Quoc Cuong Gia Lai shares plummet

At the close of trading on the morning of July 19, shares of QCG of Quoc Cuong Gia Lai Joint Stock Company fell to the floor price, down to 9,070 VND/share. Currently, the remaining sell orders for this stock are at 2.77 million units and there are no buyers.

The sharp decline in QCG shares occurred after information that the police and prosecutors were working at the home of Ms. Nguyen Thi Nhu Loan, General Director of Quoc Cuong Gia Lai, on the same morning.

Looking back at QCG shares, at the beginning of February, this stock was only priced at over VND 8,000/share, but by mid-April 2024, QCG shares had increased continuously and reached nearly VND 19,000/share - the highest in the past 2 years.

Thus, in less than 2 months, QCG shares have doubled in price. Notably, the increase in QCG shares came despite the sharp decline in the market and the Ho Chi Minh City People's Court forcing the company to return more than VND2,800 billion it received from Ms. Truong My Lan.

QCG stock fluctuations in the past year Source: Fireant

In mid-2023, QCG shares also caused a "shock" in the stock market when they hit the ceiling for 13 consecutive sessions.

At the current market price, compared to the beginning of 2024, QCG shares have decreased by nearly 10%, but compared to the golden period, this stock has decreased by 2 times.

Regarding business situation, Quoc Cuong Gia Lai's consolidated financial report for the first quarter of 2024 recorded net revenue of only VND 38 billion and after-tax profit of only VND 651 million, down 77% and 28% respectively over the same period.

As of the end of March 2024, this enterprise had other long-term receivables worth nearly VND 142 billion, unchanged from the beginning of the year, mostly from the investment in the Tan Phong project (District 7, Ho Chi Minh City) and the Phuoc Kien residential area project (Nha Be district, Ho Chi Minh City).

In addition, Quoc Cuong Gia Lai also has a provision for short-term doubtful receivables of VND 1 billion and inventories of VND 7,033 billion, unchanged compared to the beginning of 2024.

By the end of the first quarter of 2024, this enterprise's payables were recorded at VND 5,161 billion, of which other short-term payables (receiving money from Sunny for the Phuoc Kien Project, payables to third parties...) accounted for 83%; loans and financial leasing debts accounted for 11%, at VND 570 billion,

Compared to equity, liabilities are 1.18 times higher.

Regarding Ms. Nhu Loan, she currently holds nearly 102 million QCG shares and Mr. Nguyen Quoc Cuong - Ms. Loan's son holds 537,500 units. It is estimated that with the closing price this morning, the value of the above shares is 930 billion VND.

Mr. Nguyen Quoc Cuong, also known as Cuong Do La, is one of the famous supercar enthusiasts in Vietnam. The supercars that Mr. Cuong has owned include: Lamborghini Gallardo, Ferrari 488 GTB, McLaren 720S, Ferrari F8 Tributo, Lamborghini Huracan...

According to records, the selling price of the above supercars ranges from at least 10 billion VND to 40 billion VND. In total, the value of Cuong Do La's supercar collection can be up to hundreds of billions of VND.

Recently, Cuong Do La attracted attention when he confirmed his order under a post about the introduction of Ferrari's new supercar model 12Cilindri. It is known that the starting price of this supercar is 424,000 USD, the Spider variant is 467,000 USD. After adding taxes, the price of this car can be up to 35 billion VND in Vietnam.

Source: https://nld.com.vn/co-phieu-quoc-cuong-gia-lai-lao-doc-196240719120858512.htm