HAX – Profit margin moving backing to normal levels
- In Q3 2022, Haxaco posted net sales and net profit of VND1,970 bn (or USD77 mn; +27% QoQ; +178% YoY) and VND57 bn (or USD 2 mn; -29% QoQ), respectively. There are some negative signals from the Q3 2022 profit performace. Profits showed a negative quartely growth, equivalent to a lower profit margin compared to Q2 2022.
- In 9M2022, consolidated net revenue and NPAT were VND5,177 bn (or USD203 mn, +53% YoY) and VND192 bn (or USD8 mn, +583% YoY), respectively, exceeding their 2022 PBT target by 14%. Covid-19 pandemic boomed in 9M2021, significantly hurting the 2021 performance, but creating a low-base for 2022 strong growth.
- In the view of rising inflation, we predict that HAX ‘s 2023 revenue and net profit will reach VND7,172 bn (or USD281 mn, +6% YoY) and VND253 bn (or USD10 mn, -10% YoY), respectively. More than 70% of HAX ‘s clients buy cars on installment payments. Consequently, higher interest rates will partly discourage consumers taking loan to purchase luxury cars.
Hang Xanh Motors Service Joint Stock Company (HAXACO) is a Vietnam-based car dealer. The Company is a retailer of Mercedes-Benz branded automotives from Germany-based Daimler AG. It also trades used cars. Moreover, the Company is engaged in the offering of repair, maintenance and rescue services for automobiles, as well as the trading of accessories and spare parts used in automotive manufacturing and assembly. In addition, the Company is involved in the manufacturing of motor vehicle bodies, design and renovation of vehicles, along with car leasing. Other activities include freight trucking, insurance agency and real estate trading.
Viet Dragon Securities belongs to top 20 biggest securities companies in terms of chartered capital in Vietnam. With a qualified, dedicated and professional team, a widespread network, advanced technology, diversified products and services, and good relationship with local and foreign institutions, we provide a wide range of services and products to our clients both individuals and institutions, both local and foreign. We commit to provide our clients with promising investment opportunities and a comprehensive and professional financial investment services.
RongViet Research reports are diversified and abundant, along with in-depth analysis and performed by experienced, highly-qualified and knowledgeable teams. With the objectives of transparency, accurate and timely manner, RongViet believes that our products would always be important sources of information for customers/investors’ investment decisions.”
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.