According to documents for the 2023 Annual General Meeting of Shareholders of Nova Consumer Group Joint Stock Company (NCG), scheduled to take place at the end of June, this year, due to the instability and fluctuations in pork prices, to minimize capital risks, the company will not expand its sow and fattening farms, focusing instead on maximizing the capacity of its currently leased farms to optimize costs.
The company will cut its losses in the chicken farming segment by transferring the leased farms to new investors, with the transfer expected to be completed in Q2/2023.
Given the challenging domestic macroeconomic environment, unfavorable global economic conditions, high inflation, and risks of slowing economic growth, the company has decided to temporarily suspend its farm expansion investment projects.
The company continues to maintain its market share in the veterinary medicine segment, leveraging the growth momentum from 2022 in the animal feed segment to gain further market share from competitors in 2023. This is the company's core business in the agricultural sector.
Regarding the consumer segment, with spending still being impacted by the combined effects of the pandemic and economic uncertainty, the company expects modest single-digit growth for the food and beverage segment.
In 2023, the company set a target of 5,628 billion VND in net revenue and 16.8 billion VND in after-tax profit, a decrease of 93% compared to the same period of the previous year.
Business news
The stock market also has several other important events for companies listed on the exchange.
* CII: Ho Chi Minh City Infrastructure Investment Joint Stock Company announced that Vietcombank has approved credit for CII's infrastructure projects to restructure the project cash flow. The total credit limit is over VND 9,340 billion, for two companies implementing the Hanoi Highway project and the Trung Luong - My Thuan BOT project.
* FMC : According to the updated business results report for May, Sao Ta Food Joint Stock Company recorded revenue of 10.9 million USD, a decrease of 44% compared to the same period last year. This is also the lowest monthly revenue since the beginning of 2022.
* YEG : The 2023 Annual General Meeting of Shareholders of Yeah1 Group Joint Stock Company approved the 2023 business plan, with revenue reaching VND 425 billion and after-tax profit expected at VND 30 billion, representing increases of 35.3% and 20.53% respectively compared to 2022.
* STG : Southern Logistics Joint Stock Company announces documents for its 2023 annual general meeting of shareholders with a revenue target of VND 3,180 billion and a record after-tax profit of VND 406 billion.
* VND : VNDirect Securities Joint Stock Company plans to propose to shareholders the payment of dividends for 2022 in shares. If the proposal is approved, 2022 will be the first year in six years, since 2016, that VND will not pay cash dividends to shareholders.
Transaction information
* CII: Ho Chi Minh City Infrastructure Investment Joint Stock Company announced the transfer of its entire stake in Saigon Water Infrastructure Joint Stock Company (SII). CII registered to sell all of its nearly 33 million SII shares from June 6th to July 5th. The number of shares expected to be transferred is equivalent to 50.62% of SII's capital.
* LCG : Mr. Nguyen Van Nghia, a member of the Board of Directors of Lizen JSC, has registered to sell 5 million LCG shares between June 8th and July 7th, aiming to reduce his ownership stake from 7.71% to 5.1%.
* HHV : On May 31st, Deo Ca Infrastructure Investment Joint Stock Company reported that Mr. Pham Dinh Thang is no longer a major shareholder due to the transfer of 3.5 million HHV shares to his wife, Ms. Tran Thi Ngoan.
VN-Index
At the close of trading on June 2nd, the VN-Index rose 1.15% to over 1,090 points, the HNX-Index increased 2.06 points (+0.92%) to 226.03 points, and the UPCoM-Index rose 0.45 points (+0.54%) to 83.96 points.
According to SHS Securities, the market recovered immediately after a slight correction, even though this was the T+3 session following a breakout. The market's upward momentum continues to be strong. The recovery session helps the market further consolidate its strength to continue the upward trend.
VDSC Securities predicts that the market will continue to rise to test the selling pressure around 1,080 points at the beginning of the next trading session. However, it is still necessary to be aware of the risk of increased selling pressure at this strong resistance level.
If selling pressure does not intensify significantly as the index approaches the 1,080-point resistance level, the VN-Index is likely to continue heading towards the next resistance zone of 1,090-1,100 points.
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