There are nearly 1,000 billion VND of mature bonds , but Dai Thinh Phat Construction Investment Joint Stock Company's operating situation as well as its ability to pay bond principal and interest has not changed much. According to information published on HNX, Dai Thinh Phat is circulating 2 batches of bonds with a total value of nearly 1,000 billion VND, of which a batch of bonds worth 500 billion VND due on July 29 has been successfully extended. 1 more year. The remaining batch of bonds is worth nearly 472 billion VND due in August 2024.
Notably, in the difficult business context, Dai Thinh Phat's bond principal and interest payment situation is not positive. In 2023, Dai Thinh Phat can only pay more than 10.3 billion VND in interest for the two lots of bonds mentioned above.
Regarding the business situation, in 2022, the company reported a loss after tax of 4.8 billion VND. According to the newly published report, in 2023, the company recorded a profit after tax of 10.4 billion VND. However, compared to the amount of interest on delinquent bonds so far and the maturity of 2 batches of bonds worth nearly 1,000 billion VND, this number is not enough to reassure bondholders.
Or like the case of Hung Thinh Phat General Development Joint Stock Company, which has just reported to the Hanoi Stock Exchange (HNX) on the successful mobilization of a bond batch of 412 billion VND. This batch of bonds was issued and completed on July 17, has a term of 4 years with an interest rate of 12%/year. Previously, in March 2024, Hung Thinh Phat also completed the issuance of a batch of bonds worth VND 2,888 billion. Thus, in the last half year, Hung Thinh Phat has successfully mobilized a total of VND 3,300 billion through the bond channel.
Issuing a fairly large number of bonds, but according to information sent to HNX in May 2024, the company's loss was more than 230 billion VND. Also according to this report, Hung Thinh Phat's equity at the end of 2023 has reached 969 billion VND compared to 30.2 billion VND in 2022. The amount of debt payable by the business increased from nearly 19 billion VND. VND to 2,301 billion VND.
These are cases that are not difficult to find in the bond market with a quite similar image, a large bond issuance but the business results report only shows huge losses.
According to the credit rating agency (VIS Rating), the amount of high-risk bonds in 2024 will be worth about 40 trillion VND, significantly lower than the figure of 147 trillion VND for bonds with delayed principal repayment and New interest arising in 2023. Most high-risk bonds belong to businesses related to real estate or construction with weak cash flow, high debt ratio and cash source to repay due debt. very limited.
“In addition, we see that more than 60% of the value of high-risk bonds in 2024 will come from the group of "shell" companies, which have no core business activities but still issue bonds to raise capital. . These businesses have poor transparency and weak ability to repay debt, so they have a very high rate of delinquent bonds and are related to groups of businesses that are late paying bond principal and interest," VIS Rating's report clearly stated. .
VIS Rating data shows that more than half of the companies in this "shell" group have problems repaying debt. The most recognizable sign is that many businesses in this group do not have websites, demonstrating a lack of transparency in information disclosure. Meanwhile, the bond buyers of this group are mainly individual investors.
