AsemconnectVietnam - VIX Securities (VIX) plans to issue shares at a rate of 20%; Vietcap Securities (VCI) increase capital by 30% from equity and issue a maximum of 20% in private placement; DSC Securities (DSC) estimates VND70 billion profit in Q1/2024; DNSE plans to pay 5% cash dividend.

VIX Securities (VIX)
With favorable business and growth in 2023, VIX Securities Joint Stock Company (code VIX - HOSE exchange) plans to pay dividends and stock bonuses.
VIX Securities approved the payment of dividends in 2023 in shares at a rate of 10% and issuance of shares to increase share capital from equity sources at a rate of 10%.
Thus, it is estimated that the Company will issue additional shares at a rate of 20%, corresponding to shareholders owning 100 shares will receive 20 new shares.
In addition, March 15 is also the ex-rights day to finalize the list of shareholders attending the 2024 Annual General Meeting of Shareholders, which is expected to be held in Hanoi.
In terms of business activities, in 2023, VIX Securities recorded total revenue of 1,623.96 billion VND, an increase of 36.8% over the same period, profit after tax reached 966.4 billion VND, an increase of 209.8 % over the same period. Of which, total costs decreased by 47.9% over the same period, corresponding to a decrease of VND361.23 billion, to VND393.59 billion.
It is known that by the end of 2023, VIX Securities approved a plan to increase pre-tax profit to VND1,150 billion, an increase of 70.1% compared to the plan at the beginning of the year (pre-tax profit plan at the beginning of the year was VND676 billion); and raised the after-tax profit plan to VND920 billion, an increase of 70.4% compared to the plan at the beginning of the year (at the beginning of the year, the Company planned VND540 billion profit after tax in 2023).
Thus, by the end of 2023, with profit after tax reaching VND966.4 billion, VIX Securities has completed 105% of the profit plan of VND920 billion.
VIX Securities Joint Stock Company (code VIX - HoSE) announced the documents of the 2024 Annual General Meeting of Shareholders, the meeting is scheduled to be held on April 12 in Hanoi.
In 2024, VIX Securities plans a pre-tax profit of VND1,320 billion, an increase of 10% over the same period and an expected profit after tax of VND1,056 billion, an increase of 9% compared to the implementation in 2023.
Regarding the business plan for 2024, VIX Securities will promote brokerage activities through specialized customer-oriented solutions and promote margin lending activities with the goal of increasing the proportion of the brokerage segment, strengthening its position in the market and creating a foundation for sustainable development.
Continue to invest in information technology systems to improve service quality for transactional customers; Promote the search and invitation of new personnel, focusing on personnel who are suitable for the Company's culture and have enough capacity to implement strategic directions with the Company.
It is known that by the end of 2023, VIX Securities recorded operating revenue of VND1,623.96 billion, an increase of 37% over the same period and profit after tax recorded a profit of VND966.4 billion, an increase of 210% compared to the same period in 2022 and completed 105% of the profit plan of VND920 billion in fiscal year 2023.
Based on strong business results in 2023, VIX Securities presented shareholders with a plan to pay dividends in 2023 at a rate of 10% in shares.
In addition to paying stock dividends at a rate of 10%, VIX Securities also presented shareholders with a stock bonus plan at a rate of 10%.
Thus, if two issuances of dividends and bonus shares are completed, the charter capital of VIX Securities is expected to increase by VND1,338.9 billion, from VND6,694.4 billion, to VND8,033.3 billion.
Offering 635.97 million shares at 10,000 VND/share
A noteworthy point, in the upcoming Congress, regarding the capital mobilization plan, VIX Securities submits to shareholders a plan to offer shares to existing shareholders at a rate of 95%, equivalent to shareholders owning 100 shares. The shares have the right to buy 95 new shares at a price of 10,000 VND/share and the proposed implementation will be authorized for the Board of Directors to decide.
With 669.4 million shares outstanding, it is estimated that VIX Securities will issue an additional 635.97 million shares to mobilize VND6,359.7 billion.
