HoSE-listed Song Hong Garment JSC (MSH: HoSE) has recently approved a plan to increase its charter capital in 2025 by issuing bonus shares to raise equity capital from ownership sources, according to a resolution of the Annual General Meeting of Shareholders on April 26, 2025.
Accordingly, Song Hong Garment plans to issue over 37.5 million bonus shares, equivalent to a 2:1 ratio (50%). The source of funding will come from undistributed post-tax profits as of December 31, 2024, as per the audited financial statements.
The additional shares issued will not be restricted for transfer, and the issuance is expected to take place in 2025, after the SSC confirms the complete dossier. Following the issuance, Song Hong Garment’s charter capital will increase from over VND750 billion to VND1,125 billion.
For 2025, Song Hong Garment targets revenue of VND5,500 billion and pre-tax profit of VND600 billion, up 4% and 11%, respectively, from 2024. This profit target is a record high. The company plans to maintain a cash dividend ratio of between 30-45%, depending on business results.
In the first quarter of 2025, Song Hong Garment recorded revenue of VND1,036 billion and pre-tax profit of VND109 billion, up 34% and 75%, respectively, year-on-year. With these results, the company has achieved 19% of its annual plan.
Song Hong Garment currently has the highest export revenue to the US in the garment industry, at around 80% in 2024. At the 2025 Annual General Meeting of Shareholders, the management acknowledged the risk of order cuts due to trade tensions but noted that the company is receiving additional orders shifted from China.
Song Hong Garment has secured enough orders until the end of the year and expects that negotiation results between governments will help ease tax pressure. The company’s leadership affirmed that they will not adjust the 2025 financial plan and will maintain the growth targets and dividend policy.
On the stock market, MSH shares are currently trading around VND46,000 per share, down 11% since the beginning of the year.
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