At the end of the trading session on June 27, XDC shares of Tan Cang Construction Joint Stock Company had a ceiling increase for 9 consecutive sessions, which pushed the market price of this stock to 767,100 VND/share.
Thus, XDC has officially “dethroned” VNZ from VNG Corporation to become the stock with the highest market value on the stock exchange to date. Closing today’s trading session, VNZ shares only reached 726,000 VND/share, down 0.55%.
After a period of quiet and sluggish trading, XDC shares suddenly emerged on the stock exchange with a continuous ceiling increase. From the price of 15,700 VND in the session on April 24, XDC has increased 56 times in price, as of the trading session on June 27, after just over 2 months.
However, XDC stock liquidity has not improved, with an average trading volume of only a few hundred shares per session, and has only recorded regular transactions in the last two months. Previously, this stock had almost no liquidity.
XDC stock performance since listing until now (Source: TradingView).
Notably, XDC began to accelerate after the transaction information of major shareholder Do Phu Dat. Specifically, Mr. Dat purchased 500 XDC shares to increase his total ownership to 6.1%, thereby officially becoming a major shareholder of the company from April 25, 2023.
With the XDC market price at the time of purchase being VND18,000/share, Mr. Do Phu Dat spent about VND9 million for 500 XDC shares. Thus, the value of Mr. Dat's assets could have increased to VND383 million after two months, 42 times higher than the initial investment value.
Tan Cang Construction One Member Co., Ltd. was formerly an engineering unit of the Navy. The company operates in the field of construction and repair of hydraulic works; dredging of river ports, seaports and leasing of shore cranes in the provinces of Quang Nam, Khanh Hoa, Vung Tau, Ho Chi Minh City, etc.
On October 21, 2022, Tan Cang Construction Company will conduct an initial public offering of nearly 3.28 million shares, with a starting price of VND 15,322/share, equivalent to a mobilization value of more than VND 50 billion.
By December 1, 2022, XDC shares will be officially listed on UPCoM, with an opening price of VND 15,500/share. The company's charter capital is VND 90 billion, equivalent to 9 million shares.
According to the audited financial report, in 2022, the company's revenue reached VND 279 billion, down 15% over the same period. Of which, construction and installation activities brought in VND 273 billion, the remaining nearly VND 6 billion came from bridge business cooperation activities. As a result, XDC's after-tax profit only reached VND 8 billion, down 9% compared to 2021.
According to the explanation, the company's management board said that the company's production and business activities have only recovered since the second quarter of 2022. However, geopolitical instability in some regions and inflation worldwide have pushed up raw material prices, causing domestic construction investment demand to decline severely. In addition, exploiting revenue from competitive bidding is difficult when construction projects are scarce .
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