Tasco Joint Stock Company (code: HUT) has just announced that its subsidiary, SVC Holdings Co., Ltd., will change its name and brand identity to Tasco Auto Co., Ltd. (Tasco Auto) effective January 22nd.

Tasco Auto currently owns 86 showrooms nationwide, distributing 14 car brands including major brands such as Toyota, Ford, Mitsubishi, and the luxury brand Volvo. Its automotive segment has generated over $1 billion in revenue.

According to data from the Vietnam Automobile Manufacturers Association (VAMA), in the first nine months of 2023, Tasco Auto held 13.5% of the domestic automobile market share.

Clearly, changing the name and brand identity to Tasco Auto represents a strategic shift in HUT's business direction, alongside its core business of BOT projects.

The automotive market in Vietnam has undergone many changes and developments in recent years. However, this business sector still harbors many risks.

According to VAMA, for the whole year of 2023, VAMA member companies had total sales of 301,989 vehicles of all types, a decrease of 25% compared to the previous year. Sales of domestically assembled vehicles reached 181,380 units, down 20%, while imported vehicles totaled 120,609 units, down 32% compared to 2022.

Meanwhile, a report by Business Research Insights suggests that the global automotive market was worth $2.73 trillion in 2021. The market is projected to grow at a rate of 3.01% between 2021 and 2031, bringing its size to over $3.57 trillion.

Tasco is a diversified business enterprise, encompassing: transportation infrastructure and automotive services; real estate and resorts; and finance and insurance. Its core business is transportation infrastructure and automotive services, with VETC being a pioneer in operating electronic toll collection (ETC).

One of this company's recent development strategies is to expand investment through equity investments and business acquisitions.

Consequently, Tasco's asset size has continuously increased. As of the end of Q3/2023, Tasco's total assets reached VND 25,089.4 billion, more than double compared to the beginning of the year.

According to BSC Securities Company, in the second quarter of 2023, most of HUT's financial indicators increased significantly after the merger with SVC Holdings. In particular, short-term receivables more than doubled, reaching VND 3,490.3 billion. Inventory increased nearly 30 times, to VND 2,948.1 billion.

Regarding the capital structure, HUT's short-term debt tripled, reaching VND 6,614.6 billion. Notably, short-term borrowings increased from VND 280.3 billion at the beginning of 2023 to VND 3,115.6 billion. Long-term borrowings also increased from VND 4,553.8 billion to VND 5,186.7 billion.

At the close of trading on January 23, HUT shares reached 19,600 VND/share.

Business news

The stock market also has several other important events for companies listed on the exchange.

* HRC: At the end of 2023, Hoa Binh Rubber Joint Stock Company's net profit reached nearly 17 billion VND, an increase of 72% and three times higher than the annual plan.

* SHS : Saigon - Hanoi Securities Joint Stock Company announced its Q4/2023 financial report with total operating revenue of negative 9.1 billion VND, compared to 610.5 billion VND in the same period last year.

* VHC: Vinh Hoan Corporation announced that its revenue and profit for 2023 declined compared to the previous year. Net profit for the whole year 2023 was recorded at VND 897 billion, a decrease of 55% compared to 2022, failing to meet the set target.

* SCS: Saigon Cargo Services Joint Stock Company has just announced a decrease in its Q4/2023 business results. For the full year 2023, net revenue was over VND 700 billion and net profit was nearly VND 500 billion, a decrease of 17% and 23% respectively compared to the previous year.

* SD6 : Song Da 6 Joint Stock Company announced its business results for the fourth quarter of 2023, with net revenue increasing by 53% but recording a net loss of VND 75 billion. For the entire year 2023, SD6 incurred a net loss of over VND 150 billion.

* TIP: Tin Nghia Industrial Park Development Joint Stock Company announced that in the fourth quarter of 2023, net revenue increased by 2% to nearly 48 billion VND, financial revenue increased 7.5 times compared to the same period, reaching over 92 billion VND; net profit was nearly 103 billion VND, 2.4 times higher than the same period.

* SAS: Tan Son Nhat Airport Aviation Services Joint Stock Company recorded a sharp decline in business results in the fourth quarter of 2023. Specifically, net revenue was VND 694 billion; after-tax profit reached VND 52.9 billion, a decrease of 41% compared to the same period.

* APS: Asia Pacific Securities Joint Stock Company recorded a net loss of VND 4 billion in the fourth quarter of 2023. For the first quarter of 2023, APS achieved VND 434 billion in revenue, a 3% increase compared to the previous year; however, the net loss reached VND 172 billion, while the loss in 2022 was nearly VND 450 billion.

* BSA: Buon Don Hydropower Joint Stock Company ended Q4/2023 with VND 110 billion in revenue, down 11% compared to the same period; after-tax loss of VND 3.8 billion (compared to a profit of VND 52 billion in the same period).

VN-Index

At the close of trading on January 23, the VN-Index fell 5.36 points (-0.45%) to 1,177.5 points, the HNX-Index fell 0.51 points (-0.22%) to 229.26 points, and the UpCOM-Index fell 0.27 points (-0.31%) to 87.45 points.

According to BSC Securities, in the upcoming trading sessions, the market may continue to trade within the 1,175-1,185 point range. It should be noted that the recovery momentum of the VN-Index is lacking liquidity support, posing potential risks, especially when approaching old resistance levels.

Meanwhile, KBSV Securities assesses that the market sentiment has become more negative after large-cap stocks weakened. Although capital has spread to other sectors, this effect is not very convincing as liquidity remains weak and differentiation occurs among stocks within the same industry group.

ABS Securities believes that indicators support a continued upward trend, but investors need to carefully observe the liquidity of the VN-Index and individual stocks, as well as the euphoric sentiment of the market.

In the short-term risk scenario, the VN-Index has recovered for 12 weeks and is approaching the strong resistance level of 1,184-1,197 points, close to the long-term downtrend channel.

Selling shares at the peak and buying them back at a bargain price, tycoon Luong Tri Thin made over 100 billion VND in profit . By selling at the peak and buying back shares at a good price, Chairman of Dat Xanh Group Luong Tri Thin made approximately 140 billion VND in profit.