Pomina Steel Corporation made its initial public offer on April 20 on the HCM Stock Exchange.
POM shares gained the maximum 20 percent on their opening day, closing at 48,000 VND per share, but on a miniscule volume of 23,510 shares, worth just 1.13 billion VND (59,473 USD).
Founded in 2008, steel producer Pomina has charter capital of 1.63 trillion VND (85.8 million USD). Viet Steel Co Ltd is the leading shareholder, holding a 60.2 percent interest.
Pomina owns a pig iron processing plant with a capacity of 500,000 tonnes per year, and two steel plants, each producing 1.1 million tonnes per year, including 600,000 tonnes of construction steel.
This gives Pomina a 14.3 percent market share, a figure that rises to 33.5 percent in the southern region.
Saigon Securities Inc steel industry analyst To Thuy Linh said that the business growth of Pomina would be even more impressive once the steel industry's prospects improved.
Linh pointed to the Viet Nam Steel Association's prediction that domestic demand for steel would increase by 10-12 percent annually.
Kim Eng Viet Nam Securities Co analysts said the company's major market, the southern region, maintained a stable steel consumption of 1.8-2 million tonnes per year. They also noted that POM shares had a return-on-equity rate of 40.2 percent and a price-to-earnings ration of 12.8.
Pomina has projected earnings of 10.11 trillion VND (532.1 million USD) this year, up 34.2 percent over last year, and has estimated a net profit of 612 billion VND (32.2 million USD) and a dividend of 20 percent./.
POM shares gained the maximum 20 percent on their opening day, closing at 48,000 VND per share, but on a miniscule volume of 23,510 shares, worth just 1.13 billion VND (59,473 USD).
Founded in 2008, steel producer Pomina has charter capital of 1.63 trillion VND (85.8 million USD). Viet Steel Co Ltd is the leading shareholder, holding a 60.2 percent interest.
Pomina owns a pig iron processing plant with a capacity of 500,000 tonnes per year, and two steel plants, each producing 1.1 million tonnes per year, including 600,000 tonnes of construction steel.
This gives Pomina a 14.3 percent market share, a figure that rises to 33.5 percent in the southern region.
Saigon Securities Inc steel industry analyst To Thuy Linh said that the business growth of Pomina would be even more impressive once the steel industry's prospects improved.
Linh pointed to the Viet Nam Steel Association's prediction that domestic demand for steel would increase by 10-12 percent annually.
Kim Eng Viet Nam Securities Co analysts said the company's major market, the southern region, maintained a stable steel consumption of 1.8-2 million tonnes per year. They also noted that POM shares had a return-on-equity rate of 40.2 percent and a price-to-earnings ration of 12.8.
Pomina has projected earnings of 10.11 trillion VND (532.1 million USD) this year, up 34.2 percent over last year, and has estimated a net profit of 612 billion VND (32.2 million USD) and a dividend of 20 percent./.
