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The average daily volatility of 2.0% places the stock in the 4th quartile in the market meaning it is least volatile. The stock price dropped VND500.0 (or 4.8%) to close at VND10,000.0. Compared with the VN index, which fell 1.2 points (or 0.3%) on the day, this was a relative price change of -4.4%.
PRICE VOLUME DYNAMICS
Volume: there were 1,200 shares worth VND12 million (US$570.6) traded. The volume was 0.1 times average trading of 11,225 shares.
% Discount to high: the last price is at a discount of 30.6% to the 12-month high of VND14,400.0 a year ago on 04 Jan, 2011.
% Premium to low: the last price is at a premium of 8.7% to the 12-month low of VND9,200.0 one month ago on 30 Nov, 2011.
Volume weighted price (VWP): the price is equal to its 1-month volume weighted average price of VND9,953.259.
Beta: The Beta of this stock is 0.4. A Beta lower than 1 suggests this is a low risk, low return stock with volatility less than that of the market.
Standard Deviation (SD): SD is a statistical measure of deviation from the mean. The SD of 1.9% gives it a percentile rank of 6 meaning that 6% of stocks in the Vietnam market are less volatile than this stock.
PRICE PERFORMANCE RANK IN INDEX AND SECTORS
The stock is in 1 index and 2 sectors.
The following index and sector fell setting the trend for its fall of 4.8%:
Energy sector of 15 stocks traded today, which was down 5.1 points or 2.7% to 183.1,
VN index of 160 stocks traded today, which was down 1.2 points or 0.3% to 348.8
The stock went against the trend set by the Total Vietnam Market of 264 stocks traded today, which was up 3.1 points or 1.1% to 290.
RELATIVE VALUATION INDICATORS [RVI] FUNDAMENTAL ANALYSIS
Bullish Signals:
– The earnings yield of 20.43% is 1.6 times the 10-year bond yield of 12.5%.
– The Price to Book of 0.8 lower than average of 0.9 for the Energy sector.
– The P/E of 4.9 multiplied by the P/NTA of 0.8 is 4.0. Being less than the Benjamin Graham benchmark of 22.5 the stock appears undervalued.
Bearish Signals:
– Price/Earnings of 4.9 versus sector average of 4.8 and market average of 5.0.
– Price/Sales of 3.04 versus sector average of 0.7 and market average of 1.0.
– Dividend Yield of 6.0% (based on trailing 12 months dividends of VND600.0) versus sector average of 9.0% and market average of 3.2%. The company paid out a dividend of VND600.0 in the past 12 months. The 10-year bond yield is currently 12.5%.
RELATIVE VALUATION INDICATORS [RVI] TECHNICAL ANALYSIS
Bearish Signals:
– In the Vietnam market of 264 stocks traded today, the stock has a 6-month relative strength of 67 which means it has outperformed 67% of the market.
– The price to 50-day EMAP ratio is 0.97. In the past 200 days this ratio has been under 0.97 25 times suggesting downside. The 50-day EMAP has decreased to VND10,320.242. A decrease is another bearish indicator.
– The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) minus the 26-day EMA is negative suggesting a bearish signal. Both the 12-day EMA as well as the 26-day EMA are falling, another bearish signal.
– In the last three months the stock has hit a new 52-week low thrice.
– The price to 200-day MAP ratio is 0.89, a bearish indicator. In the past 200 days this ratio has been under 0.89 83 times suggesting further downside. The stock is trading below both its MAPs and the 50-day MAP of VND10,365.867 is lower than the 200-day MAP of VND11,174.624, a bearish indicator. The 200-day MAP has decreased to VND11,174.624. A decrease is another bearish indicator.
SHAREHOLDER RETURNS
Trailing one week: the stock was unchanged three times (60% of the time), fell once (20% of the time) and rose once (20% of the time). The volume was 1.2 times average trading of 56,125 shares. The value of VND1,000 [vs VND995 for the VN index] invested a week ago is unchanged.
Trailing one month: the stock was unchanged eleven times (50% of the time), rose seven times (32% of the time) and fell four times (18% of the time). The volume was 0.8 times average trading of 246,950 shares. The value of VND1,000 [vs VND910 for the VN index] invested a month ago is unchanged.
Trailing one year: the value of VND1,000 invested one year ago is VND735 [vs VND746 for the VN index], including a capital loss of VND301 and dividend reinvested of VND36. The total return to shareholders for 1 year is -26.5%.
FUNDAMENTALS
ISSUED CAPITAL
Based on 63,500,000 issued equity shares the market capitalisation is VND635 billion (US$30.2 million).
