HPX shares increased 20% in the first trading session back

Shares of Hai Phat Investment Joint Stock Company (stock code: HPX) increased to the maximum limit of VND6,550 in the first session of full-time trading on the Ho Chi Minh City Stock Exchange.

As soon as the market opened, HPX shares jumped to the ceiling price and remained at this level until the close. Accordingly, the stock price closed at VND6,550, up 20% compared to the reference price of VND5,460.

Stock liquidity reached nearly 1.4 million shares at the end of the session, while the remaining buy volume at the closing time was nearly 64.8 million shares. However, the trading value of this stock only reached about 9 billion VND. The company's market capitalization was calculated at 1,992 billion VND.

HPX fluctuated strongly after the Ho Chi Minh City Stock Exchange (HoSE) decided to remove it from the trading suspension since March 14 and resume full-time trading from today (March 20), because the company had disclosed information on time. This increase was also consistent with the stock market's performance in the mid-week session.

Previously, on March 7, Hai Phat's Board of Directors sent a document to the State Securities Commission and the Ho Chi Minh City Stock Exchange to request that this stock be allowed to trade again. According to the company, after HPX shares were suspended from trading, the company conducted an investigation and review to learn from experience to avoid violations of information disclosure obligations. On March 7, the company announced its audited financial statements for 2023 with full approval from the auditor.

Hai Phat's Board of Directors added that the suspension of trading of HPX shares has caused many difficulties for production and business activities, such as accessing capital from credit institutions and financial institutions to implement projects, facing great pressure from shareholders and investors, difficulties in restructuring debt, valuing collateral for loans, issuing bonds, etc.

Before being suspended from trading from September 18, 2023, HPX shares faced fierce selling pressure with a series of 5 consecutive declines, including 4 sessions losing all amplitude. Liquidity in some sessions jumped up to 83 million shares, equivalent to 24% of the total outstanding shares.

This year, Hai Phat plans to have revenue of VND 2,800 billion, an increase of 64.7% over the same period, expected profit after tax of VND 105 billion, a decrease of 21.8% compared to the implementation in 2023 and expected dividend at a rate of 5%.

Regarding business orientation for investment, mergers and acquisitions (M&A), the company will focus on completing and resolving existing projects that are facing difficulties and legal problems for early implementation; continue to seek partners to transfer some projects that are not in the Company's plans and goals; research and seek investment opportunities in new projects with clean land funds and reasonable capital costs in provinces and cities to be able to put into operation by the end of 2024 and the following years.

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