Platinum Victory Pte.Ltd (Singapore) Investment Fund, an organization related to Mr. Alain Xavier Cany, a member of the Board of Directors of Vietnam Dairy Products Joint Stock Company (Vinamilk, stock code: VNM), has just sent a written report to the Ho Chi Minh City Stock Exchange regarding the transaction of VNM shares.

Specifically, this fund registered to buy 20.89 million VNM shares from July 15 to August 13 but the transaction failed due to unfavorable market conditions. Notably, this is the 6th time since the beginning of 2024 that Platinum Victory Pte. Ltd. registered to buy the above shares but did not actually buy any shares.

Not stopping there, this foreign fund continued to register to buy 20.89 million VNM shares from August 19 to September 17 by negotiated transactions or order matching transactions on the floor or through the Securities Depository Center.

If successful, Platinum Victory Pte.Ltd will increase its ownership ratio at Vinamilk from 10.62% to 11.62% (equivalent to 242.7 million VNM shares).

Notably, not only Platinum Victory Pte. Ltd. is interested in Vinamilk shares, F&N Dairy Investment Pte. Ltd. of Thai billionaire Charoen Sirivadhanabhakdi has also continuously registered to buy 20.89 million VNM shares for investment but all transactions have failed. Since the beginning of the year, the Thai billionaire has registered to buy VNM shares 5 times but has not been able to collect any shares, citing unsuitable market conditions.

The move to persistently buy VNM shares took place in the context of this stock rising sharply and then plummeting at the beginning of the year. After that, the stock moved sideways at the price of 60,000 VND and suddenly jumped from 65,600 VND/share to the price of nearly 74,000 VND/share at the end of July until now.

Regarding Vinamilk, in the second quarter of 2024, this dairy company recorded impressive business results when net revenue reached nearly 16,700 billion VND (up 9.6% over the same period) - the highest quarter ever. Notably, Vinamilk gained an additional 1.2% market share in this second quarter.

Excluding expenses, after-tax profit in the second quarter was VND2,695 billion, up nearly 21% over the same period last year.

Accumulated in the first 6 months of 2024, Vinamilk's net revenue and net profit reached nearly VND 30,800 billion (up 5.7% over the same period) and VND 4,900 billion (up 18.6% over the same period), respectively, completing 49% and 52% of the 2024 plan.

In a recent report, SSI Securities Corporation estimated that the revenue and after-tax profit of this dairy company reached VND64,000 billion and VND10,000 billion, respectively, up 6% and 14% over the same period.

In addition, VNM shares have no foreign ownership limit and high liquidity, so SSI believes that VNM will benefit when FTSE Russell plans to upgrade Vietnam's market.