Immediately after taking the seat as a major shareholder at Haxaco, the Finnish fund continued to collect more than 1.2 million HAX shares, increasing its ownership ratio at the largest Mercedes-Benz distributor in the country to 6.81%.
Immediately after taking the seat as a major shareholder at Haxaco, the Finnish fund continued to collect more than 1.2 million HAX shares, increasing its ownership ratio at the largest Mercedes-Benz distributor in the country to 6.81%.
Foreign fund Pyn Elite Fund has just announced the successful purchase of more than 1.2 million shares of Hang Xanh Auto Service Joint Stock Company (Haxaco, stock code: HAX) on December 11. After the transaction, Pyn Elite Fund increased its ownership ratio at Haxaco from 5.68% (more than 6.1 million shares) to 6.81% (more than 7.3 million shares).
Based on the closing price of HAX shares on December 11, which was VND16,700, it is estimated that the Finnish fund spent more than VND20 billion to increase its ownership in the company.
In the previous session, on December 10, Pyn Elite Fund officially became the third largest shareholder of Haxaco when it successfully purchased 935,200 HAX shares, increasing its ownership ratio from 4.81% (nearly 5.2 million shares) to 5.68% (more than 6.1 million shares). The remaining major shareholders of Haxaco include two individuals: Mr. Do Tien Dung - Chairman of the Board of Directors of the company, with an ownership ratio of 17.38% (about 18.7 million shares) and Ms. Vu Thi Hanh - Member of the Board of Directors of Haxaco, with an ownership ratio of 16.61% (more than 17.8 million shares).
On the HoSE, HAX is at 17,200 VND, up about 12% compared to the price range a month ago. The matched volume in the last 10 sessions is approximately 1 million units. The market capitalization is about 1,848 billion VND.
Haxaco is the first authorized distributor of Mercedes-Benz in Vietnam. This enterprise owns a nationwide network of branches, specializing in trading and repairing Mercedes-Benz vehicles including Mercedes-Benz Haxaco Dien Bien Phu, Mercedes-Benz Haxaco Vo Van Kiet, Mercedes-Benz Haxaco Lang Ha, Mercedes-Benz Haxaco Kim Giang... Haxaco's subsidiary currently distributes Nissan vehicles and officially started operating in early 2019.
Regarding business results, according to the consolidated financial report for the third quarter, Haxaco recorded net revenue of VND 1,535 billion, an increase of nearly 38% over the same period. Gross profit during this period was more than VND 174 billion, 2.7 times higher than the same period last year. Gross profit margin reached 11.3%, an increase of 5.5 percentage points over the same period in 2023.
After deducting expenses, the company reported pre-tax profit of VND 113 billion and after-tax profit of VND 90.3 billion, respectively 11.3 times and 10.8 times higher than the same period, thereby extending the streak of consecutive profits from the fourth quarter of 2021 to present.
In the first 9 months of the year, Haxaco had a net revenue of approximately VND3,696 billion, up 27% over the same period. The company's main source of revenue comes from vehicle sales with about VND3,284 billion, up 31% over the same period last year. The rest comes from repair services and spare parts sales. Gross profit reached VND366 billion, while in the same period last year it was only about VND198 billion. Gross profit margin accordingly increased from 7% to 10%.
The company reported pre-tax profit of VND183 billion and after-tax profit of VND144 billion, 9 times and 10 times higher, respectively, than the same period in 2023.
This year, Haxaco aims to achieve a consolidated pre-tax profit of 4 times higher than that achieved in 2023, reaching VND200 billion. According to the board of directors, to implement this plan, the company will proactively propose flexible plans on competition, prices, and discount policies to maintain market share. Thus, in the first 3 quarters of the year, Haxaco has completed 91% of the profit plan.
By the end of September, Haxaco had total assets of VND2,502 billion, an increase of nearly VND500 billion compared to the beginning of the period. The company's liabilities increased from VND842 billion to nearly VND1,149 billion. Short-term debt contributed an overwhelming proportion of VND1,148 billion. The largest item was short-term loans and financial leasing debt with more than VND942 billion.
The company currently has equity of VND 1,354 billion. Undistributed profit after tax is more than VND 95 billion.
Source: https://baodautu.vn/quy-phan-lan-tiep-tuc-gom-thanh-cong-co-phieu-haxaco-d233064.html
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