Investing in Funds: Buyers Still “Cautious”

Dragon Capital has returned to increase its ownership stake in PNJ, a leading jewelry company in Vietnam, surpassing the 6% threshold once again. On November 5th, 2024, Dragon Capital invested approximately VND 5 billion to purchase an additional 50,000 PNJ shares, bringing their total holdings to over 20 million shares, equivalent to a 6.01% stake.

This move comes as the retail and wholesale jewelry market is expected to improve in the fourth quarter of 2024, with the peak wedding season driving up demand for jewelry and wholesale customers preparing for the upcoming Lunar New Year.

On the same day, Dragon Capital sold 600,000 shares of PVD, a leading oil and gas drilling company in Vietnam. Following this transaction, the group is no longer a major shareholder in PVD, with their ownership stake falling below 5%, equivalent to nearly 28 million shares.

As of the close of the trading session on November 5th, PVD’s share price stood at VND 25,200 per share, reflecting a 28% decrease from its peak of VND 34,900 reached earlier in April. This also represents a 10% decline since the beginning of the year. Based on this share price, Dragon Capital is estimated to have generated over VND 15 billion from their divestment.

The reason for Dragon Capital’s departure as a major shareholder in PVD may be attributed to the misalignment between the share price performance and the company’s financial results.

For the first nine months of 2024, PVD recorded nearly VND 6.5 trillion in revenue and over VND 478 billion in net profit, representing increases of 61% and 25%, respectively, compared to the same period last year. The company attributed the profit increase to higher rig day rates and improved utilization of jack-up rigs.

For the full year 2024, PVD has set revenue and net profit targets of VND 6,200 billion and VND 380 billion, respectively. With the results of the first nine months, the company has already surpassed these targets, achieving 105% of the revenue target and 121% of the profit target.

Source: VietstockFinance

Khang Di

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