Conversion Price at 37,495 Won; Closing Price on the 2nd at 64,900 Won
Share Price Rises on Expectations of Supercapacitor Demand for Data Centers
Investors in Vinattech's first convertible bonds (CB) are expected to achieve returns exceeding 70% after just over a year. This is due to a rise in the company's share price, fueled by expectations that its flagship product, the supercapacitor (supercap), will benefit from increased investments in data centers.
According to the Financial Supervisory Service's electronic disclosure system (DART) on December 3, Vinattech announced on November 25 that the conversion rights for its first CB issuance, worth 6 billion won, would be exercised. The conversion price is 37,495 won, and the listing date is scheduled for December 15. On the previous day, Vinattech's closing price was 64,900 won. If the share price is maintained until the listing date, investors are expected to record a return of 73.01%.
When Vinattech issued the CB in September last year, its share price was maintained at around 37,000 won. However, it plummeted in November due to poor performance. In the third quarter of last year, Vinattech posted sales of 14 billion won and an operating loss of 2.5 billion won. While sales increased slightly year-on-year, operating profit turned into a loss. The poor performance continued in the fourth quarter, with sales of 13.7 billion won and an operating loss of 6.7 billion won. As a result, the share price fell to as low as 21,000 won in April.
However, the situation reversed in the second half of the year, thanks to the supercap. This year, Vinattech signed two supply contracts for AI data center supercaps with Acbel Polytech, a power supply manufacturing company. The supercap is an energy storage device that stores energy and supplies current instantaneously when needed.
As the AI data center market has grown rapidly, the role of supercaps has also expanded. In AI data centers, power stabilization devices are essential when computational loads surge suddenly. In this process, supercaps function as key components that absorb voltage fluctuations and maintain power quality.
The company also returned to profitability. In the second and third quarters of this year, sales were 20.7 billion won and 23 billion won, respectively, with operating profits of 1 billion won and 2.6 billion won. Thanks to these positive developments, Vinattech's share price has continued to rise, reaching the mid-60,000 won range.
In September last year, Vinattech issued CBs worth 20 billion won. Both the coupon and maturity interest rates are 0%. The conversion claim period runs from September 2, 2024, to August 2, 2054. At the time of issuance, the conversion price was 39,290 won. After this conversion, the remaining balance is 14 billion won.
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