The amount of money mobilized, VIX Securities will be used to supplement business capital to improve self-trading investment capacity and securities margin trading lending capacity. Of which, 50% of the mobilized amount will be used to supplement capital for self-investment activities; and the remaining 50% is used to supplement capital for securities margin trading lending activities.
Explaining the stock offering, VIX Securities said that due to the capitalization scale, the number of listed businesses continues to increase on all three exchanges, while the number of domestic and foreign investors is increasing on the market, the Government and the State Securities Commission are promoting the upgrade of the market... Therefore, securities companies need to increase their financial capacity to meet the capital needs of customers trading securities and can provide new products in 2024-2025 and following years.
It is known that, closing the trading session on March 22, VIX shares were trading on the market at 20,150 VND/share.
Thus, it is estimated that VIX Securities will offer 635.97 million shares at a price of 10,000 VND/share, corresponding to the offering price being 50.4% lower than the currently trading market price.
It is known that, according to historical data, in recent years, VIX Securities has continuously carried out capital increases. In particular, from September to October 2021, VIX Securities offered to sell shares to shareholders at a ratio of 1:1, corresponding to offering 127.7 million shares at a price of 10,000 VND/share; and by March 2022, VIX Securities continues to offer shares at a ratio of 1:1, corresponding to offering 274.6 million shares at a price of 15,000 VND/share.
In addition, VIX Securities is expected to also issue shares under the employee option program (ESOP) at a rate of 2.99% of the total number of outstanding shares, corresponding to a maximum issuance of 20 million. Stock price is 10,000 VND/share.
In particular, ESOP shares will be restricted from transfer within 1 year from the date of issuance.
Vietcap Securities (VCI)
After completing the ESOP issuance and increasing capital by 30% from equity, VCI will offer a maximum of 20% of new charter capital, through the form of private share offering to professional/strategy investors.
According to the newly announced shareholder meeting document of Vietcap Securities Joint Stock Company (VCI), some business activities of the securities company such as lending for margin trading, investment... are subject to restrictions on owners capital -based limits of the company, therefore to continue to maintain the Company's growth momentum and market share, expanding charter capital is necessary to prepare for the next growth stages of the market.
Accordingly, the Company will issue ESOP shares in order, issue capital increases from equity sources and issue individual shares to strategic partners.
Specifically, the Company plans to issue 4.4 million ESOP shares (equivalent to 1% of charter capital), with an issuance price of 12,000 VND/share. Total proceeds after issuing ESOP are expected to be used to supplement the Company's working capital and reduce debt.
After completing the issuance of ESOP, the expected charter capital is VND4,419 billion, the Company will issue an additional 132.57 million shares to increase share capital from owner's equity, at a rate of 30%. After issuance, the expected charter capital is VND5,744.7 billion.
The Company plans to offer 143.63 million shares to professional/strategic investors with the principle of determining the offering price not lower than the Company's book value as of December 31, 2023, which is 16,849 VND/share (based on the 2023 audited financial report). Authorize the Board of Directors to decide on the basis of the Principles for determining the Offering Price mentioned above. Shares are restricted from transfer for at least 1 year from the date of completion of the offering.
If successful, VCI's total outstanding shares are 718.1 million shares, charter capital is VND7,181 billion.
Based on the book value as of December 31, 2023, the Company's book value is 16,849 VND/share, the total amount expected to be received from the private share offering is at least 2,420 billion VND. Expected disbursement of VND2,120 billion for margin lending activities, VND300 billion for self-trading activities. Expected implementation time is 2024 and the first quarter of 2025.
In 2024, VCI plans operating revenue of VND2,511 billion and pre-tax profit of VND700 billion, dividend 5-10%.
This plan is based on the basis that the world's and Vietnam's macroeconomy is expected to still have many variables and continue to be complicated, and the VN-Index is forecast to fluctuate around 1,300 points at the end of the year.
