LookAtVietnam – A list of ASEAN’s outstanding shares has been found on
the common website of the ASEAN’s stock exchanges – (aseanexchanges.org – AE),
where Vietnamese securities investors can see the names of the shares which they
never thought before that they would appear on such a website.
An analysis director of a securities company on November 28 sent to Thoi bao
Kinh te Vietnam’s reporter the link where the reporter can see the list of 60
Vietnamese outstanding shares published on AE. The director also sent a lot of
“grin” emotional icons when talking about the names of the shares appearing on
In an effort to introduce the outstanding products of ASEAN stock markets, AE is
introducing 210 shares which it says representing six stock markets in five
countries in the region, including Singapore, the Philippines, Malaysia,
Thailand, Indonesia and Vietnam.
There are two stock exchanges in Vietnam, including the Hanoi Stock Exchange (HNX)
and HCM City Stock Exchange (HOSE). Therefore, 30 shares listed on HNX and 30
shares listed on HOSE are being introduced on the website.
The problem is that, many Vietnamese shares in the list are just “penny stocks”
which no one would expect to find in the prestigious website of the ASEAN stock
Analysts have made a wild guess that the criteria for considering putting shares
into the list of outstanding shares are the capitalization value and the
liquidity, not the business performance.
In fact, the list of Vietnamese outstanding shares includes the real big names,
such as VNM. The company is compared by international institutions as the
machine that prints money. It has a large market, stays firmly in the crisis,
and earns trillions of profits a year. A lot of banks and manufacturers have
also been considered as good companies and their shares have been listed as the
valuable commodities of the stock market.
However, a lot of other shares have been enigmatically listed as “outstanding
shares”. VSP is a typical example. The analyst director said that VSP deserves
to be the outstanding share in the world, not only in ASEAN region, with the
nickname “bogus ship”, since its prices have been fluctuating not in accordance
with any economic rules.
The director said that VSP can compete with other shares in the international
market in terms of the price fluctuations, despite the business.
A lot of other shares have also been pointed out as having no necessary criteria
to become “outstanding” in the eyes of domestic investors, such as APS, CTS, PSI,
SBS, SHS. Especially, no one can understand why they could be listed as
outstanding shares, while only 90,000 units were traded on average in the last
20 trading sessions. The figure was 60,000 shares for CTS, while only 14,000
shares were traded in a day in the last 20 latest sessions
The problem is that domestic investors value the “outstanding shares” at
surprisingly low prices. 22 out of the 60 outstanding shares have the market
prices lower than 10,000 dong per share. Especially, some of them are being
traded at 3000-5000 dong per share (0.6 dollars).
The analyst director said that he could understand why the list of outstanding
shares comprises of so many invaluable shares. If AE only intended to introduce
Vietnamese 5-7 shares, it would have a good list. The problem is that it wants
30 shares for each bourse – a big number. Therefore, a lot of shares have been
chosen in order to have the wanted number.
An expert have joked that when introducing products to foreigners, it is
necessary to introduce the things that remain unknown to foreigners, while no
need to say about the things they know already. Therefore, the shares unknown on
the domestic market could be introduced to foreigners.