Pinaco (PAC) - Company linked to leader 'buys the dip' in stock, profits 10 billion VND.

The organization associated with Pinaco's leadership successfully "bought the dip" in PAC shares.

Recently, Saigon 3 Jean Co., Ltd., an organization related to Mr. Nguyen Quoc Viet, a member of the Board of Directors of Southern Battery Joint Stock Company - Pinaco (PAC), sold all 3 million PAC shares it owned. Notably, these shares had only been purchased by 3 Jean 15 days prior to the sale.

Specifically, from December 14th, 2023 to December 15th, 2023, Saigon 3 Jean Co., Ltd. purchased 3 million PAC shares to increase its ownership from 0 to 3 million shares, equivalent to 6.46% of the charter capital.

Just 15 days later, Saigon 3 Jean registered to sell all 3 million PAC shares, reducing its ownership from 6.46% to 0% of the charter capital. The transaction was carried out from December 28, 2023 to December 29, 2023.

Pinaco PAC, a company affiliated with the leadership, sold shares worth 10 billion VND in 15 days (Figure 1). — Pinaco (PAC), an organization linked to its leaders, engaged in short-term stock trading, earning tens of billions of dong in profit within 15 days (Photo: Provided).

It is noteworthy that, through these transactions spanning just 15 short days, Saigon 3 Jean is estimated to have profited nearly ten billion VND by successfully "buying at the bottom" of PAC shares. This transaction would not have been particularly noteworthy if Saigon 3 Jean were not an entity linked to Mr. Nguyen Quoc Viet, a member of the Board of Directors of PAC.

According to records, on December 14, 2023, more than 2 million PAC shares were traded via negotiated transactions with a total value of nearly 44 billion VND. On December 15, 2023, nearly 1 million more PAC shares were traded, equivalent to a value of nearly 21.8 billion VND. This volume of shares is equivalent to the amount of shares purchased by Saigon 3 Jean.

By December 28, 2023, 3.32 million PAC shares had been traded with a total value of VND 84.2 billion. This volume of shares corresponds to the number of shares that Saigon 3 Jean sold. Thus, it is estimated that in just 15 days, Saigon 3 Jean profited nearly VND 10 billion simply by buying and selling PAC shares.

Revenue fell by 22%, falling behind the annual business plan.

Regarding business performance, Pinaco's Q3 2023 financial statement shows net revenue of VND 672.8 billion, a decrease of 22% compared to last year. Pinaco explained that this was due to a decline in battery sales revenue. Gross profit amounted to VND 95.7 billion, equivalent to a gross profit margin of approximately 14.2%.

After deducting all expenses, the company's after-tax profit was VND 80.3 billion, a decrease of 49% compared to the same period last year. Compared to the business targets set at the beginning of the year, PAC has only achieved 71% of its annual profit target and is currently behind schedule.

It should be noted that Pinaco still failed to meet its targets despite adjusting its business objectives downwards, with revenue decreasing to VND 3,600 billion and pre-tax profit to VND 145 billion.

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