Quoc Cuong Gia Lai shares continue to be unusually purple

With the second ceiling price session and closing at VND8,540/share, QCG's market price increased by nearly 50% compared to the bottom level last August.

This is the second consecutive session that QCG shares of Quoc Cuong Gia Lai Joint Stock Company have hit the ceiling, while on the HoSE floor, most stocks are in the red.

Right from the beginning of today's trading session (October 15), QCG was anchored at the ceiling price and maintained throughout the session at VND8,540/share, up 6.88%. A similar development occurred yesterday (October 14) with an increase of 6.96%. However, in today's session, only more than 389,700 shares were traded, only 30% of yesterday's liquidity.

Notably, today, most stocks on the stock exchange were in red. On HoSE, 282 stocks decreased in price and only 4 stocks went against the trend and hit the ceiling, including QCG.

QCG stock price movement on the stock exchange from the beginning of the year until now.

The sudden increase in the ceiling price has not yet confirmed that there is positive information happening at QCG. Currently, Quoc Cuong Gia Lai has not announced its financial report for the third quarter of 2024. Information about the enterprise has been quite quiet after the period when Ms. Nguyen Thi Nhu Loan was prosecuted and detained on July 18 for violating regulations on management and use of State assets causing loss and waste.

Immediately after that, Mr. Nguyen Quoc Cuong - Ms. Loan's son was appointed as the legal representative of the company and also the General Director of Quoc Cuong Gia Lai .

At the end of July 2024, QCG had a series of 11 consecutive declines, including 6 consecutive floor-price sessions, causing QCG's market price to drop from 13,000 VND/share to more than 6,000 VND/share. But immediately after that, this stock had 2 purple sessions, increasing by 6.94-6.95%.

Hesitating in the price range of 6,000 - 7,000 VND/share for the past 2 months, since the beginning of October, QCG has started to show signs of recovery and upward trend. This period coincides with the time when businesses announce their third quarter financial reports. Therefore, investors are waiting for positive signals from the business results of this business, especially in the context that QCG has many items that need to be resolved, typically the amount of 2,882 billion VND that must be paid back to Van Thinh Phat related to the Phuoc Kien project while the amount of assets is low and QCG's business segments have been going backwards for many years.

In the first 6 months of 2024, QCG lost more than 16 billion VND, mostly from the loss in the second quarter. The company said that the first half of the year was the dry season, leading to the Company's hydropower plants not having enough water to generate electricity, and the exploited electricity output was still low, although this was the main revenue contributor to the company in recent years.

Debt is the most pressing pressure for the company, especially the debt with Van Thinh Phat. Mr. Nguyen Quoc Cuong had to reassure shareholders that QCG's situation is not too worrying. The company plans to sell capital in 3 hydropower projects and handle inventory to ensure existing debt repayment obligations.

Source: https://baodautu.vn/co-phieu-quoc-cuong-gia-lai-tiep-tuc-tim-lim-bat-thuong-d227499.html