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Tycoon Ho Xuan Nang |
The business of tycoon Ho Xuan Nang (Nang Do Thai) recorded record revenue after the artificial stone tycoon continuously launched tricks to save stock prices and faced competitors using Chinese technology.
Vicostone JSC (VCS) of Mr. Ho Xuan Nang has just announced its financial report for the second quarter of 2018 with a record revenue of nearly 1.2 trillion VND, up 10% over the same period. Gross profit from sales and service provision reached nearly 400 billion VND, up 23% over the same period.
Vicostone of tycoon Ho Xuan Nang recorded quite impressive results despite being affected by an exchange rate loss of more than 10 billion VND.
In the first 6 months, Vicostone recorded pre-tax profit of 605 billion VND, an increase of 15.6% over the same period last year.
Despite impressive business results, Vicostone's VCS stock has fallen sharply over the past 4 months, evaporating about 40%, from a peak of VND140,000/share (adjusted price) to VND88,000/share as of now.
This caused the wallet of Vicostone Chairman Ho Xuan Nang to shrink. Mr. Nang directly and indirectly owned about 120 million VCS shares. Therefore, at its peak, this tycoon had assets converted from VCS shares worth nearly 17 trillion VND (about 740 million USD).
However, at the present time (as of July 21), Mr. Ho Xuan Nang's assets are about 10.6 trillion VND (460 million USD). In other words, Mr. Nang's wallet has decreased by about 280 million USD.
Previously, in 2017, Vicostone's VCS stock increased dramatically by 2.5 times, making Mr. Ho Xuan Nang stand out more than ever. The owner of a "successor" enterprise of Vietnam Construction and Import-Export Joint Stock Corporation - Vinaconex (VCG) unexpectedly surpassed many businessmen and became the 5th richest person on the stock market, with a pocket of 600 million USD.
VCS shares recorded a peak of VND140,000/share (adjusted price) in early April 2018, when the VN-Index of the stock market was at its historical peak of 1,200 points.
Ho Xuan Nang, who was then in the top 5 richest people on the stock market, was one of the candidates who could become the next USD billionaire in Vietnam, after the USD billionaires who have been recognized such as: Pham Nhat Vuong, Nguyen Thi Phuong Thao, Tran Dinh Long, Tran Ba Duong, Nguyen Dang Quang.
Although at the 2018 Shareholders' Meeting, Mr. Ho Xuan Nang said that he never wanted to be on the list of dollar billionaires, this stone tycoon still quietly took actions to subsidize stocks.
After Vicostone lost nearly 50% of its value from its peak, the company registered to buy back 1.6 million treasury shares to support the price. Mr. Ho Xuan Nang also registered to buy 1.65 million VCS shares between July 13 and 31, 2018.
Mr. Ho Xuan Nang is considered one of the fastest-growing businessmen on the Vietnamese stock market after his company, Phoenix Green A&A JSC (Phenikaa), successfully acquired Vicostone and stabilized the company's operations after many years of turmoil in the Board of Directors.
At the end of 2014, Mr. Ho Xuan Nang - Vice Chairman and General Director of Vicostone announced that he owned 90% of the charter capital of the parent company Phenikaa, thereby becoming the most powerful person in both Phenikaa and Vicostone. This was the most classic M&A deal in Vietnam in 2014, when the leader of the subsidiary acquired the parent company.
In 2018, Vicostone aims to achieve VND5,290 billion in total revenue, an increase of 20% compared to 2017. Pre-tax profit is estimated at VND1,355 billion, an increase of 20.4%.
At the 2018 shareholders' meeting, Vicostone said it would have to face competitors using Chinese technology with cheaper input costs. Units from China have certain technological advances. The participation of these competitors could cause disruption in the market, affecting product prices. However, Mr. Ho Xuan Nang also said that experience is more important.
On the stock market, selling pressure is still quite high. In the session of July 20, two large stocks, Sabeco (SAB) of Thai billionaire Charoen Sirivadhanabhakdi and VietJet (VJC) of Vietnamese female billionaire Nguyen Thi Phuong Thao, were suddenly sold off at the last minute.
On the contrary, banking and securities stocks recovered quite impressively.
Foreign investors continued to net sell, focusing on Vingroup (VIC) of billionaire Pham Nhat Vuong. Foreign investors net sold more than 350 billion VND in the whole market.
At the end of the trading session on July 20, VN-Index decreased by 10.58 points to 933.39 points; HNX-Index increased by 2.03 points to 107.62 points. Upcom-Index decreased by 0.03 points to 50.59 points. Liquidity reached 260 million shares. Value reached more than 5.7 trillion VND.
Source: https://tienphong.vn/so-danh-ty-phu-usd-dai-gia-ho-xuan-nang-am-tham-tung-chieu-post1046311.tpo
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