Angimex shares hit the ceiling continuously

The business results for the first half of 2024 showed a heavy loss, but AGM shares of An Giang Import-Export Joint Stock Company (Angimex) have just hit the ceiling for 3 sessions, approaching the price of 3,500 VND.

AGM shares continued to open this morning’s trading session (September 12) in purple, bringing the market price to its highest level in more than 2 months. The matched volume before lunchtime reached more than 68,000 shares, while the remaining buy orders at the ceiling price were more than 360,000 shares.

This is the fourth consecutive increase of Angimex, including 3 ceiling price sessions. The increase series brought the market price from 2,820 VND to 3,470 VND. This stock has become one of the rare codes on the Ho Chi Minh City Stock Exchange that continuously goes against the market trend to increase strongly. However, compared to the price range at the beginning of the year of 6,300 VND, the market price is still losing nearly 45%. The company's market capitalization has also decreased by half, to only 63 billion VND.

This increase coincided with the time when Angimex's leaders informed about the roadmap to overcome the situation of securities being controlled. Previously, at the end of August, the Ho Chi Minh City Stock Exchange decided to put AGM under control from September 10 because accumulated losses exceeded the actual charter capital in this year's semi-annual consolidated financial report.

In a written statement yesterday (September 11), Mr. Huynh Thanh Tung, General Director of Angimex, said that the company is implementing many solutions to remove the shares from control. Specifically, Angimex continues to seek professional securities investors to carry out procedures for issuing individual shares to increase the scale of equity, thereby supplementing working capital for production and business activities and overcoming the situation of accumulated losses exceeding the actual contributed charter capital.

In addition, the company also carried out comprehensive restructuring through optimizing the management apparatus, streamlining personnel, urging the collection of bad debts and liquidating assets.

Angimex's board of directors is also considering issuing private shares to convert bond debt into shares for bondholders, thereby increasing charter capital and improving the financial situation. The board of directors added that to overcome the situation of controlled shares, the company will explain and report the situation quarterly and will not violate regulations on information disclosure on the stock market.

In the first half of this year, Angimex recorded revenue of VND151 billion, down more than half compared to the same period last year. Most of the revenue came from the sale of food and rice seeds. During this period, the company no longer recorded revenue from the sale of spare parts and motorbikes.

The company's gross profit was less than 1 billion VND, so after deducting a series of expenses such as interest, sales, business management, etc., the company reported a loss after tax of up to 99.4 billion VND, while in the same period last year this figure was less than 58 billion VND. The huge loss in the first half of the year increased the undistributed accumulated loss to 259 billion VND, thereby causing negative equity of 77 billion VND.

The company's total assets currently reach VND1,165 billion, a slight decrease compared to the beginning of the year. Liabilities exceed assets by up to VND1,242 billion, most of which are short-term debts.

Angimex set a target of VND1,742 billion in revenue and VND5 billion in pre-tax profit this year. This target is much better than the business results of last year when revenue was only VND788 billion and pre-tax loss was more than VND221 billion.

Angimex was once considered a member of Mr. Do Thanh Nhan’s “Louis ecosystem”. After Mr. Nhan was arrested in mid-2022, the company had many high-level leadership changes and its stock price plummeted from the peak of over 60,000 VND to the current level.

Source: https://baodautu.vn/co-phieu-angimex-tang-tran-lien-tiep-d224731.html