HOT HOT VCB sẽ có giá tầm 5-7 lần giá sổ sách !

keto68 · 09/11/2007, 11:45

stockcyber;1 said:

vntrungtruc;1 said:

mtxtvn;1 said:

VCB sẽ có giá tầm 5-7 lần giá sổ sách !

http://www.bloomberg.com/apps/news?pid=20601087&sid=atQLGnE4C0io&refer=homé

Nov. 8 (Bloomberg) -- General Electric Co. and a group that includes Nomura Holdings Inc. are in talks to buy a stake in Bank for Foreign Trade of Vietnam, the country''''''''''''''''s third-biggest commercial bank, three people familiar with the matter said.

The Vietnam government plans to sell at least 15 percent of the Hanoi-based company, known as Vietcombank, the people said, declining to be identified as discussions are confidential. The stake may be worth about $700 million, one of the people said. The size of the deal may be increased to 20 percent, subject to government approval, the people said.

Vietcombank would become the nation''''''''''''''''s first state-owned commercial bank to sell shares to foreign investors and may set a precedent for other government lenders to follow. HSBC Holdings Plc, Axa SA and Morgan Stanley have announced investments in Vietnam since September, seeking to capitalize on an economy forecast to grow 8.5 percent this year.

``It''''''''''''''''s a developing country, economic growth is strong and loan growth is high,'''''''''''''''''''''''''''''''' said Joyce Toh, who helps manage $2 billion of stocks at Ixis Asset Management Asia Ltd. ``If you''''''''''''''''re going in for a strategic stake and going for long-term, you would pay a premium.''''''''''''''''''''''''''''''''

The deal comes as Vietcombank, with 186 trillion dong ($11.6 billion) of assets as of Sept. 30, prepares to become the first of Vietnam''''''''''''''''s four-largest state banks to go public. The government approved the initial public offering in September, and Vietcombank has hired Credit Suisse Group to advise on the sale.

Opportunities

Vietnam''''''''''''''''s economy is forecast by the government and Moody''''''''''''''''s Investors Service to grow at a decade-high 8.5 percent this year, driven by foreign investment. The government is selling assets to bolster state finances, encourage competitiveness and attract overseas investors to its seven-year-old stock market. The 122- member VN Index has almost doubled in the past year.

Josephine Lee, a Hong Kong-based spokeswoman for Credit Suisse, declined to comment. Nomura''''''''''''''''s Tokyo based-spokesman Michiyori Fujiwara declined to comment. Nguyen Hoa Binh, chairman of Vietcombank, declined to comment.

Fairfield, Connecticut-based General Electric, the world''''''''''''''''s third-largest company by market value, would make the purchase through its GE Money consumer finance unit, the people said. They declined to identify other members of the group that includes Nomura, Japan''''''''''''''''s largest securities firm. No time frame has been set for choosing a buyer, the people said.

``We will continue to evaluate opportunities in Vietnam along with other markets in the region,'''''''''''''''''''''''''''''''' said Stephanie Ban, a Tokyo-based spokeswoman at GE Commercial Finance, a unit of General Electric. She declined to comment further.

Deal Multiples

The deal may be valued at between five and seven times Vietcombank''''''''''''''''s book value, the people said. Based on 2006 figures, that would value a 15 percent stake at $515 million to $720 million.

Saigon Thuong Tin Commercial Joint-Stock Bank, Vietnam''''''''''''''''s second-biggest publicly traded lender, trades at 5.2 times book value, according to Bloomberg data.

GE, also the world''''''''''''''''s biggest maker of jet engines and power-plant turbines, is investing in Vietnam through other areas. In September, GE said it would invest $50 million in a factory to produce components for power-generation equipment in the country.

HSBC, Europe''''''''''''''''s largest bank by market value, bought a 10 percent stake in Bao Viet Insurance & Finance Group for $255 million in September. That same month, Paris-based Axa acquired 16.6 percent of Bao Minh Insurance Corp., Vietnam''''''''''''''''s second- biggest insurer, for 54 million euros ($79 million).

Discount to IPO

PetroVietnam Finance Co., a unit of Vietnam Oil & Gas Group, on Oct. 16 said it plans to sell a 10 percent stake to New York- based Morgan Stanley, the second-largest U.S. securities firm.

The government may allow Vietcombank to sell shares to ``strategic'''''''''''''''''''''''''''''''' investors at a discount to its IPO price, Le Song Lai, deputy general director of the State Capital Investment Corp., a custodian of the government''''''''''''''''s shares, said in September. The IPO has yet to be priced.

Vietnam''''''''''''''''s four-biggest state-owned banks control about 75 percent of the industry''''''''''''''''s assets, according to Fitch Ratings. Bank for Investment & Development of Vietnam, the nation''''''''''''''''s second largest, and No. 4 Industrial & Commercial Bank of Vietnam, have also hired investment banks to prepare for IPOs.

To contact the reporter on this story: Cathy Chan in Hong Kong at [email protected]
Click to expand...

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Giá bán cho đối tác chiến lược dự kiến khoảng 5- 7 lần giá trị số sách. Theo số sách, giá VCB khoảng 45-50K, vậy giá bán cho Đối tác khoảng 2xx rồi.

Chúc mừng VCB.
Click to expand...

Theo em có nên quá quan tâmtới giá mấy chấm ko? Nó còn tương quan với VĐL của VCB nữa chứ. Nếu VCB để nguyên VĐL cỡ 4.5 tỷ thì BV của VCB cỡ gần 3, khi đó giá người ta sẽ mua là 2xx. Còn VCB đã tăng VĐL cho bằng BV trước khi CPH(tăng lên cỡ 15 K tỷ) thì người ta chỉ mua cỡ 6x-7x là đúng rồi còn gì?
Không thể định nghĩa VCB phải đắt gấp 3 STB hay gấp 2 ACB được.
Click to expand...

tintucotc · 09/11/2007, 11:46

Đính chính: Giá của Vietcombank bán cho nước ngoài khoảng 127.700 - 178.780 đồng
http://www.targetprice.vn/home/newsdetail.asp?iData=1455

nhich · 09/11/2007, 11:55

Giá bán cho đối tác chiến lược dự kiến khoảng 5- 7 lần giá trị số sách. Theo số sách, giá VCB khoảng 45-50K, vậy giá bán cho Đối tác khoảng 2xx rồi.

Chúc mừng VCB.

[/quote]
Theo em có nên quá quan tâmtới giá mấy chấm ko? Nó còn tương quan với VĐL của VCB nữa chứ. Nếu VCB để nguyên VĐL cỡ 4.5 tỷ thì BV của VCB cỡ gần 3, khi đó giá người ta sẽ mua là 2xx. Còn VCB đã tăng VĐL cho bằng BV trước khi CPH(tăng lên cỡ 15 K tỷ) thì người ta chỉ mua cỡ 6x-7x là đúng rồi còn gì?
Không thể định nghĩa VCB phải đắt gấp 3 STB hay gấp 2 ACB được.

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[/quote]
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Đúng thế, vốn điều lệ tăng thì giá phải giảm để có EPS và PR phù hợp, ai lại cao vống lên thì chả ai thèm mua.

HOT HOT VCB sẽ có giá tầm 5-7 lần giá sổ sách !

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