Tung Khanh (TKG) profit decreased by 87%, stock price still doubled after 2 weeks

Tung Khanh Production and Trading Joint Stock Company (Code TKG) was established in March 2000. The company operates in the field of stainless steel products manufacturing and trading high-end mattresses in domestic and foreign markets.

In the first 2 weeks of 2024, TKG shares attracted the attention of stock investors when they continuously increased in price. In just that time, TKG's price increased abnormally, doubling after only 2 weeks of trading.

Business is gloomy, profits plummet 87% but stock prices still double after only 2 weeks (Photo TL)

Specifically, from December 26, 2023 to now, TKG code has increased in 8/10 trading sessions. The stock price increased from VND 6,900/share on December 25, 2023 to VND 13,300 at the end of the trading session on January 9, 2023. In the trading session on January 10, 2023, TKG continued to increase in price to VND 14,500/share, equivalent to an increase of 110% after 11 trading sessions.

Recently, TKG's shareholder structure has also undergone some changes. Specifically, two new major shareholders have purchased hundreds of thousands of TKG shares. Vu Khanh Hoa purchased 262,000 shares, raising her ownership to 346,400 shares, equivalent to 5.49%. Ms. Dinh Thi Thuy purchased 380,000 TKG shares, raising her ownership from 0 to 6.02%.

Regarding business activities, in the third quarter of 2023, TKG recorded net revenue of VND 4.7 billion, down 87.7% over the same period last year. Profit after tax was recorded at VND 114 million, down 62.5% over the same period.

Accumulated revenue in the first 9 months of 2023, Tung Khanh's net revenue reached 57.1 billion VND, down 40.2% over the same period in 2022. Profit after tax reached nearly 300 million VND, down 83.4%.

Source: https://www.congluan.vn/loi-nhuan-lao-doc-87-co-phieu-doanh-nghiep-van-tang-gia-gap-doi-sau-2-tuan-post280371.html