reports
Hang Xanh Motors Service Jsc: 1 director
A director at Hang Xanh Motors Service Jsc sold 1,400,000 shares at 0.000VND and the significance rating of the trade was 84/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last tw...
- An Nguyen
HAX – Eye on Q4 2023 performance
Q3 2023 sales reached VND1,115 bn (or USD45 mn), went down by -43.4% YoY but recovered by +39.9% QoQ. The lower-than-last year sales is due to the high base effect and challenging business environment. The bottom-line decreased at a higher pace than the top-line, reaching VND8 bn (-86.2% YoY; +166.7% QoQ). The main reason is the surge of General & Administration (G&A) expenses. HAX has not booked commission from Mercedes-Benz Group in 9M2023 yet. Because the demand for Mercedes cars is not st...
- An Nguyen
HAX – Expected recovery in 2H2023 will partly compensate for the expec...
· Q1 2023 net sales and NPAT-MI were VND993 bn (-37.9% QoQ; -40.2% YoY) and VND4 bn (-92.6% QoQ; -93.6% YoY), respectively. Mercedes car sales were down on an unfavorable basis of comparison and high loan rates, but repair services sales went up driven by stricter car registration regulations. The significant negative growth of net profit is due to higher SG&A and financial expenses. · 2023 sales are forecast to be VND6,627 bn (-2.2 %YoY) based on 1) higher selling pr...
- An Nguyen
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 1...
- Anh Nguyen
Haxaco: Favourable business conditions support strong growth
A 50% reduction in registration fees for domestically produced cars, which expired in H1 22 and rising private car demand after the Covid-19 pandemic helped HAX sales growth by 23.3% yoy in Q2 22 to VND1,546bn. Q2 22 NPAT-MI surged to VND81bn (+1,287 % yoy) thanks to higher average selling prices and huge financial profit from bank deposit ‘s interest (VND11.9bn). 2022 sales forecast at VND6,043bn (+8.9 % yoy) based on: 1) favourable business conditions; and 2) higher market share thanks to ...
- Son Tran
Analyst Pin-board HAX – Favorable business conditions support strong g...
· A 50% reduction in registration fees for domestically produced cars which expired in 1H2022 and rising private car demand after Covid-19 pandemic helped HAX sales growth by 23.3% YoY in Q2 2022 to VND1,546 bn. Q2 2022 NPAT-MI surged to VND81 bn (+1,287 %YoY) thanks to higher average selling prices and huge financial profit from bank deposit ‘s interest (VND11.9 bn). · 2022 sales are forecast to be VND6,043 bn (+8.9 %YoY) based on 1) favorable business conditions; ...
- Anh Nguyen
Haxaco: Massive rollout of new Mercedes models boosts 2022 sales growt...
According to Mercedes-Benz, 2022 is the year marking the start of their new generation cars. We believe that Mercedes customers will be less affected by inflation, and that they will be able to buy new cars even at a high price. Therefore, Mercedes car sales are expected to show an upward trend. H2 22 ASP of Mercedes cars in Vietnam will be higher than H1 22 thanks to the contribution of high-priced products. Although there is a risk that H2 22 sales volume will be lower than that of H1 22 b...
- Hoang Bui
Haxaco: Expects to pay 30% dividend for 2020 in cash or shares
HAX added a document to its 2021 AGM, where the expected 2020 dividend of 30% will be made in cash or shares, to be decided by shareholders. This is different from our previous expectations that the company will pay 30% of the dividend in cash. This slightly changes our 2021 results forecast, but does not affect our view of the business outlook. HAX's 2021 EPS is forecast to increase by 2.7%, to VND4,029/share, but the ROE will decline from 26.1% to 22.3%. Therefore, based on the combination...
- Hoang Bui
Haxaco: Growth opportunities ahead
2020 results were positive due to Decree 70, which reduced registration fees to about 50%, increasing the demand for cars. Decree 70 is no longer in effect in 2021, but the recovery of the economy and low car ownership will help car sales. At the same time, low pressure to liquidate inventories (compared to 2019) will help maintain GPM and increase profitability. In the long term, HAX has many opportunities thanks to: (1) growth of the Vietnamese middle and upper class; (2) new policies being...
- Hoang Bui
Vietnam Autos: Government policies help industry recover
8M 20 results VAMA members’ sales volume decreased by 24% yoy at the end of August 2020, down to 145,689 units. Passenger car volume declined more than commercial vehicles, falling by 25% yoy and reached only 106,689 units. The decline is due to a fall in income and delays in non-essential spending on Covid impact. Commercial vehicles sales volume decreased by 20% yoy (reaching 37,432 units). Sales volume of domestically assembled cars decreased by 19% yoy (to 96,473 units) while imported car...
- Hoang Bui
- Vu Tran
Haxaco: 1Q2020 – Covid-19 is challenging HAX's business
Hang Xanh Motors Service (HAX) net revenue in 1Q2020 was VND 920 billion, down by 15% YoY. Revenue of selling cars dropped by 17% YoY, to VND 824 billion. The negative impact of the slowdown of the economy and consumers’ behavior were the main reasons. On the contrary, the revenue of repairing and selling spare parts continued the grow in 1Q2019 (+23% YoY), as climbing by 12% YoY, reaching VND 94 billion. Gross profit margin (GPM) of 1Q2020 improved from 3.8% (1Q2019) to 5.3%. While the GPM o....
HAX - Slowdown Is Temporary
Although Mercedes-Benz car sales saw a slowdown (+4% versus the average growth rate of 20%-30%), we still believe that the luxury car segment in Vietnam as ample room to grow due to the rapid growth of the middle class. Aggressive expansion plans by Daimler, which aim to raise the number of dealerships from the current 14 to 20 by 2020, also indicate the German company’s confidence in the market. We expect HAX will be able to expand its current network by 1 or 2 more dealerships in 2018. Based ...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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