Auctions of great value stocks
Industrial Development and Investment Corporation (Becamex IDC, BCM code - HOSE) announced the offering of shares to the public through the auction method on HOSE. Accordingly, BCM offered 300 million shares, with a starting price of VND 69,600/share (equivalent to the current BCM share price on the floor). If the auction is successful, Becamex IDC can earn at least 20,880 billion dong.
The public auction is expected to be implemented at the Ho Chi Minh Stock Exchange (HOSE) within 90 days after the effective offering registration certificate (from 3.2).
The proceeds from the offering of shares, the Corporation plans to use over 8.4 trillion dong to build the Truong Tru and Bau Bang industrial parks expanded, added to the Vietnam Industrial Park Joint Venture Co., Ltd. Nam-Singapore (VSIP). Becamex IDC also wants to use nearly VND 4.3 trillion mobilized capital to repay loans from banks. These are mainly short -term loans, according to information from financial statements.
Becamex IDC is currently the investor of Binh Duong new urban area project and a series of industrial parks with a scale of thousands of hectares. According to statistics, Becamex currently owns 6 industrial parks with an area of over 4,000 hectares. In addition, BCM also joined the joint venture with Singapore businesses to develop VSIP industrial park (BCM owned 49%). VSIP is a leading integrated industrial and urban area developer in Vietnam, including 12 projects across the country with a total area of more than 10,000 hectares.
BCM's capital use is still not as effective as expected
It can be seen that the industrial real estate giant mobilized capital in the middle of the context of Vietnam expected to benefit from the wave of production and production was promoted in the second term of US President Donald Trump. However, according to investors' assessment, global economic instability can cause risks to businesses such as the demand for real estate rental of industrial parks, the progress of the industrial park project is slow. .
Meanwhile, the Corporation itself has a high debt/equity ratio, high debt scale and business efficiency on low -invested capital of BCM is also a factor that makes investors official. hesitate.
It is also part of the reason why Becamex IDC has witnessed 2 sluggish stocks in the late 2017 period to the beginning of 2018, when the successful offer is only 6% at 31,000 VND/share. .
The newly released 2024 financial statements of Becamex IDC shows that, in the fourth quarter of 2024, Becamex IDC recorded a net revenue of nearly 2,000 billion VND, down 60% over the same period, due to the main revenue from the business segment. Real estate and real estate investment decreased by 71% to more than VND 1,334 billion; While construction revenue is nearly 183 billion dong, 8.7 times.
Although financial revenue increased by 31% to nearly 26 billion, it was not significant. Thereby, Becamex IDC cannot avoid you backward when net profit decreased by 33% to VND 1,370 billion. However, this is the best result in 4 quarters of 2024.
The year accumulated, net revenue of more than 5,195 billion dong, down 34% and profit of more than 2,105 billion dong, down 13% compared to the previous year. Compared to the plan, this giant industrial park in Binh Duong has just implemented 60% and 98% respectively.
By the end of the fourth quarter of 2024, the total asset of Becamex IDC was more than 58,777 billion VND, an increase of 10% compared to the beginning of the year. Accounting for a large proportion of the asset structure of more than 21.206 billion dong, accounting for 36%, up 7%. Enterprises are also sending banks 2,500 billion dong, up 78% compared to the beginning of the year.
Liabilities were nearly 38,298 billion dong, up 13%. In particular, the total short -term and long -term debt is over 23,600 billion dong, up 20% and accounting for 62% of the total debt. Most of the bond debt is more than 12,700 billion dong, with nearly 800 billion dong of bonds. This shows that the capital demand to pay the loan of Becamex IDC is very large.
Another problem that is being monitored by investors is the story of state divestment in Becamex IDC. Regarding the structure of shareholders, the largest shareholder at Becamex IDC is the People's Committee of Binh Duong province with the ownership rate of 95.44% of charter capital. However, in June 2024, the People's Committee of Binh Duong province decided to reduce the ratio of state capital at Becamex IDC from 95.44% to 65% until the end of 2025.
