Automobiles Industry 2H2023 - THE DEMAND IS EXPECTED TO BE BRIGHTER IN 2H2023
We believe that the weak car sales in 1H2023, evidenced by the negative growth of -40.8% YoY, is due to the constraints of Vietnam economic, including rising inflation, increased interest rate or pent-up savings. However, we suppose that 2H2023 picture will be reversed compared to 1H2023 as the economic headwinds has eased. The sales will be supported by buffer policies and the recovery of macroeconomy. As regards profits, the combination of lower registration fees and higher car demands will help car distributors to save costs, resulting in improved profit margins. Among the listed auto distributors, HAX owns the highest gross margin backed by the ability to optimize cost. Therefore, we expect that they will have more room to enlarge the gross margin compared to the peers in the recovery period.
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