On August 28, 2024, the Hanoi Stock Exchange (HNX) published a document from DHA Investment Joint Stock Company (DHA Investment, DHA Corp) announcing periodic financial information for the semi-annual report of 2024.
Accordingly, as of June 30, 2024, the company’s equity was VND 978 billion, slightly down from the same period last year. The debt-to-equity ratio increased from 2.59 to 2.84 times; corresponding to nearly VND 2,778 billion in debt as of the end of the second quarter of 2024. Of this, bond debt stood at over VND 352 billion.
DHA Investment’s net profit for the first half of 2024 was over VND 327 million, down 88% from the net profit of nearly VND 2.5 billion in the same period last year.
According to information on HNX, on October 11, 2021, the enterprise issued bonds with the code DHACH2124001, with a value of VND 355 billion and a term of 36 months.
The purpose of the issuance was to acquire Mr. Vu Quoc Thai’s capital contribution at Minh Anh Real Estate Service Company Limited (Minh Anh Real Estate) to own 100% of its charter capital.
The collateral was DHA Investment’s capital contribution to Minh Anh Real Estate, with a 100% ownership stake; personal guarantee of Mr. Dang Hong Anh; and additional collateral of real estate that meets the conditions for recognition under the law within a maximum period of 2 months from the date the bondholder pays the full amount to the issuer.
VPBank was the sole subscriber to the aforementioned bond lot.
Regarding the DHACH2124001 bond lot, in the first half of 2024, DHA Investment made two interest payments totaling VND 17.8 billion.
DHA Investment pays bond interest. Source: HNX
Regarding DHA Investment, the enterprise was established in 2011, initially named Dang Hong Anh Consulting One Member Limited Company.
In June 2017, the company changed its name to DHA Consulting One Member Limited Company.
After several adjustments, as of January 2018, DHA Investment had a charter capital of VND 1,000 billion.
According to its website, DHA Investment focuses on three main sectors: Real Estate, Healthcare (DHA Healthcare), and Sports (DHA Golfzon).
In the real estate sector, the company introduces a series of projects such as: D-Island Eco-tourism Resort (Hon Dua, Phu Quoc); D-Felia (An Phu Dong Ward, District 12, Ho Chi Minh City); D-Aqua (District 8, Ho Chi Minh City); D-One Saigon (Go Vap District, Ho Chi Minh City); etc.
Notably, there is the D-Homme Project – a “golden land” commercial and residential project located at 765 and 751/8 Hong Bang, in the center of Hong Bang Street, District 6, Ho Chi Minh City.
D-Homme Project illustration. Photo: DHA Corp
The D-Homme Project is invested by Minh Anh Company (a company 100% owned by DHA Investment).
Minh Anh Company was established in June 2016, with its head office located at Hoang Van Thu, Ward 2, Tan Binh District, Ho Chi Minh City.
In March 2017, Minh Anh Company increased its capital from VND 20 billion to VND 500 billion and continued to increase it to VND 680 billion in April 2019.
According to a registration change in September 2019, the company’s chairman and owner was Mr. Vu Quoc Thai (born in 1989).
According to a registration change in July 2021, the owner section was left blank, and Mr. Vu Quoc Thai became the authorized representative of the VND 680 billion capital contribution at Minh Anh. Mr. Vu Quoc Thai is also known as the General Director of DHA Investment.
In October 2021, DHA Corp used its VND 680 billion capital contribution in Minh Anh Company (equivalent to 100% of Minh Anh’s capital) as collateral for the DHACH2124001 bond lot.
According to PV’s understanding, in August 2022, Minh Anh Company mortgaged the asset rights arising from the Project of Commercial and Residential Area at 765 and 751/8 Hong Bang as collateral for a loan from a bank.
Turning back to DHA Investment, in the latest registration change (February 2020), Mr. Dang Hong Anh is the company’s chairman and legal representative.
Mr. Dang Hong Anh is known as the son of Mr. Dang Van Thanh, Chairman of Thanh Thanh Cong Group (TTC Group), and Mrs. Huynh Bich Ngoc, Vice Chairwoman of TTC Group.
Businessman Dang Hong Anh is also known as Shark Hong Anh when participating in the Shark Tank Vietnam program, season 2.
In addition to DHA Corp, Mr. Hong Anh also holds the position of Chairman of the Board of Directors and legal representative of Thanh Thanh Cong Industrial Park Joint Stock Company.
Bach Hien
Foreign investors sell nearly 300 billion VND in the final trading session of the week, while strongly accumulating a real estate stock in the opposite direction.
In a fierce market session, foreign trading is a negative factor with net selling across all three exchanges.
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