FPT shares were 'sold' by foreign investors for 2,500 billion VND

FPT shares have skyrocketed 60% since the beginning of the year.

Technology stocks have had a smooth start in the first half of 2024. Many stocks have recorded strong growth. Notably, FPT of FPT Corporation increased by 60% in just the first few months of the year.

FPT's growth started at the end of January 2024 with a price range around VND 82,000/share. By the trading session on June 12, 2024, FPT had reached its peak at VND 132,000/share. Corresponding to an increase of 60% in just over 4 months.

FPT shares under pressure to sell 2,500 billion dong from foreign investors, image 1 — Foreign investors "dumped" 2,500 billion VND worth of FPT shares (Photo TL)

FPT's growth is seen following the general growth trend of technology stocks since the beginning of the year. In addition, positive signals from the development of artificial intelligence (AI) are also the driving force that helps this group of stocks break out compared to other industries.

However, many experts believe that the rapid growth of technology stocks may still be a virtual growth, exceeding the real value. This has appeared with technology company stocks on the US stock market.

Pressure to "sell" FPT shares from foreign investors

A notable point last week was that foreign investors continued to net sell another 1,400 billion on the Vietnamese stock market. Marking the 6th consecutive net selling session.

On the HoSE, foreign investors net sold VND1,414 billion, equivalent to a trading volume of 26 million shares. In the last 30 trading sessions, foreign investors only bought in 7 sessions and sold in 23 sessions.

The strongest net selling pressure last week was on FPT shares, with 5.5 million units being "dumped" by foreign investors on the market. This amount of shares is equivalent to 721.7 billion VND. Overall statistics over the past month, foreign investors have net sold nearly 2,500 billion VND of FPT shares.

The sale of a large amount of FPT shares right when the stock price peaked at VND132,000/share could be a profit-taking move by a group of foreign shareholders. According to many experts, this could cause a short-term decline in stock prices.

How is FPT doing business?

From investors' expectations that FPT's price will increase by 60% in the first half of 2024, it can be seen that the group's business activities have grown but not too strongly.

In 2023, FPT achieved net revenue of VND 52,618 billion, up 19.5% over the same period. Gross profit brought in VND 20,319 billion, corresponding to a gross profit margin that decreased from 39% to 38.6%.

Profit after corporate income tax in 2023 reached VND 7,788 billion, up 20% over the same period.

In the first quarter of 2024, FPT Group's revenue reached VND 14,093 billion, profit after tax reached VND 2,160 billion, corresponding to growth of 20.6% and 19% respectively. Compared to the target set for 2024, revenue of VND 61,850 billion, profit before tax of VND 10,875 billion, FPT has currently completed 22.8% of the revenue plan and 19.2% of the annual profit plan.

The company's total assets recorded at the end of the first quarter reached VND50,741 billion. Of which, liabilities accounted for VND23,680 billion, down VND2,632 billion compared to the beginning of the year.

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