Automobiles Industry 2024 - APRIL SHOWERS BRING MAY FLOWERS
Following a year marked by significant sales declines, the domestic automotive market is set to rebound the growth in 2024. It is fueled by the recovery the economic and favorable interest rate
environment. Car dealers’ stock price underperformed the VNIndex in 2023 due to the sector’s poor business results. In 2024, given the expectation of macro recovery, we anticipate that sector’s
earnings results will gradually back to the growth phase from 2024, making its relative valuation becomes attractive. HAX is the stock we like the most, with the new driver from a nascent MG
business.
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