Investment management funds have been active in trading on the HCM Stock Exchange recently, focusing on mid-cap stocks (Photo: VNA) Hanoi (VNA) - Investment management funds havebeen active in trading on the HCM Stock Exchange recently, focusing on mid-capstocks.
VinaCapital last week purchased over 11.18million shares of An Duong Thao Dien Joint Stock Company (HAR), an equivalentof 11.06 percent of total outstanding shares, and became the second largestshareholder of the real estate developer after its chairman Nguyen Gia Bao.
Shares of HAR have increased by nearly fourfold this year, soaring from just 2,660 VND at the end of last year to 10,500 VND (0.46 USD) a share on October 31 with an average trading volume of nearly 1.4million shares per session.
Meanwhile, an investor group related toDragon Capital raised its stakes in Khang Dien Investment & Trading HouseJSC (KDD) to 17.63 percent, an equivalent of 57.8 million shares. Both GrinlingInternational Limited and Vietnam Enterprise Investments Limited bought acombined 3.8 million KDH shares last week.
In a related development last week,property fund Vietnam Ventures Ltd picked up 3.8 million KDH shares.
KDH’s share price has expanded 30 percentthis year, being traded at around 26,000 VND per share on the HCM StockExchange. The foreign holdings in the company have reached the limit of 49 percentafter recent active trades by foreign funds.
Besides KDH, Dragon Capital’s investorgroup also bought a big stake in Nam Kim Steel JSC (NKG). Amersham IndustriesLimited purchased 7.5 million NKG shares, lifting its holding here to 6.51 percent,while Aquila SPC Ltd and Idris Ltd bought 3 million NKG shares. Theseinvestment funds hold a combined 22.41 percent stake in the company.
This is part of total 30 million shares thesteelmaker issued to investors in a private placement last week. NKG’s share isbeing traded around 35,000 VND apiece, 30 percent higher than the selling priceof 27,000 VND a share in the private placement.
Dragon Capital’s funds offloaded shares ofanother steelmaker, Hoa Sen Group (HSG). Norges Bank sold 330,000 HSG shares,reducing its ownership to 4.96 percent and relinquishing its position as amajor shareholder of Hoa Sen Group.
In terms of business activities, Hoa SenGroup reported net revenue of 26.15 trillion VND and net profit of 1.33trillion VND in the fiscal year 2016-17 (from October 1, 2016 to September 30,2017), fulfilling 114 percent and 81 percent of its yearly goals, respectively.
Another foreign fund from Finland, PynElite Fund (Non-Ucits), has restructured its portfolio last week. It reducedholdings in two construction companies – Kinh Bac City Development ShareHolding Corp (KBC) and Hoa Binh Construction Group (HBC).
Pyn Elite Fund sold two million KBC shares,reducing its stake from 5.38 percent to 4.94 percent, while it offloaded854,900 HBC shares, decreasing its ownership from 14.08 percent to 13.32 percent.
Meanwhile, Pyn Elite Fund purchased sharesof Fecon Corp (FCN), Construction Investment Corporation 3-2 (C32) and Van Phat Hung Corp (VPH). It can be seen that the fund has reduced its investment inlarge-cap construction companies while shifting focus on to mid-cap firms. Theyare all mid-sized construction and real estate companies.
In the opposite direction, domesticinvestment funds such as Binh Dinh Investment and Development Fund sold nearly10.5 million shares of Binh Dinh Pharmaceutical and Medical Equipment JSC (DBD)after shares gained 49 percent in value since first trading on the UnlistedPublic Company Market (UPCoM) in January this year.-VNA
VNA