In 2024, VCI forecasts that the Investment Banking (IB) segment is expected to be better thanks to interest rates tending to decrease; business valuations have entered the attractive zone, which will be one of the factors helping the capital market in the future. 2024 is expected to be better than 2023. In the individual brokerage segment, VCI continues to focus on developing the retail brokerage field for individual investors. The company's strategy is customer-centric and focuses on developing service quality for customers rather than the strategy of lowering costs.
The planned revenue number only increased slightly, but the profit target increased by 22.8% compared to 2023 performance.
In 2023, the Company's mobilized capital costs will increase, affecting the NIM of margin activities, and at the same time, the stock market situation in 2023 will be less positive, leading to unrealized revenue from investment activities and recorded during the year. At the end of fiscal year 2023, VCI recorded pre-tax profit of VND570 billion, completing 57% of the plan.
Leading in the IB segment, in 2023, VCI is generally affected by the quiet context of capital mobilization activities, whereby IPO, capital mobilization or M&A activities take place more slowly than previous years. Accordingly, during the year, VCI did not record any notable deals.
According to VCI, the company is in the process of implementing a number of consulting deals. Revenue and profits from these unfinished deals have not been fully recorded in 2023 business results.
With the brokerage segment, in 2023, VCI will have the 8th market share on HOSE with 4.47% market share. Total brokerage revenue for the year reached VND535 billion, of which domestic brokerage revenue reached about VND275 billion (down from VND458 billion in 2022), average brokerage revenue per capita also decreased compared to the year 2022 due to a decrease in general market liquidity, promotional fees applied to customers as well as an increase in the number of brokerage personnel compared to 2022.
VCI leads the foreign brokerage market share with 25% market share in 2023. This is the 4th consecutive year the company has maintained the leading foreign brokerage market share in the stock market.
The company continues to have a remuneration report for independent members of the Board of Directors of 20 million VND/month/person, non-independent members of the Board of Directors do not receive remuneration.
At the same time, the VCI Board of Directors also submitted a proposal to dismiss and elect an additional member of the Board of Directors for the 2021-2026 term, replacing Mr. Nguyen Hoang Bao who had submitted an application to resign from the position of member of the Board of Directors for personal reasons.
DSC Securities (DSC)
Accumulated in the first 2 months of 2024, DSC Securities Joint Stock Company (DSC - UPCoM) is estimated to reach more than VND54 billion and is estimated to reach about VND70 billion in the first quarter of 2024, a sharp increase compared to VND13 billion in profit in the first quarter of 2023.
This is shared by Mr. Bach Quoc Vinh, General Director of DSC Securities Joint Stock Company (DSC - UPCoM) at the 2024 Annual General Meeting of Shareholders held on March 25.
DSC also said that it is expected that at the end of April and early May 2024, it will officially change the trading floor from the Unlisted Public Stock Exchange (UPCoM) to the Ho Chi Minh City Stock Exchange (HOSE), immediately after approved by HOSE. Mr. Nguyen Duc Anh, Chairman of the Board of Directors of DSC, said that changing the listing floor is a step to maximize the benefits of shareholders.
DSC leaders also revealed that they have found a strategic partner. Instead of looking for foreign partners, DSC chose a strategic partner, a large domestic financial institution, with the expectation that they can understand the Company well and will be a long-term companion, helping the Company develop further in the coming period.
In 2023, DSC will reach VND439 billion in revenue and pre-tax profit of VND150 billion, with total assets at VND4,122 billion. These indicators all recorded strong growth.
Sharing about the business plan for 2024, Mr. Bach Quoc Vinh said that DSC has a quite optimistic perspective and has positive expectations for the market this year.
In 2024, DSC sets operating revenue of VND423 billion, pre-tax profit of VND200 billion, along with orientations and action solutions for each business block.
Assessing the year's plan, Mr. Bach Quoc Vinh said that the above goals are completely achievable based on the context that Vietnam still has a lot of room to attract cash flow into the stock market. DSC Securities always upholds the motto of improving operational efficiency, increasing growth rate, accompanying the development of the market, ensuring harmony of interests of shareholders, partners and investors.
