In a recent announcement to the Ho Chi Minh City Stock Exchange, PYN Elite Fund stated it sold 4 million Sacombank shares (stock code: STB) last week, reducing its holding to 91,6 million shares.

Over the past two months, the fund sold approximately 15 million shares amidst a sharp decline in market price. From a peak of 61.000 dong set in mid-October, STB closed today's session around 47.000 dong.

PYN Elite Fund previously reported a negative 5,8% investment performance in November, primarily due to STB's price decline. At one point, this stock accounted for about 20% of the fund's portfolio, but by the end of last month, it was only 17%.

Despite continuous divestment and no longer holding major shareholder status, PYN Elite Fund remains Sacombank's largest investor with a 4,68% ownership stake. Duong Cong Minh, the bank's Chairman of the Board of Directors, ranks second, directly holding 3,32% of the capital, equivalent to 62,5 million shares (according to the latest update in October).

In a report released earlier this month, analysts from SSI Securities Company stated that after a double-digit correction, STB shares are currently trading at a forward price-to-book (P/B) ratio of 1,28 times for next year, higher than the 5-year average of 1,25 times. This group recommends a "neutral" stance on Sacombank shares, citing a decline in the bank's asset quality and potential provisions pressure extending into next year.

Nevertheless, SSI projects a one-year target price of 58.200 dong, indicating further upside from the current level. This figure does not differ significantly from the 57.000 dong that ACB Securities Company suggested in its update report at the end of November.

In the first 9 months of the year, Sacombank reported a pre-tax profit of 10.988 billion dong, a 36% increase year-on-year. SSI expects the bank's pre-tax profit to reach 12.899 billion dong this year, while ACB Securities forecasts 13.627 billion dong.

Phuong Dong