Binh Son Refining and Petrochemical Joint Stock Company (stock code: BSR , the operator of Dung Quat Refinery) has just announced a Board of Directors' resolution on listing BSR shares on the Ho Chi Minh City Stock Exchange (HoSE).
Accordingly, the company will finalize the shareholder list to establish a shareholder register with the Vietnam Securities Depository and Clearing Corporation (VSDC). Simultaneously, it will submit the necessary documents and carry out the relevant procedures to list BSR shares on the HoSE in 2024.
BSR shares have been traded on the UpCOM exchange since March 2018 and have attracted significant investor interest and trading activity. This stock recently experienced a very strong price surge between April and July, from 18,000 VND/share to nearly 25,000 VND/share, an increase of almost 40%.
One of the key pieces of information supporting this stock is believed to be the decision by the Quang Ngai Provincial People's Court on May 27th to initiate bankruptcy proceedings against the Central Vietnam Petroleum Biofuel Company. As a result, the consolidated financial report for the second quarter of 2024 no longer shows overdue debts like in previous quarters, meeting the listing requirements of the HoSE.
BSR shares have surged since May 2024. Source: Fireant
Although the company will have to wait for the audit report, this can be considered a significant step towards transferring its listing to the HoSE exchange.
Regarding business results, Binh Son Refinery and Petrochemical recorded a decrease in revenue and net profit in the second quarter of 2024, down 27.4% and 42.8% respectively compared to the same period last year, reaching VND 24,428 billion and VND 768 billion.
For the first half of 2024, Binh Son Refinery and Petrochemical recorded revenue of VND 55,118 billion and after-tax profit of VND 1,884 billion, a decrease of 19% and 36% respectively compared to the same period last year.
Nevertheless, with nearly 40 trillion VND in idle cash, a 5% increase compared to the beginning of the year, Binh Son Refinery and Petrochemical Company holds the second position in terms of cash reserves among listed companies.
In fact, both the size of the cash reserves and the proportion of this item in the asset structure of the Dung Quat Refinery operator have continuously expanded over the years.
SSI Securities expects Binh Son Refinery's profits to recover in the coming quarters. In 2025, SSI estimates profits could increase by 18% year-on-year thanks to a recovery in sales volume.
"In the short term, the process of transferring the listing to the HoSE exchange could be a supporting factor for the share price," SSI forecasts.
At the close of trading on August 13, BSR shares were priced at 23,600 VND/share (an increase of over 26% compared to the beginning of 2024).
At its current price, Binh Son Refinery and Petrochemical is the 23rd largest company by market capitalization on the entire stock exchange, with over 72,500 billion VND (~3 billion USD). If considering only the HoSE (Hanoi Stock Exchange), Binh Son Refinery and Petrochemical's market capitalization ranks behind only 19 other companies.
Source: https://nld.com.vn/sieu-co-phieu-sap-chuyen-san-hose-co-gi-dac-biet-196240813134749597.htm
