Eximbank to become sixth listed bank
Eximbank will list 876.2 million shares on the HCM Stock
Exchange on October 27, the bank announced on Oct. 20.
Eximbank will list 876.2 million shares on the HCM Stock
Exchange on October 27, the bank announced on Oct. 20.
The listing, representing a total equity value of 8.8 trillion VND (494.3 million USD), would make Eximbank the fourth listed bank on the HCM City exchange and the sixth of both Vietnamese stock markets.
The shares, coded EIB, would be offered at an initial price of 28,000 VND (1.60 USD), and investors would be allowed to place opening-day orders within a trading band of plus-or-minus 20 percent.
Nguyen Hoang Hai, a securities analyst from a HCM City-based brokerage, said the price was quite reasonable and would motivate bidding on the opening day.
“Enterprises begin lowering their assessment of share offering prices as a defensive mechanism against market risk on the first trading day,” Hai said. “Within a trading band of 20 percent, investors could achieve at 10- to 15 percent profit.”
Eximbank has posted a profit of 1.16 trillion VND (65.2 million USD) in the first nine months of this year, reporting total assets at the end of the third quarter of 63 trillion VND (3.5 billion USD) and total deposits of 45.5 trillion VND (2.6 million USD).
Saigon Securities Inc analyst Nguyen Linh said that the stable revenues of commercial banks would ensure the long-term profitability of shares and would be shored up in the final quarter of this year as improving exports helped drive bank payment services./.
The listing, representing a total equity value of 8.8 trillion VND (494.3 million USD), would make Eximbank the fourth listed bank on the HCM City exchange and the sixth of both Vietnamese stock markets.
The shares, coded EIB, would be offered at an initial price of 28,000 VND (1.60 USD), and investors would be allowed to place opening-day orders within a trading band of plus-or-minus 20 percent.
Nguyen Hoang Hai, a securities analyst from a HCM City-based brokerage, said the price was quite reasonable and would motivate bidding on the opening day.
“Enterprises begin lowering their assessment of share offering prices as a defensive mechanism against market risk on the first trading day,” Hai said. “Within a trading band of 20 percent, investors could achieve at 10- to 15 percent profit.”
Eximbank has posted a profit of 1.16 trillion VND (65.2 million USD) in the first nine months of this year, reporting total assets at the end of the third quarter of 63 trillion VND (3.5 billion USD) and total deposits of 45.5 trillion VND (2.6 million USD).
Saigon Securities Inc analyst Nguyen Linh said that the stable revenues of commercial banks would ensure the long-term profitability of shares and would be shored up in the final quarter of this year as improving exports helped drive bank payment services./.
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