Sharing about business activities, DSC CEO said that the Company will develop balance in all three operations of brokerage, self-trading and consulting. In the brokerage segment, the amount of capital that DSC uses for margin activities is nearly VND2,000 billion, with an average interest rate of 12.5%. The company also sees great room for margin operations, as the stock market still has many prospects. Therefore, the Company can mobilize more capital for this segment of activities. Regarding proprietary trading activities, in November 2023 DSC was approved for VND200 billion for proprietary trading. The result was VND45 billion and half of it was realized in 2023, the remaining half will be added in 2024.
Also at the Shareholders' Meeting, shareholders were concerned about the phenomenon of securities companies possibly having their trading systems attacked by hackers and whether DSC had backups yet. Regarding this issue, DSC leaders shared that, regardless of whether it is a domestic or international securities company, once it grows large enough, it will inevitably attract the attention of speculators. However, looking at it both ways, as business activities develop and expand customer protection also needs attention.
Currently, DSC has completely switched to online, so the company has determined that it may encounter cases of being influenced by individuals and organizations with bad intentions. In addition, the IT department also proposed an information security package of VND7-8 billion to enhance business security, especially the brokerage segment to protect the company and customers.
DNSE Securities
DNSE Securities Joint Stock Company has just announced the 2024 Annual General Meeting of Shareholders meeting documents, expected to pay cash dividends at a rate of 5% and set a profit target of double the previous year.
The 2024 Annual General Meeting of Shareholders of DNSE Securities is expected to take place on April 16, 2024 in online and in-person form at Novotel Hanoi Hotel - No.2 Thai Ha, Hanoi.
According to the business plan submitted to the Congress, in the most positive scenario (scenario 3), DNSE sets the target for total revenue in 2024 (including operating revenue, financial revenue and other revenue) at VND1,390 billion, corresponding to an increase of 88% compared to the previous year. In the remaining two scenarios, DNSE expects to reach VND1,119 billion in total revenue (scenario 1), an increase of 51%; and VND868 billion, corresponding to an increase of more than 17% in the less positive scenario (scenario 2).
Regarding profits, DNSE plans a maximum profit after tax of VND445 billion (scenario 3), nearly double that of 2023. In scenario 2, the minimum profit after tax is VND170 billion, a decrease of 26% and the same scenario. The remaining version (scenario 1) is VND335 billion, an increase of 46%.
Looking back at business results in 2023, DNSE achieved positive results with operating revenue of VND714.5 billion, an increase of 58% compared to 2023; Profit after tax reached 229 billion VND, 3 times higher than 2022.
Notably, regarding the profit distribution plan, the DNSE Board of Directors will submit to the Congress a plan to pay dividends in cash at a rate of 5% of charter capital, equivalent to VND165 billion. Payment time must not exceed 6 months from the end of the Annual General Meeting of Shareholders.
In 2022, DNSE will also pay dividends to shareholders in cash at a rate of 2%.
DNSE also plans to list the stock code DSE on HOSE in 2024. Recently, on March 12, 2024, the Ho Chi Minh City Stock Exchange. Ho Chi Minh City also announced to receive applications to list 330 million shares of DNSE Securities, equivalent to a charter capital of 3,300 billion VND.
Previously, DNSE successfully completed the initial public offering of 30 million shares at a price of 30,000 VND/share. Temporarily calculated based on the selling price of the IPO, DNSE's capitalization value will reach VND9,900 billion when listed on HOSE.
According to DNSE, the market P/E valuation is expected to improve from 13.9 (end of 2023), to 15.1 and EPS growth at 15%. Therefore, the reasonable point range for VN-Index in 2024 is in the range of 1,295-1,357. This growth is supported by many positive macro factors. Therefore, the profits of listed businesses are expected to grow by about 15% in 2024. To seize the opportunity and achieve the set plan, DNSE's Board of Directors intends to take advantage of the pioneering product ecosystem on technology in securities and a multi-channel customer access network, to attract a new wave of investors and seize growth opportunities.
N.Nga
Source: VITIC/Tinnhanhchungkhoan