Large land bank may lure investors to Hanosimex?
Large land bank may lure investors to Hanosimex?
Owning numerous large-scale land plots may attract investors to Hanosimex for its listing on the Unlisted Public Company Market (UpCOM).
The Hanoi Stock Exchange has approved Hanoi Textile and Garment Joint Stock Corporation (Hanosimex) to list 20.5 million shares on UpCOM at the reference price of VND15,800.
According to the plan, the listing will be conducted on April 19.
Established in 1984, Hanosimex is a large-scale corporation within the yarn-textile-garments supply chain of Vinatex, with factories in Hanoi, Bac Ninh, Hung Yen, Ha Nam, Nghe An, and Ha Tinh provinces.
In 2017, Hanosimex reported a revenue of VND2.36 trillion ($103.6 million), including VND1.65 trillion ($72.4 million) of revenue from the yarn segment and VND335 billion ($14.7 million) from the garment segment.
VND1.58 trillion ($69.37 million–67.31 per cent) of its revenue came from exports, while VND771 billion ($33.8 million) came from the domestic market.
As of December 31, 2017, Hanosimex had total assets of VND1.57 trillion ($68.9 million), up VND182 billion ($7.99 million) compared to early year.
The firm has been carrying a debt volume of VND1.3 trillion ($57.08 million), VND510 billion ($22.39 million) of which was short-term debts.
In this year, it sets the target to earn VND2.55 trillion ($111.9 million) in revenue with an after-tax profit of VND77 billion ($3.38 million).
Investors might not find too many overly attractive indices in Hanosimex’s financial statement, however, the firm owns a great number of valuable land plots.
Notably, it owns a 2,575sq.m land plot in Hoang Mai district, 125,00sq.m in Ha Nam province, and a 68,540sq.m land plot in Nghe An province.
Besides, it manages numerous large-scale land plots in industrial parks in Ha Nam, Hung Yen, and Nghe An provinces.
