The Board of Directors of International Dairy Products Joint Stock Company (code: IDP) has just approved a plan to issue nearly 1.2 million shares under the employee stock option program (ESOP).
According to International Milk, the subjects eligible to buy shares are the company's leaders and employees. These shares will be restricted from transfer for one year from the date of the end of the issuance.
The purchase of ESOP shares of International Milk is expected to be implemented in the fourth quarter of 2023 or the first quarter of 2024.
With the issuance price of VND10,000/share, equivalent to VND12 billion, International Milk plans to use this revenue to supplement working capital. If the issuance is successful, International Milk's charter capital is expected to increase to more than VND625 billion.
Notably, the issuance price is much lower than the market price of IDP shares. At the end of the session on November 23, the market price of IDP shares on UPCoM reached VND257,500/share. Thus, International Milk employees are benefiting more than 25 times.
International Milk is known for its canned milk brands Kun, Ba Vi and LIF (love in farm).
Regarding business performance, in the third quarter, International Milk Joint Stock Company recorded revenue of VND1,646 billion, a slight increase of 1% over the same period. As a result, International Milk's profit after tax was VND255 billion, an increase of 33% over the same period.
Accumulated in the first 9 months of the year, International Milk's revenue and after-tax profit reached VND4,978 billion and VND708 billion, respectively, up 13% and 10% over the same period.
In 2023, International Milk plans to do business with revenue of VND 7,141 billion and profit after tax of VND 776 billion, up 17% and down 4% respectively compared to the results in 2022. Thus, the company has completed more than 91% of the annual profit target.
Business News
The stock market has a number of other important events of listed companies.
* HSG: Ho Chi Minh City Stock Exchange (HOSE) said that Mr. Tran Ngoc Chu, Executive Vice Chairman of the Board of Directors of Hoa Sen Group Corporation, registered to sell 1.5 million HSG shares from November 27 to December 22 by order matching and negotiation.
* PNJ: In October 2023, Phu Nhuan Jewelry Joint Stock Company recorded net revenue of VND 3,008 billion and profit after tax of VND 193 billion, up 2% and 32% respectively over the same period.
* DDG: Mr. Yang Tuan An - In charge of Company Administration, and son of Ms. Tran Kim Sa - Member of the Board of Directors and General Director of Dong Duong Import-Export Industrial Investment Joint Stock Company - registered to sell all 1 million DDG shares he is holding.
* TCB: On November 22, Ms. Nguyen Thi Thanh Tam, mother of Mr. Ho Hung Anh - Chairman of Techcombank - wanted to sell all 174.13 million shares, equivalent to 4.95% of capital divestment to Mr. Ho Hung Anh's 3 children. The transaction is expected to be carried out by order matching on the stock exchange and negotiation, between November 28 and December 21.
* THG: From November 7 to November 20, Gia Thy Investment Joint Stock Company, an organization related to Mr. Pham Van Hau, an independent member of the Board of Directors of Tien Giang Investment and Construction Joint Stock Company, has just sold 400,000 THG shares to reduce ownership from 4.18% to 2.44% of charter capital.
* DPG: Dat Phuong Group Corporation approved a plan to lend Dat Phuong Son Tra Hydropower Joint Stock Company a maximum of VND 500 billion, with a loan term of 1 month to serve production and business activities.
* TEG: Truong Thanh Energy and Real Estate Joint Stock Company has announced the public offering of 48 million common shares at an offering price of VND 10,000/share. The time for registration and payment for shares is from December 14, 2023 to January 18, 2024.
* AIC: Aviation Insurance Corporation still had a net profit of more than 6 billion VND thanks to financial profit 11.6 times higher than the same period, reaching nearly 67 billion VND, of which interest from deposits was more than 4 times higher, reaching 30 billion VND.
* BWE: In 10 months, Binh Duong Water and Environment Corporation - Biwase recorded total revenue of VND 2,941 billion and after-tax profit of VND 536 billion, down 6% and 7% respectively over the same period and achieved 74% of the yearly plan.
VN-Index
At the end of the trading session on November 23, VN-Index decreased by 25.33 points (-2.27%) to 1,088.49 points, HNX-Index decreased by 5.95 points (-2.58%) to 224.54 points, UpCOM-Index decreased by 1.09 points (-1.26%) to 84.95 points.
According to Yuanta Vietnam Securities Company (FSC), the market is showing signs of entering a short-term accumulation phase, so stock groups may differentiate, and indices may move sideways around current levels with low liquidity. In addition, the sharp decline in sentiment indicators shows that investors are more cautious with current market developments.
The short-term trend of the general market has been downgraded from UP to NEUTRAL. Therefore, FSC recommends that short-term investors continue to hold their current portfolios and temporarily stop buying.
Vietcombank Securities Company (VCBS) recommends that investors consider increasing the proportion of cash, quickly realizing profits for stocks that are available and have achieved profitability in the recent recovery to preserve achievements. At the same time, patiently wait for the market to stabilize with the level of intra-session volatility narrowing before deciding to increase the proportion of stocks.
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