Revealing the most expensive new stock on the stock exchange after 6 months of listing

At the end of the trading session on June 27, XDC shares of Tan Cang Construction Joint Stock Company had a ceiling increase for 9 consecutive sessions, which pushed the market price of this stock to 767,100 VND/share.

Thus, XDC has officially “dethroned” VNZ from VNG Corporation to become the stock with the highest market price on the stock exchange to date. Closing today’s trading session, VNZ shares only reached 726,000 VND/share, down 0.55%.

After a period of quiet and sluggish trading, XDC shares suddenly rose unexpectedly on the stock exchange with a continuous ceiling increase. From the price of 15,700 VND in the session on April 24, XDC has increased 56 times in price, as of the trading session on June 27, after just over 2 months.

However, XDC stock liquidity has not improved, the average trading volume is only a few hundred shares/session, and has only recorded regular transactions in the last two months. Before that, this stock had almost no liquidity.

Finance - Banking - The most expensive new stock on the stock exchange after 6 months of listing has been revealed — XDC stock performance since listing (Source: TradingView).

Notably, XDC began to accelerate after the transaction information of major shareholder Do Phu Dat. Specifically, Mr. Dat purchased 500 XDC shares to increase his total ownership to 6.1%, thereby officially becoming a major shareholder of the company from April 25, 2023.

With the XDC market price at the time of purchase being 18,000 VND/share, Mr. Do Phu Dat spent about 9 million VND for 500 XDC shares. Thus, the value of Mr. Dat's assets could have increased to 383 million VND after two months, 42 times higher than the initial investment value.

Tan Cang Construction One Member Co., Ltd. is a former engineering unit of the Navy. The company operates in the field of construction and repair of hydraulic works; dredging of river ports, sea ports and leasing of shore cranes in the provinces of Quang Nam , Khanh Hoa, Vung Tau, Ho Chi Minh City...

On October 21, 2022, Tan Cang Construction Company will make its initial public offering of nearly 3.28 million shares, with a starting price of VND 15,322/share, equivalent to a mobilization value of more than VND 50 billion.

By December 1, 2022, XDC shares will be officially listed on UPCoM, with an opening price of VND 15,500/share. The company's charter capital is VND 90 billion, equivalent to 9 million shares.

According to the audited financial report, in 2022, the company's revenue reached 279 billion VND, down 15% over the same period. Of which, construction activities brought in 273 billion VND, the remaining nearly 6 billion VND came from bridge business cooperation activities. As a result, XDC's after-tax profit only reached 8 billion VND, down 9% compared to 2021.

According to the explanation, the company's management said that the company's production and business activities have only recovered since the second quarter of 2022. However, geopolitical instability in some regions and inflation worldwide have pushed up raw material prices, causing a serious decline in domestic construction investment demand. In addition, exploiting revenue from competitive bidding is difficult when construction projects are scarce .

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