
In the 2023-2024 fiscal year, Hoa Sen plans to do business with two scenarios. Specifically, scenario 1 targets a sales output of 1,625 thousand tons, up 13.3% over the same period. Revenue is expected to be 34,000 billion VND, up 7.4% over the same period, and after-tax profit is expected to be 400 billion VND, up more than 12 times over the previous fiscal year.
Scenario 2 targets an estimated total consumption output of 1,730 thousand tons, up 20.7% over the same period. Revenue is expected to reach VND36,000 billion, up nearly 14%, and after-tax profit is expected to reach VND500 billion, up more than 15 times over the previous fiscal year.
Thus, at the end of the first 9 months of the fiscal year, Hoa Sen completed 87.2% of the revenue plan according to scenario 1 and 82.4% according to scenario 2. Profits accordingly reached 174% and 139% of the fiscal year target, respectively.
According to an analysis report by KB Vietnam Securities Company in June, Hoa Sen would benefit the most in the event that anti-dumping measures on galvanized steel imported from China and South Korea are applied thanks to its No. 1 and No. 2 market shares in galvanized steel (28.4%) and steel pipes (12.4%).
In addition, domestic consumption is showing signs of recovery as consumption of galvanized steel and steel pipes increased by 29% and 28% respectively compared to the previous month. Domestic consumption is expected to recover strongly in the second half of this year thanks to the gradual recovery of the civil real estate sector, followed by newly implemented projects that will stimulate domestic steel demand.
Source: https://baodautu.vn/ong-le-phuoc-vu-duoc-mua-10-co-phieu-esop-cua-hoa-sen-d222295.html
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