Vietnam Airlines postpones 2023 shareholders' meeting for the fourth time

According to Vietnam Airlines, the reason for postponing the 2023 Annual General Meeting of Shareholders is that preparations have not been completed.

This is the fourth time the airline has postponed its annual shareholders' meeting.

Currently, Vietnam Airlines has not announced its audited financial statements for 2022 or its semi-annual financial statements for 2023. Vietnam Airlines' HVN shares are currently subject to trading restrictions.

In the separate financial report, the profit after tax in the third quarter of 2023 was negative VND 1,760 billion, down compared to the same period last year. According to the consolidated financial report, HVN's profit after tax was negative VND 2,203 billion, while in the same period last year it lost VND 2,545 billion.

Vietnam Airlines said it has completed the restructuring project for the 2021-2025 period and reported it to shareholders and competent authorities for approval. According to the project, in 2023 and the following years, the Corporation will synchronously implement solutions to overcome the situation of consolidated losses and negative consolidated equity.

That is to enhance adaptation and improve business performance, restructure assets and financial investment portfolio to increase income, cash flow and prepare necessary conditions to implement the plan to issue shares to increase equity after being approved by competent authorities.

Listed company news

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

* MWG : According to the report of Mobile World Investment Corporation, the preliminary revenue in October 2023 reached more than 11,000 billion VND. Of which, the two chains Mobile World and Dien May Xanh recorded revenue of about 7,600 billion VND, an increase of more than 5% compared to the previous month. The Bach Hoa Xanh chain exceeded 3,000 billion VND.

* QCG: Quoc Cuong Gia Lai Joint Stock Company announced the decision of the Gia Lai Provincial Tax Department on administrative penalties for tax violations. Through regular annual tax audits, the tax authority needs to collect more than VND 556 million in tax from QCG according to the tax policy for 2021 and 2022.

* KDC : Kido Group Corporation was fined 117.5 million VND for violating the disclosure of corporate bond information.

* FLC : FLC Group Corporation issued a resolution to convene the 2023 Extraordinary General Meeting of Shareholders. The meeting reported on the restructuring results and business plan for 2024, along with other matters under the authority of the General Meeting of Shareholders. The list of shareholders will be finalized on December 1.

* TGG : The Golden Group Corporation passed a resolution to lend 600 million VND to Construction and Investment Consulting Corporation (CIC), for a term of 1 year, with an interest rate not higher than 8%/year.

* ITA : Saigon - Mekong Urban Investment Corporation has agreed to sell all of nearly 32 million shares of Tan Tao Investment and Industry Corporation from October 26 to November 10. After the transaction, this company is no longer a shareholder at ITA.

* VNE : From October 12 to November 9, Malblue JSC, a major shareholder, sold a total of nearly 2.5 million shares of Vietnam Electricity Construction Corporation. After the transaction, Malblue still holds 4 million shares and is no longer a major shareholder.

* MHC : On November 10, Ms. Duong Thi Hong Hanh sold 1 million shares of MHC JSC. After this transaction, Ms. Hanh is no longer a major shareholder.

VN-Index

At the end of the session on November 13, VN-Index decreased slightly by 1.61 points (-0.15%) to 1,100.07 points. Total trading volume reached 789.44 million units, worth VND 16,040.78 billion.

HNX-Index decreased 0.54 points (-0.24%) to 226.11 points. Total matched volume reached 92.31 million units, worth VND1,731.94 billion.

UPCoM-Index decreased 0.06 points (-0.06%) to 85.98 points with 136 stocks increasing and 126 stocks decreasing. Total matched volume reached 28.17 million units, worth 384.76 billion VND.

Market commentary: Yuanta Vietnam Securities believes that the market may continue to move sideways and fluctuate within a narrow range in the next session. At the same time, the market is still in a short-term accumulation phase. VN-Index may not be able to surpass the resistance level of 1,125 points in the next few sessions.

On the positive side, low liquidity during the correction session suggests that short-term selling pressure is not too great and the market may soon end its short-term correction. In addition, the short-term sentiment indicator continues to rise, suggesting that investors remain optimistic about the current market performance.

The short-term trend of the general market remains bullish. Therefore, short-term investors are advised to continue taking advantage of the correction to increase their stock holdings and make new purchases.

Vietcombank Securities (VCBS) recommends that investors stay close to the market, especially in the short-term support area around 1,085-1,090 points to take advantage of fluctuations and disburse to buy stocks at better discounted prices.

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