Taseco Land shares (TAL) soared this morning, up 6.84% to a three-month high of 20,300 VND per share, following the broader real estate sector’s downward correction. This sudden surge propelled the market capitalization to over 6 trillion VND.
This surge in TAL shares came on the heels of the company’s announcement of an upcoming dividend payout. August 29 has been set as the record date for shareholders to receive a 15% cash dividend for 2023, equivalent to 1,500 VND per share.
With 297 million shares currently in circulation, the company will allocate approximately 445 billion VND in dividends. The majority shareholder, Taseco Group Joint Stock Company, holding 72.49% of the charter capital (over 215.3 million shares), is set to receive 323 billion VND in dividends. Shareholders can expect to receive the payout on September 12.
Established in 2006, Taseco Real Estate Investment Joint Stock Company, formerly known as An Binh Real Estate Investment Joint Stock Company, only listed its shares on the UPCoM in early 2024.
Taseco Land, a subsidiary of Taseco Group, primarily focuses on construction, investment, and development of real estate projects. The company currently owns and is researching over 40 projects, encompassing more than 2,000 hectares of land across various provinces. Their portfolio includes urban and tourism-oriented real estate in key tourist destinations, with plans to expand into service-oriented real estate such as industrial parks and golf courses.
According to the recently released PRIVATE 100 – Top 100 Private Enterprises with the Largest Budget Contributions in Vietnam by CafeF, Taseco Real Estate Investment Joint Stock Company ranked third among the top 10 private real estate companies, contributing over 2 trillion VND to the state budget.
Taseco Land’s foray into the real estate sector in 2016 began with projects in the Diplomatic Corps area, Tay Ho Tay (Hanoi). Since then, they have expanded their portfolio to include urban and residential projects in Quang Ninh, Nam Dinh, and Thanh Hoa, as well as mixed-use commercial and residential projects in Quang Ninh.
The Central Riverside project, located in the eastern part of Thanh Hoa city with a total land area of 15.66 hectares, played a significant role in the company’s budget contributions for 2023. In the third quarter of 2023, Taseco Land paid 1,200 billion VND in land use fees for this project.
Recently, the company’s board of directors approved the establishment of a subsidiary named Taseco Hai Phong, signaling their entry into the real estate market in Hai Phong city.
In the second quarter of 2024, Taseco Land reported a net profit of 2 billion VND, an 85% decrease from the previous year, despite doubling its net revenue to 599.3 billion VND. This decrease was attributed to reduced financial revenue and increased expenses.
For the first half of 2024, the company’s net revenue reached 908.4 billion VND, an increase of 81% year-on-year, while net profit decreased by 85% to over 2 billion VND.
Looking ahead to 2024, Taseco Land has set consolidated revenue and pre-tax profit targets of 3,040 billion VND and 614 billion VND, respectively, representing a 6% and 2% decrease from the previous year’s performance. The company aims to maintain the after-tax profit at the same level as last year, at 475 billion VND, and plans to pay dividends at a rate of 10-15%.
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