Completing the merger of the country’s largest automobile distribution system, Tasco’s capitalization exceeded 1 billion USD, equal to REE, larger than Sunshine Homes

Previously, Tasco privately issued 543.8 million shares to exchange shares with shareholders of SVC Holdings Joint Stock Company.

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Tasco Joint Stock Company (stock code: HUT) announces a change in the number of outstanding voting shares. Accordingly, Tasco said the number of new shares increased was 543.8 million units, helping the enterprise’s charter capital reach VND 8,925 billion.

At the end of the trading session on September 6, HUT shares increased by 8.4% to a price of 28,500 VND. Compared to the beginning of the year, the market price of this code has also doubled. At the current price, Tasco’s capitalization has officially surpassed the 1 billion USD mark with 25,436 billion VND.

This number also helps Tasco’s capitalization approach that of some names such as Kinh Bac Urban, Khang Dien or REE. It even surpasses FPT Telecom, Viglacera, VIMC, Gelex…

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Previously, Tasco privately issued 543.8 million shares to exchange 100% of shares with shareholders of SVC Holdings Joint Stock Company. SVC Holdings is a company that owns 54.1% shares of Savico, 100% shares of Savico Hanoi Joint Stock Company, 80% shares of Nordic Automobile Joint Stock Company (Volvo distributor in Vietnam).

It is estimated that according to the current price of HUT shares, SVC Holdings shareholders will receive shares worth up to 15,000 billion VND.

Regarding the reason for investing in SVC Holdings, in 2022 former Tasco Chairman Ho Viet Ha shared that according to the new direction, the automobile distribution segment is Tasco’s biggest pillar in the future and will combine and support More about real estate. SVC Holdings currently owns Savico – an agent holding 11.2% of the new car market share with a distribution chain stretching from North to South and many real estate properties in prime locations in Ho Chi Minh City, Hanoi, Danang,…

In addition, Tasco also invested in M&A in a non-life insurance company. Selling cars, selling insurance and investing in BOT projects creates a closed ecosystem for the company’s customers.

Asset scale increased rapidly after M&A

Before carrying out the acquisition of SVC Holdings, Tasco spent more than 402 billion VND to buy 100% capital of Groupama Vietnam and changed its name to Tasco Insurance. According to the plan, Tasco plans to pour an additional VND 612 billion into this company.

So it can be seen that Tasco will be a multi-industry corporation spanning many fields such as transportation infrastructure, real estate – tourism, automobile business…

According to a report from Tasco, after merging with SVC Holdings, the company’s total assets will increase from VND 11,632 billion at the beginning of the year to VND 25,424 billion. Equity increased from VND 3,783 billion to VND 11,726 billion. The company will have an additional 7,900 employees, 83 car showrooms and especially will have nearly 3 million customers.

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Thus, it can be seen that through a series of M&A deals, Tasco owns a series of famous businesses in many different fields with total assets of up to several tens of trillions of VND.

In fact, in recent years, many businesses have been very successful with this M&A strategy, typically Gelex, Masan Group or Bamboo Capital.

After completing the Viglacera merger in 2021, Gelex’s scale has skyrocketed with revenue of nearly 30,000 billion VND and total assets of more than 61,000 billion VND.

Another company that also uses M&A as its main development and is growing rapidly recently is Bamboo Capital Joint Stock Company (BCG). BCG is active in the fields of renewable energy, real estate, infrastructure, manufacturing and finance.

However, the increase in total asset scale of Bamboo Capital or Gelex is much larger than that of Tasco currently. Meanwhile, Tasco’s capitalization exceeds both Bamboo Capital and Gelex.

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Tasco profited more than 10 billion VND in the first half of the year

In the second quarter of 2023, Tasco recorded net revenue of 315 billion VND, an increase of 43% over the same period last year. However, cost of goods sold increased by 70.8% to 193 billion VND, causing gross profit margin to decrease from 48.4% to 38.7%.

As a result, Tasco earned more than 12 billion VND in pre-tax profit, an increase of 13.2% over the same period last year. However, due to no tax refund this quarter, the company’s net profit reached 9.6 billion VND, down 31.5% compared to the performance of the second quarter of 2022.

Accumulated for 6 months, Tasco recorded revenue of 610 billion VND, down 33% compared to the previous year. After deducting expenses, the company brought in 10.5 billion VND in net profit, down nearly 90% compared to the first half of last year. Compared to the year’s plan, the business has only achieved less than 2% of the year’s profit target.

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According to Market Life

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