Hang Xanh Motors Service

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Q2 22 performance – Strong sales helped H1 22 results meet c80% of the 2022 target. 2022 outlook: Favourable conditions support sales growth. Our target price is VND26,500. Adding a cash dividend of VND500, the 12-months expected return is 9.8%; Accu...

According to Mercedes-Benz, 2022 is the year marking the start of their new generation cars. 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 contributio...

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 of FCFF and P/E methods, the target price for HAX is VND27,300/share. In the last report, we expected...

2020 results were positive due to Decree 70, which reduced registration fees to about 50%, increasing the demand for cars. In the long term, HAX has many opportunities thanks to: (1) growth of the Vietnamese middle and upper class; (2) new policies b...

VAMA members’ sales volume decreased by 24% yoy at the end of August 2020, down to 145,689 units. Sales volume of domestically assembled cars decreased by 19% yoy (to 96,473 units) while imported cars decreased sharply by 33% (to 55,430 units) compar...

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 reason...