Auto stocks are drawing interest from investors as they continue to climb.
Thefive auto stocks listed on the two exchanges are Hong Huy InvestmentServices Co (HHS), TMT Automobile Co (TMT), Saigon General Service Corp(SVC), Hang Xanh Motors Service Co (HAX) and Truong Long Auto &Technology Co (HTL).
The Vietnamese stock market saw sluggishtrading early this year, with the VN-Index increasing just 1.6 percentand HNX-Index dropping 3.8 percent.
Nevertheless, auto stocksadvanced significantly, propped up by encouraging business results and apositive outlook for the auto market in 2015.
HTL witnessed thebiggest growth, with the share price climbing 154 percent from 25,200VND (1.16 USD) in December to 64,000 VND on May 8. TMT also saw strongdevelopment with a rise of 98 percent in value, while other stocks madegains between 10-43 percent during the period.
This developmentwas attributed to positive earnings, with HHS reporting a consolidatednet profit of 54.7 billion VND (2.5 million USD) in the first fourmonths.
HAX has yet to release its first quarter earnings report, but other auto companies have posted positive results.
TMTearned an after-tax profit of nearly 41 billion VND (1.9 million USD)in the three months ending March, a four-fold increase compared with thesame period last year, while Truong Long Auto saw its profit rise by340 percent to 18.7 billion VND (862,000 USD) in the first quarter. SVChad the smallest growth of 27 percent during the period, with a combinedprofit reaching 125 billion VND (5.8 million USD) from January-March.
According to market insiders, auto sales in Vietnam were likely to continue to grow this year with rising demand.
Totalauto sales reached almost 16,400 vehicles ending March, an increase of62 percent against the same period last year, of which imports surged 69per cent while locally assembled cars increased 60 percent during theperiod, Vietnam Automobile Manufacturers' Association (VAMA) reported.-VNA
Thefive auto stocks listed on the two exchanges are Hong Huy InvestmentServices Co (HHS), TMT Automobile Co (TMT), Saigon General Service Corp(SVC), Hang Xanh Motors Service Co (HAX) and Truong Long Auto &Technology Co (HTL).
The Vietnamese stock market saw sluggishtrading early this year, with the VN-Index increasing just 1.6 percentand HNX-Index dropping 3.8 percent.
Nevertheless, auto stocksadvanced significantly, propped up by encouraging business results and apositive outlook for the auto market in 2015.
HTL witnessed thebiggest growth, with the share price climbing 154 percent from 25,200VND (1.16 USD) in December to 64,000 VND on May 8. TMT also saw strongdevelopment with a rise of 98 percent in value, while other stocks madegains between 10-43 percent during the period.
This developmentwas attributed to positive earnings, with HHS reporting a consolidatednet profit of 54.7 billion VND (2.5 million USD) in the first fourmonths.
HAX has yet to release its first quarter earnings report, but other auto companies have posted positive results.
TMTearned an after-tax profit of nearly 41 billion VND (1.9 million USD)in the three months ending March, a four-fold increase compared with thesame period last year, while Truong Long Auto saw its profit rise by340 percent to 18.7 billion VND (862,000 USD) in the first quarter. SVChad the smallest growth of 27 percent during the period, with a combinedprofit reaching 125 billion VND (5.8 million USD) from January-March.
According to market insiders, auto sales in Vietnam were likely to continue to grow this year with rising demand.
Totalauto sales reached almost 16,400 vehicles ending March, an increase of62 percent against the same period last year, of which imports surged 69per cent while locally assembled cars increased 60 percent during theperiod, Vietnam Automobile Manufacturers' Association (VAMA) reported.-VNA
