The proposed convertible bond (CB: 7-9% interest, conversion price: 10.000, 5-10 years) can be easily auction at higher than its face value (1 million) if HTI will pay 1.500 for its 2013 and 2014 dividend, and the CB can be voluntarily converted after 1 year to assure bond investors that they will made a good profit if they shall exercise their conversion right.
HTI can sell 100.000-300.000 CB in 2014 to take care of its short-term needs, to start new profitable projects, and pay off its long-term loans if there is no prepayment penalty.
10-20% of the proceed can be used to buy back HTI shares if the price will be less than 10.000 to satisfy a small request for conversion after 1 year. If the share price will be much higher than 10.000, HTI should start to file the paper work to issue the needed new shares.
I am willing to buy up to 1000 of the unsold (if any) CB at face value if the 3 conditions (2013 & 2014 dividend = 1500 and voluntarily conversion after 1 year) are met.

I were disappointed that HTI dropped to 9.900 on the last trading day to collect the second 500 dividend for 2012. HTI did rise to 10.400 a few days ago before profit taking pulled it back.
I am expecting a better 4th quarter of 2013 report comparing to last year because of lower interest rate and better toll traffic because of the improvements on road 1A (An Lac-An Suong) by HTI. HTI earning per share (EPS) for 2013 should exceed 2.200 so it can pay at least 1,500 dividend for 2013.
HTI can easily increase its EPS by selling convertible bonds (7-9%, conversion price 10.000, 5-10 years).
I need other share holders help to make HTI paying higher dividend and selling convertible bonds to increase its earning. Together, we will see HTI worth 15.000 after the next share holder meeting in April 2014. Please contact: davidnguyen4444@yahoo.com

What is the fair price for HTI ?
I am expecting another good quarter report for HTI in Oct. 2013. HTI earning for 2013 can easily exceeding 2000 VND/share (50% increased toll collection and much lower interest cost) so its 2013 dividend will be more than 1500 VND/share.
Using a 10% rate of return, HTI will be around 15000 VND/share after its share holder meeting in April 2014 unless high (double digit) inflation also come back.

I was at the HTI shareholder meeting on 25/04/2013. There were good and bad news/observations about the meeting that were not in the official report.
1.The best good news was HTI toll collection have increased 50% comparing to the 1st quarter of 2012 because of new toll booths on the side roads in the industrial zones along road 1A (An Lac-An Suong).
2.The other not-so-good news is 1000 VND/share dividend payable in 3rd and 4th quarter. HTI could pay another 3-4% dividend, but the board of directors wanted to keep 9 billion VND in retain earning. Because of higher toll collection, I do believe that HTI can pay the 2012 dividend as promised.
3.HTI is entering the later part of its life cycle when more toll collection is profit rather than paying principle and interest so the dividend is expected to increase a few years from now.
My bad observation about the board of directors was that they are not open minded about conventional bond or convertible bond to lower the interest expense!!!
I concluded that HTI is a safe medium-term investment (better than keeping my money in a bank) until high inflation coming back.

I like to add an idea to the HTI's CB secured by its BOT projects.
The surplus interest earned from the CB proceeding (after substract the interest paying to CB holders) can only be used to buy back HTI shares just in case some odd lot CB holders want to convert. These buy back shares can be sell later if HTI need cash to pay the CB interest if the BOT projects can not complete on time.

I was surprised when HTI was sold heavily during last week. HTI did drop to 7.000 before closed at 7.100. Either some investors were desperate for cash or some bad news (insider trading) that I did not know. I was able to buy some HTI using a margin account (17% interest), and I will be buying some more next week if HTI will stay in this low range and there is no bad news.

I would like to clarify my idea of the HTI convertible bond (CB) secured by its BOT project.
Since HTI had been able to get long term loans for its BOT, it should be easy for HTI to sell the CB to most investors (foreign, domestic, me or even the banks), but the profit after costs, principal and interest should be better than 20% over the life of the CB. Furthermore, the conversion must be VOLUNTARY, and it can be converted any time just in case HTI stock will be way up (owning HTI share is more profitable than its CB).

Just in case I can not be at the 2013 shareholder meeting, I want to suggest HTI board of director to consider selling convertible bonds secured by its BOT projects (interest: 6-10%, convert price: 10.000-15000; negotiable).The interest is much lower than the long term loans, and HTI can do several BOT projects at the same time. It is a good way for HTI to become a dominant player in the BOT market.

I am looking forward to HTI shareholder meeting probably in April 2013 to find out about the divident and any other BOT projects beside HW 1A improvement and Ha Huy Giap Rd because one can at least double his land investment along such road in a hurry.
HTI mostly specialized in BOT projects so it can easily get long term financing since the repayment is guaranteed by its toll collecting business as long as traffic will meet the expected minimum. VN population is still growing as well as the number of cars/trucks so I can certain that HTI will continue to be profitable for a very long time.