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Eight PetroVietnam affiliates to list
Eight companies under the PetroVietnam Group plan to list on stock markets at the fourth quarter this year.
"These companies have finalised all of the administrative procedures for listings," the group's deputy director Nguyen Ngoc Su said, adding that about 26 other companies were also in the listing process and expected to list either in the same period or in the first quarter 2011.
He said that most of these were large-capitalised firms, which would create a substantial supply for stock markets and would have certain impact on shares' prices.
In response to concerns about dilution with such a large number of petroleum shares on the market, Su said that their businesses performed well and were expected to be better off following the restructuring plans.
Head of Thang Long Securities' analysis department, Do Hiep Hoa, said that dilution had not happened for all listed shares of PetroVietnam's affiliates and subsidiaries.
For example, Phu My Fertilisers has retained its charter capital of VND3.8 trillion (US$194.8 million) over three years and has an earning-per-share (EPS) ratio of VND3,500.
He said that fertiliser stocks would perform well untill 2011 due to the shortage of domestic supplies. At the same time, oil exploitation would continue to develop and benefit companies involved, such as PetroVietnam Technical Service Company (PVS) and PetroVietnam Drillings (PVD).
He stressed: "My comments should not be taken as recommendations to buy these stocks. Investors should depend on market trends to make reasonable investment decisions."
Investment portfolios
PVGas General Director Do Khang Ninh recommended investors to closely watch corporate process on raising charter capital and how effectively they used the mobilised capital.
Director of SHB Securities Nguyen Luong Tan said that petroleum stocks accounted for a major portion of company's portfolio for institutional trading, focusing on petrol exploitation and exploration services companies because of their stable business performance.
The company was eyeing those with real estate potential and those producing petrochemicals and energy, Tan said, adding that it would continue providing consultancy services and invest in PetroVietnam's companies.
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