Business activities of securities companies in September 2023Saturday, September 30,2023
AsemconnectVietnam - Tan Viet Securities (TVSI) escaped special control; APG Securities divested all capital at Angimex; Bao Viet Securities (BVS) is about to finalize the list of shareholders to receive cash dividends at a rate of 10%.
Tan Viet Securities
On September 15, the State Securities Commission (SSC) decided to end the special control status of Tan Viet Securities Joint Stock Company (TVSI).
Previously, the State Securities Commission put Tan Viet Securities under special control on the grounds that the financial safety ratio report dated December 31, 2022 prepared by the company was not audited. The special control period is from May 18 to September 17.
Currently, the enterprise has published its audit report, so the State Securities Commission decided to end the special control situation because the company has overcome the cause.
According to TVSI's 2023 semi-annual reviewed financial statements, the after-tax loss is up to VND336 billion, a large difference compared to the profit of VND24 billion on the self-made financial statements.
Business indicators after review have almost no change. The big difference between reviewed and self-prepared financial statements in business management costs. After review, business management costs were VND377 billion, nearly 38 times higher than self-funded and nearly 14 times the same period, mainly due to an increase in provisions for bond repurchase contracts of nearly VND398 billion.
At the end of August, TVSI just announced its 2022 audited financial report with profit after tax of VND148 billion, down 62% compared to its own report. According to TVSI's explanation, this significant difference is due to the company's additional accounting of costs for re-evaluating financial assets through profit/loss (FVTPL), provisions for bad debts, and expense provisions. Other payables total is VND244 billion.
Notably, TVSI recorded VND18,800 billion of bonds that have not been repurchased and are overdue, of which VND14,800 billion is unpaid.
On the other hand, the auditor noted that as of November 2, 2022, TVSI's deposit balance at Saigon Commercial Joint Stock Bank (SCB) is about VND1,609 billion, including investor deposits to serve securities transaction payment needs about VND879 billion, TVSI's deposits serving other payment obligations for customers are about VND730 billion that cannot be traded.
The audit opinion also stated that TVSI has spent VND74.6 billion on salaries set aside as provisions according to regulations from 2021, causing pre-tax profit in 2022 to increase correspondingly. At the same time, at the end of 2022, the company has made a provision for salaries payable according to regulations of VND34.1 billion, this amount will be paid in 2023, causing pre-tax profit in 2022 to be correspondingly reduced.
On September 13, APG Securities Joint Stock Company (code APG) sold nearly 1.5 million AGM shares of An Giang Import-Export Joint Stock Company (Angimex) to reduce its ownership from 8.17%, down to 0% of charter capital.
After the transaction, APG Securities is officially no longer a shareholder at Angimex.
APG's move to divest capital took place before AGM shares were suspended from trading. Specifically, the Ho Chi Minh City Stock Exchange (HOSE) has decided to change AGM shares from restricted to suspended trading from September 18, 2023. The reason is because AGM continues to violate information disclosure regulations and has not published its 2023 semi-annual financial statements.
In addition, AGM shares are also under warning due to accumulated losses as of December 31, 2022 on the 2022 audited consolidated financial statements of nearly VND71 billion.
Explanation of the suspension of trading of shares by AGM due to the change of auditing unit from July 5, 2023 according to the resolution of the General Meeting of Shareholders to overcome the delay in submitting 2022 financial statements, the company and the audit unit have put all their efforts into completing the 2022 audited financial report, leading to a lack of resources to complete the 2023 semi-annual reviewed financial report.
Bao Viet Securities
Bao Viet Securities Joint Stock Company (code BVS – HNX) approved the 2022 dividend payment plan, expected payment time is October 20, 2023.
Bao Viet Securities said that on October 9, it will finalize the list of shareholders to pay 2022 dividends in cash at a rate of 10%, corresponding to shareholders owning 1 share will receive VND1,000 and expected payment time is October 20,2023.
With 72.2 million outstanding shares, it is estimated that Bao Viet Securities will pay a total of about VND72.2 billion in this dividend payment.
In terms of business activities, in the second quarter of 2023, Bao Viet Securities recorded total revenue of VND237.29 billion, an increase of 1.2% over the same period and profit after tax recorded VND79.31 billion, increased 403.9% over the same period last year.
During the period, total costs decreased by 45.1% over the same period, corresponding to a decrease of VND72.15 billion, to VND87.79 billion; Financial revenue decreased by 54.5%, equivalent to a decrease of VND12.34 billion, to VND10.29 billion; Total financial costs decreased by 17.1%, equivalent to a decrease of VND6.62 billion, to VND32.14 billion; Management costs decreased by 18%, equivalent to a decrease of VND6.95 billion, to VND31.66 billion.
In the total revenue structure, profits from financial assets recorded through profit/loss (FVTPL) recorded an increase of 69.3%, corresponding to an increase of VND18.28 billion, to VND44.64 billion; Profit from held-to-maturity (HTM) investments recorded an increase of 58.7%, equivalent to an increase of VND8.16 billion, to VND22.06 billion; Interest from loans and receivables decreased by 9.6%, equivalent to a decrease of VND10.13 billion, to VND95.71 billion; Securities brokerage revenue decreased by 10.6%, equivalent to a decrease of VND8.47 billion, to VND71.77 billion...
Thus, in the second quarter of 2023, proprietary trading activities contributed positively, brokerage and margin lending activities have not yet grown again.
In terms of cost structure in the second quarter, losses on financial assets recorded through profit/loss (FVTPL) decreased by 76% over the same period, corresponding to a decrease of VND59.87 billion, to VND18.9 billion; Brokerage costs increased slightly by 1.8%, equivalent to an increase of VND0.98 billion, to VND55.79 billion...
Explaining the profit growth in the second quarter of 2023, Bao Viet Securities said that due to revenue from reduced differences in revaluation of FVTPL financial assets, it increased by VND21.5 billion (1,763%) over the same period, while costs from differences in revaluation of FVTPL financial assets decreased by VND51.5 billion (down 95.9%).
Cumulatively in the first half of 2023, Bao Viet Securities recorded total revenue of VND375.09 billion, down 22.5% over the same period and profit after tax recorded VND106.6 billion, up 66.3% compared to implementation in 2022.
In 2023, Bao Viet Securities approved a plan for total revenue of VND768.5 billion and after-tax profit of VND155.7 billion. Thus, by the end of the first half of 2023, Bao Viet Securities completed 68.5% of the year's profit plan.
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Business activities of banks in September 2023
APG Securities divested all capital at Angimex
Hoang Anh Gia Lai (HAG) recorded VND660 billion net revenue in August, up 47%
Tan Viet Securities (TVSI) escaped special control
Bao Viet Securities (BVS) is about to finalize the list of shareholders to receive cash dividends at a rate of 10%
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