Saigonres' SGR shares have been fluctuating wildly, currently trading at around 48,200 VND per share, up 89% in the past month.
Shares of Saigon Real Estate Corporation (Saigonres - ticker: SGR) opened the week in positive territory, rising 3.3% from the reference price to 48,200 VND. This marks the 11th consecutive session in which the stock has seen price fluctuations exceeding 3%. Prior to this, SGR experienced several sessions of alternating increases and decreases at both the ceiling and floor prices.
Compared to the price of 25,500 VND a month ago, the current price has almost doubled and set a new record since its listing on the stock exchange.
SGR's sharp upward trend was triggered in mid-August. During this period, SGR experienced eight consecutive sessions of hitting the upper limit. After this rapid increase, the stock also reversed sharply in early September, but then regained its upward momentum and continued to rise.
Stock liquidity has also surged in recent sessions. Previously, trading volume typically ranged from 50,000 to 300,000 shares per session, but the average trading volume over the last 10 sessions has seen nearly 400,000 shares change hands. Notably, on September 10th, the trading volume reached 1.07 million units, equivalent to over 45.1 billion VND.
Share prices surged despite the company's less-than-favorable first-six-month business results compared to its self-reported financial statements. Specifically, Saigonres' net revenue decreased by 21.4% after the audit, from VND 76.6 billion in the self-reported figure to VND 60.2 billion. Due to the decrease in revenue, after deducting the cost of goods sold, gross profit only reached VND 25.4 billion instead of VND 40.5 billion as previously reported. Business management expenses increased by 48.4% compared to pre-audit figures, reaching VND 33.1 billion.
After adjusting the aforementioned items, Saigonres's reported profit of VND 2.4 billion in the self-prepared report turned into a loss of VND 23.4 billion after the audit. The management stated that the reason was a downward adjustment in revenue from real estate transfers . This revenue will be carried over to the next period when it meets the recognition criteria. In addition, administrative expenses increased significantly after the audit due to the provision for doubtful receivables as requested by the auditors.
Compared to the revenue target of VND 628 billion and after-tax profit target of VND 190 billion (a 48.1% increase compared to 2023), Saigonres has achieved only 9.6% of its revenue plan and is still far from its profit target.
At the time this plan was formulated, Saigonres' leadership predicted that the market would improve from the second half of 2024 thanks to factors such as the removal of legal obstacles and the difficulties of projects being actively addressed by all levels of government.
As of the end of June, Saigonres' total assets reached VND 2,094 billion, an increase of VND 46 billion compared to the beginning of the year but a decrease of VND 13 billion compared to the self-prepared report. Short-term items accounted for VND 1,566 billion in the company's asset structure. Of this, cash and cash equivalents amounted to over VND 79.6 billion.
Saigonres' liabilities amounted to over VND 1,202 billion, a slight increase compared to VND 1,189 billion recorded in the self-prepared report. Short-term liabilities accounted for the majority of the company's debt structure, exceeding VND 900 billion. Equity was approximately VND 891 billion, and undistributed after-tax profits reached VND 254 billion.
Source: https://baodautu.vn/co-phieu-sgr-tang-gan-gap-doi-trong-vong-1-thang-d225053.html
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