ACTIVITIES
Thac Ba Hydropower J.S.C. is engaged in the hydropower manufacturing industry. The Company operates through four main segments: electrical energy, electrical equipment, project and others. The electrical energy segment manufactures and trades electrical energy. The electrical equipment segment controls, maintains, upgrades hydropower plants and factories.
TOP MANAGEMENT
The chairman is Giang Ngoc Dai.
REPORTED BUYING AND SELLING
Reported Buying:
October 17: Thac Ba Hydropower substantial shareholder buys
Thac Ba Hydropower (TBC.VN) substantial shareholder Refrigeration Electrical Engineering Corporation (REE) bought 7,900 shares worth approximately VND89.3 million (US$4,272.3) between August 15 and October 14, 2011. Refrigeration Electrical Engineering Corporation (REE) previously held 15,211,988 shares and now holds 15,219,888 shares.
June 17: Thac Ba Hydropower substantial shareholder buys
Thac Ba Hydropower (TBC.VN) substantial shareholder Evn Finance Joint Stock Company – Evn Finance bought 190,990 shares worth approximately VND2.3 billion (US$111,445.7) between January 04 and April 04, 2011. Evn Finance Joint Stock Company – Evn Finance previously held 3,655,200 shares (or 5.8%) and now holds 3,846,190 shares (or 60.5%).
June 03: Thac Ba Hydropower substantial shareholder buys
Thac Ba Hydropower (TBC.VN) substantial shareholder Refrigeration Electrical Engineering Corporation (REE) bought 120,390 shares worth approximately VND1.3 billion (US$65,558.2) between April 01 and June 01, 2011. Refrigeration Electrical Engineering Corporation (REE) previously held 14,953,358 shares and now holds 15,073,748 shares.
April 07: Thac Ba Hydropower substantial shareholder buys
Thac Ba Hydropower (TBC.VN) substantial shareholder Evn Finance Joint Stock Company – Evn Finance bought 278,240 shares worth approximately VND3,338,880,000 between January 04 and April 04, 2011. Evn Finance Joint Stock Company – Evn Finance previously held 3,762,500 shares (or 5.9%) and now holds 3,655,200 shares (or 5.8%).
Reported Selling:
April 07: Thac Ba Hydropower substantial shareholder sells
Thac Ba Hydropower (TBC.VN) substantial shareholder Evn Finance Joint Stock Company – Evn Finance sold 285,540 shares worth approximately VND3,426,480,000 between January 04 and April 04, 2011. Evn Finance Joint Stock Company – Evn Finance previously held 3,762,500 shares (or 5.9%) and now holds 3,655,200 shares (or 5.8%).
BUSINESS NEWS ROUND UP
The last 5 company announcements are:
November 01: TBC: Explanation for business result in Quarter 3/2011
[News Story] Thac Ba Hydropower Joint Stock Company has explained the fluctuation in business result between Quarter 3/2011 and Quarter 3/2010:Profit after tax in Quarter 3/2010: VND25,646,783,825Profit after tax in Quarter 3/2011: VND8,374,934,662Profit after tax in Quarter 3/2011 was lower than profit after tax in Quarter 3/2010 because the mobilization production of buyer party in Quarter 3/2011 was low although the level of water flowing into lake was stable, and the electricity production in September 2011 was recorded in the revenue of Quarter 4/2011.
August 31: Thac Ba Hydropower recommends dividend
Thac Ba Hydropower today announced a cash dividend of VND600.0 per share. The record date is September 16, 2011 and it is payable on September 30, 2011.
August 10: TBC: Extension time of submitting audited financial statements of 06 months 2011
[News Story] Thac Ba Hydropower Joint Stock Company informed the extension time of submitting the audited financial statements of 06 months 2011 after the audited financial statements of 06 months 2011 examined. Source: HoChiMinh Stock Exchange
April 22: Thac Ba Hydropower: : Delaying the 2011 annual shareholders’ meeting
[News Story] Thac Ba Hydropower Joint-Stock Company (TBHPC) has announced a delay of the 2011 annual shareholders’ meeting as follows: TBHPC has to delay the 2011 annual shareholders’ meeting. TBHPC will announce the meeting time later. Source: Hochiminh Stock Exchange
March 16: Thac Ba Hydropower announces AGM
Thac Ba Hydropower has announced its Annual General Meeting will take place on April 29, 2011.
Currency Conversion:Currency Conversion: US$1=21,030.0 Vietnamese Dong (VND). VND1 = 10Hao.