SGR shares nearly doubled within 1 month

Saigonres's SGR shares have continuously fluctuated with large price fluctuations, currently at 48,200 VND/share, up 89% within 1 month.

Shares of Saigon Real Estate Corporation (Saigonres - stock code: SGR) opened the first session of the week in the green, up 3.3% compared to the reference price, to 48,200 VND. This is the 11th consecutive session that this stock has recorded a price fluctuation of over 3%. Previously, SGR experienced many sessions of alternating increases and decreases at the ceiling and floor prices.

Compared to the price range of 25,500 VND a month ago, the current price has nearly doubled and set a record since being listed on the stock exchange.

SGR's strong growth momentum was triggered from mid-August. During this period, SGR experienced 8 ceiling price sessions. After a rapid increase, this stock also reversed strongly in early September, but then regained momentum and continued to rise.

Stock liquidity has also skyrocketed in recent sessions. Trading volume used to fluctuate between 50,000 and 300,000 shares per session, but the average of the last 10 trading sessions recorded nearly 400,000 shares being traded. Particularly in the session on September 10, the matched volume reached 1.07 million units, equivalent to more than 45.1 billion VND.

The stock price soared despite the company's poor first-half business results compared to its self-audited financial report. Specifically, Saigonres' net revenue decreased by 21.4% after audit, from VND76.6 billion in the self-audited report to VND60.2 billion. Due to the decrease in revenue, when deducting the cost of goods sold, the gross profit was only VND25.4 billion instead of VND40.5 billion as in the previously published report. Business management expenses increased by 48.4% compared to before audit, to VND33.1 billion.

After adjusting the above items, Saigonres changed from a profit of VND 2.4 billion in the self-made report to a loss of VND 23.4 billion after auditing. The Board of Directors said the reason was due to the reduction in revenue from real estate transfer . This revenue will be transferred to the next period when it meets the conditions for recognition. In addition, the business management costs after auditing increased sharply due to the implementation of provisions for receivables as requested by the auditor.

Compared to the revenue target of VND 628 billion and profit after tax of VND 190 billion (up 48.1% compared to the actual implementation in 2023), Saigonres completed 9.6% of the revenue plan and is still far from the profit target.

At the time of setting out this plan, Saigonres leaders predicted that the market would improve from the second half of 2024 thanks to factors such as the removal of legal obstacles and difficulties of projects being actively resolved by authorities at all levels.

As of the end of June, Saigonres' total assets reached VND2,094 billion, an increase of VND46 billion compared to the beginning of the year and a decrease of VND13 billion compared to the self-reported report. Short-term items accounted for VND1,566 billion in the Corporation's asset structure. Of which, the company's cash and cash equivalents were more than VND79.6 billion.

Saigonres's liabilities are over VND1,202 billion, a slight increase compared to VND1,189 billion recorded in the self-made report. Short-term items account for the majority of the company's debt structure with over VND900 billion. Owner's equity is approximately VND891 billion, undistributed profit after tax is VND254 billion.

Source: https://baodautu.vn/co-phieu-sgr-tang-gan-gap-doi-trong-vong-1-thang-d225053.html