ICF leaders say they don't know the reason for the stock's continuous rise.

Shares of ICF, the Aquatic Products Trading and Investment Joint Stock Company, hit the ceiling price for 9 consecutive sessions on the UPCoM exchange, tripling its market value, but the company's leaders claim they don't know why.

ICF shares are traded on the UPCoM exchange. The stock's upward trend began on February 29th and shows no signs of stopping. Throughout this period, ICF has increased by the maximum allowed limit of 15% in each trading session. As a result, the share price has jumped from around 2,400 VND to the current 7,400 VND, representing an increase of more than three times. Based on the current price, the company's market capitalization is approximately 95 billion VND.

In a document sent to the Hanoi Stock Exchange today (March 12), Ms. Nguyen Thi Kim Xuan, Chairwoman of the Board of Directors of the Seafood Trading and Investment Joint Stock Company, stated that the company is operating normally and there have been no changes recently.

"The company does not know the reason for the increase in stock price," Ms. Xuan wrote.

Not only did the share price fluctuate sharply, but the trading volume also surged. Previously, each trading session of ICF typically saw only about 20,000 shares changing hands, but during the period of rapid price increases, the trading volume reached approximately 400,000 shares per session. At its peak during this period, one session saw a trading volume exceeding half a million shares.

Price and liquidity chart of ICF stock.

Recently, this company hasn't released much new information. The last time the company released information was on March 8th, for the purpose of compiling a list of shareholders to attend the annual general meeting.  

Regarding business results, in 2023, ICF had revenue of VND 51 billion, a decrease of 16% compared to VND 61 billion in the previous year. However, a positive point is that the company recorded a pre-tax profit of VND 287 million, while the previous year it incurred a loss of VND 900 million.  

ICF has total assets of VND 194 billion, showing little change compared to the beginning of the period. The company is currently experiencing accumulated losses after tax of over VND 88 billion.  

Source: https://baodautu.vn/lanh-dao-icf-noi-khong-biet-nguyen-nhan-co-phieu-tang-lien-tuc-d210613.html