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OTC market heats up on State firms

access_time Nov 28,2016 chat_bubble_outline 61 views

Shares of many big enterprises have become hot commodities in recent days on the over-the-counter (OTC) market as investors bet on yet to list companies to be superstars on the Unlisted Public Company Market (UPCoM).


OTC market heats up on State firms

Vietnam Airlines, Saigon Beer-Alcohol-Beverage Corporation (Sabeco), Quang Ngai Sugar JSC, Truong Hai Auto Corporation and Vietnam National Petroleum Group (Petrolimex) are all floating on the OTC market and are on investor’s radars.

The success of State-owned companies such as Hanoi Beer Alcohol and Beverage Corporation (Habeco) and Airports Corporation of Vietnam (ACV) when debuting on the UPCoM has buoyed trade on the OTC market.

Vietnam Airlines, Saigon Beer-Alcohol-Beverage Corporation (Sabeco), Quang Ngai Sugar JSC, Truong Hai Auto Corporation and Vietnam National Petroleum Group (Petrolimex) are all floating on the OTC market and are on investor’s radars.

According to big brokers, the stock prices of these companies have increased in the past month because of rapidly rising demand.

A share in Vietnam Airlines costs about VND40,000 ($1.78), a rise of 79 per cent over its IPO price of VND22,300 in November 2014.

The national flag carrier has been quiet since its IPO after 99 per cent of its 49 million shares for sale were collected by two banks, Vietcombank and Techcombank. Its recent price hike was attributed to the listing success of ACV whose stock price has shot 64 per cent in the first week of trading, from VND25,000 per share on Monday to nearly VND41,000 yesterday.

ACV’s price is also 180 per cent higher than its IPO price in December 2015.

Vietnam Airlines early this week asked its shareholders to register their ownership by the end of this month to serve its registration on the UPCoM in December.

“This investment wave on the OTC focuses on State-owned enterprises which have made initial public offerings,” Nguyen Huu Minh, director of EPS Investment Consulting Joint Stock Company was quoted by Dau thau (Bidding) newspaper as saying.

Minh said investors were looking to shares of equitised State-owned enterprises on the OTC and betting on prices rising once they are listed. In addition, the new regulation which forces equitised companies to trade on the UPCoM after an IPO has eased investors’ concerns over listing delays.

Prices of Habeco have also soared 94.5 per cent since its debut on October 28, shooting from VND54,600 per share to VND106,200 on November 25.

Investors expect similar success will be replicated in other shares on the OTC.

Shares of Quang Ngai Sugar, Truong Hai Auto and Petrolimex have also advanced in recent days. Shares of Truong Hai Auto are valued at VND90,000 a share while that of Quang Ngai Sugar were bought at VND82,000 and Petrolimex at VND30,000.

As State-owned enterprise equitisation is speeding up and the Government puts many market support policies in practice, analysts predict trading on the OTC market will continue to be buoyant in the future.

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