Ninh Van Bay shares break ceiling price streak of 6 consecutive sessions

Shares of Ninh Van Bay Tourism Real Estate Joint Stock Company (NVT) were on track to hit the ceiling price but suddenly reversed course, falling to the maximum allowed limit on June 25th, down to 11,050 VND.

Shares of Ninh Van Bay Tourism Real Estate Joint Stock Company (stock code: NVT) traded at the ceiling price of 12,650 VND on the morning of June 25th, extending its streak of seven consecutive ceiling price increases. However, the bullish momentum did not last long as selling pressure emerged, causing the share price to reverse and fall below the reference price, closing at the floor price of 11,050 VND.

NVT not only defied the market trend but also broke its previous six-session winning streak and ended its eight-session winning streak. During the sell-off, nearly 100,000 NVT shares were traded, marking the highest level in almost a year. The transaction value reached 1.2 billion VND.

NVT shares suddenly reversed course when the company's management released a written explanation as requested by the Ho Chi Minh City Stock Exchange regarding the recent series of price increases. According to Ninh Van Bay's leadership, the surge in share price was due to objective developments and market supply and demand. Currently, the company's business operations are still running normally.

Similar to explanations from many other businesses, Ninh Van Bay affirmed that "there has been no impact whatsoever affecting stock trading on the market and we always comply with the applicable laws and regulations for public companies."

Previously, NVT hit its ceiling price repeatedly between June 17th and 24th, pushing the share price from 7,970 VND to 11,850 VND, a nearly 50% increase. At one point, the company's market capitalization was approximately 1,100 billion VND.

NVT stock price chart over the past year.

In terms of business operations, Ninh Van Bay aims for consolidated total revenue of VND 390 billion this year, a 3.5% increase compared to last year. Consolidated after-tax profit is expected to reach VND 21.5 billion, a significant decrease compared to VND 35.8 billion in the same period last year.

In the first quarter of the year, the company recorded a 23% increase in revenue compared to the same period last year, reaching VND 114 billion, while the cost of goods sold increased by only 9% and financial expenses decreased by 33%. As a result, after-tax profit jumped to VND 16.5 billion, compared to less than VND 2 billion in the same period last year.

"This result was achieved because the company intensified its marketing and business activities with foreign customers. This strategy was developed for this year with the expectation of bringing about better business results," Ninh Van Bay's management wrote in the business results explanation document.

Source: https://baodautu.vn/co-phieu-ninh-van-bay-dut-mach-tang-tran-6-phien-lien-tuc-d218524.html