According to information from Hoa Phat Group Corporation (code HPG), as of December 2023, the Hoa Phat Dung Quat 2 Iron and Steel Complex project has completed 40% of the progress, according to the set plan.

Dung Quat 2 has a scale of over 280 hectares, with a designed capacity of 5.6 million tons of steel per year, including 4.6 million tons of hot-rolled coil (HRC) and 1 million tons of special steel. The total investment capital of the project is VND85,000 billion (nearly USD3.5 billion). It is expected that this project will have its first hot-rolled coil products from the first quarter of 2025.

Dung Quat 2 project is a great ambition of billionaire Tran Dinh Long, compared by the head of Hoa Phat to the "iron fist" of the group.

Although the progress of the “iron fist” is only halfway, on March 3, speaking at the conference announcing the planning of Phu Yen province, Mr. Tran Dinh Long said that he will invest in 3 projects in the South Phu Yen Economic Zone, with a total scale of over 120,000 billion VND (equivalent to 4.8 billion USD).

These are the Bai Goc Port project (estimated at about VND24,000 billion); the Hoa Tam Industrial Park Infrastructure Investment and Business Project (about VND13,300 billion); and the Hoa Phat Iron and Steel Complex project at Hoa Tam Industrial Park (about VND86,000 billion).

This is a new strategy of billionaire Tran Dinh Long, as he continues to pour billions of dollars into mega projects. This shows that Mr. Long’s ambition has not stopped after the Dung Quat 2 mega project.

According to the content of the 2024 Annual General Meeting of Shareholders, Hoa Phat is expected to have the second consecutive year of not paying cash dividends. Instead, the company's Board of Directors proposed a plan to reward shares to shareholders at a rate of 10%. Hoa Phat will issue more than 581 million shares, aiming to increase its charter capital to VND63,962 billion.

In 2024, billionaire Tran Dinh Long's enterprise set a revenue target of VND 140,000 billion and after-tax profit of VND 10,000 billion, respectively increasing by 18% and 47% compared to 2023.

At the end of the trading session on March 12, HPG shares reached 30,200 VND/share.

Business News

The stock market has a number of other important events of listed companies.

* XMP: Xuan Minh Hydropower JSC announced documents for the 2024 Annual General Meeting of Shareholders, setting a target of strong growth in after-tax profit to nearly VND 8 billion, equivalent to an increase of 61%.

* CTS : Vietnam Joint Stock Commercial Bank for Industry and Trade Securities Corporation has just announced the draft document for the 2024 Annual General Meeting of Shareholders, with a pre-tax profit target of over VND 280 billion, an increase of 21% compared to the previous year and a dividend rate of 10%.

* SFI: SAFI Transport Agency JSC will submit to the annual general meeting of shareholders scheduled to be held on March 22 to cancel all of more than 1.73 million treasury shares to reduce charter capital and issue ESOP shares at a maximum rate of 5%.

* SBT: Ms. Huynh Bich Ngoc, Chairwoman of the Board of Directors of Thanh Thanh Cong - Bien Hoa Joint Stock Company, announced the registration to transfer 15 million shares. The transaction period is from March 14 to April 12. The expected buyers are units in the same ecosystem of the company.

* HJS: Nam Mu Hydropower JSC plans to spend nearly VND 21 billion to pay interim dividends for the first period of 2023, at a rate of 10%. The ex-dividend date is March 27 and is expected to be paid on April 10.

* SMC: Ms. Nguyen Ngoc Y Nhi, Vice Chairman of the Board of Directors and Deputy General Director of Finance - Accounting of SMC Investment and Trading JSC registered to buy 10 million shares, the transaction is expected to take place from March 15 to April 13.

* REE: According to the 2023 profit distribution plan, Refrigeration Electrical Engineering Corporation will pay 2023 dividends at a rate of 25%. Specifically, 10% in cash, expected to be implemented in April, and 15% in shares, expected to be implemented in 2024.

* PAT: Vietnam Apatite Phosphorus JSC plans for 2024 with total revenue of VND 1,678.54 billion, down 1.9% over the same period, expected after-tax profit of VND 230 billion, down 19.5% compared to the implementation in 2023 and expected dividend at a rate of 70%.

VN-Index

At the end of the trading session on March 12, VN-Index increased by 9.51 points (+0.77%) to 1,245 points, HNX-Index increased by 0.19 points (+0.08%) to 234.03 points, UpCOM-Index increased by 0.11 points (+0.12%), to 90.77 points.

According to Yuanta Vietnam Securities, the market may continue to fluctuate with alternating increases and decreases in the session on March 13.

The market is still in the short-term accumulation phase, so cash flow may continue to be differentiated between stock groups. Large-cap stocks may still face a short-term downtrend. Cash flow may continue to increase into mid- and small-cap stocks.

The decrease in liquidity during the recovery period shows that investors are not ready to return to the market. The correction period may still take place in the next session.

According to SHS Securities, the recovery session on March 12 did not change the assessment that the market's short-term growth momentum has weakened.

The VN-Index will continue to face the mid-term resistance level of 1,250 points. In case it regains this level, SHS also does not highly appreciate the possibility of the index forming a strong uptrend, but leans towards the trading scenario in the mid-term accumulation zone of 1,150-1,250 points.

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