Top 50 listed firms gain good business result: Broker

Blue-chips stocks have found interest of foreign investors over the past months as most of big listed companies posted good financial indicators in three first quarters of 2010, while their stock price remained low.

According to Hoa Binh Securities JSC. (HBS), the current group of 50 largest stocks accounts for 71.75 percent of the total Vietnamese market capitalisation, rising sharply compared to 62.74 percent of the previous data of this securities company. This has indicated that during the bearish market, the stocks of small capitalisation groups have declined more sharply than the group of blue-chips.

VCB is the largest capitalised company on Vietnam’s stock market with 1.210 billion shares, making up 6.36 percent of the market. The company, which ranks smallest in terms of market capitalisation in this group, is MPC, with the number of shares in circulation about 70 million shares, and its market value at the moment is worth 2.233 trillion dong.

Total assets scale of the group of large stocks is all more than one trillion dong, and banks are still the group of stocks with the largest capital scale of the market, led by CTG and followed by VCB. Four companies that have total assets of more than 100 trillion dong are CTG, VCB, ACB and STB.

In terms of the use of debt on equity (D/E) ratio, these firms all have reached the high D/E ratio. According to HBS, 50 percent of the enterprises of this group have had the greater use of debts than equity.

Companies with this high ratio are all banks and financial firms. Specifically, CTG, ACB, VCB and SHB all have the ratio of D/E higher than 10 times. The lowest D/E ratio is 0.051 times for OCH.

Among the 50 stocks with the largest capitalisation, 47 listed companies have reported the third-quarter financial statement in 2010. Topping the after-tax profit in first 9 months is VCB with 3.134 trillion dong, followed by VNM with nearly 2.885 trillion dong.

Besides, 9 out of 44 businesses have achieved over 100 percent of profit plan in 2010 such as PVT, PPC. DPR, VPL, DPM, PHR, CAN, SJS and POM. 56.81 percent of businesses have completed over 70 percent of the year’s profit plan.

Firms with the largest market capitalisation are also ones that have gained quite good results. In terms of EPS, in the first 9 months of 2010, NTL reached EPS of over 10,000 dong, followed by DHG, VNM and FPT with EPS of over 8,000 dong. – Vietstock

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