TTC Land (SCR): The Board of Management "bottomed out" with 5 million shares with target earning EBT of VND 390 billion

The purpose of this transaction is to increase ownership in the Company. As being shared by Chairman – Mr. Nguyen Dang Thanh, this move to increase the ownership of business leaders is included in the plan of TTC Land (SCR).

 Jamona City - One of the projects invested by TTC Land 

Saigon Thuong Tin Real Estate JSC (TTC Land, SCR) has announced plan to buy shares of the Board of Management and the Board of Directors with a volume of 5 million shares from March 20th to April 4th, 2020.

Among that, Mr. Nguyen Dang Thanh - the Chairman of the Board of Directors - expected to buy 1.5 million shares, the Vice Chairman – Mr. Bui Tien Thang registered to buy more than 1.7 million shares, a member of the Board – Ms. Tran Yen Duyen and the General Director - Mr. Vu Quoc Thai registered to buy 150,000 shares and 3 million share respectively.

The purpose of this transaction is to increase ownership in the Company. As being shared by Chairman – Mr. Nguyen Dang Thanh, this move to increase the ownership of company’s leaders is included in the plan of TTC Land. Previously, members of the Board and the Board of Directors also purchased 2.69 million shares in equivalent to VND 20 billion.

In the market, under the pressure from the COVID-19 epidemic, SCR shares are falling to the pricing area of VND 4,100/share, which is quite low compared to the current book value of the Company (approximately VND 13,000/share), and the liquidity increases sharply.

Recently, the Company issued more than 27 million shares to pay dividends in 2018, at a ratio of 100: 8. In 2019, TTC Land recorded 347 billion dong of pre-tax profit - a record ever. Profit after tax accordingly reached VND 288 billion, increasing 39%. As it is the year of restructuring, despite a sharp decline, TTC Land's revenue structure recorded a significant movement when the proportion of real estate service revenue increased by 223%, accounting for 36% compared to 4% of 2018. In parallel, revenue in real estate transfer accounted for 55% compared to 94% in the same period.

In the plan for 2020, TTC Land targets revenue of VND 1,871 billion increasing 79% with the main revenue coming from Carillon 7 project (Tan Phu district) to be handed over from July 2020, and some other handover projects such as Jamona Home Resort; Jamona City, Thanh Da, etc., (~ VND 1,100 billion). Respectively, profit before tax is expected to reach VND 390 billion, up 13% compared to 2019.

Source: CafeF (Credit to Tri Thuc Tre)