Pyn Elite Fund became a major shareholder of Mercedes-Benz car distribution company

According to information from the Ho Chi Minh City Stock Exchange (HoSE), Hang Xanh Automobile Services Joint Stock Company (Haxaco – code HAX) successfully purchased 935,200 HAX shares on December 10. After the transaction, Pyn Elite Fund increased its ownership volume at HAX from 5.2 million units (4.8% of capital) to 6.1 million units (5.7% of capital).

December 10 was also the session where 935,200 shares were traded through put-through transactions, equal to the exact amount of shares purchased by Pyn Elite Fund. The agreed transaction value is 14.85 billion VND, equivalent to nearly 15,900 VND per share. This figure is 2.3% lower than the closing price on December 10 of HAX (reaching 16,250 VND).

Haxaco is the first genuine Mercedes-Benz distributor in Vietnam. Currently, the company owns 5 dealerships distributing this car line across the country. Besides Mercedes-Benz, Haxaco also owns 5 MG car distribution agents (Morris Garages).

In the first 9 months of 2024, Haxaco’s revenue reached 3,695.9 billion VND, up 27.2% over the same period last year. Profit after tax in 9 months increased nearly 10 times over the same period, reaching 144 billion VND.

Haxaco is the investment with the second negative performance in Pyn Elite Fund’s portfolio with negative 7.8% (according to the November 2024 report), behind NTL of Tu Liem Urban Development Joint Stock Company. (-11.8%).

On the contrary, the three largest positive performance investments of Pyn Elite Fund are DXS of Dat Xanh Real Estate Services Joint Stock Company (+33.2%), HVN of Vietnam Airlines Corporation – Vietnam Airlines. joint stock company (+20%), ACV of Vietnam Airports Corporation (+6.5%).

In November 2024, the fund had a negative investment performance of 1.2%. This is also the second consecutive month investment performance decreased (October decreased by 1.71%). However, cumulatively in the first 11 months of the year, Pyn Elite Fund’s performance was relatively positive, reaching 17.08%, superior to the previous 2 years.

At the end of November, the total assets under management of Pyn Elite Fund reached more than 802 million EUR (21,700 billion VND) at the end of November. The financial group (banking, securities) dominated both in number and proportion when it was top. The fund’s 10 stock portfolios include 6 bank stocks and securities with a total proportion of 52%. Of these, Sacombank (STB) alone accounts for nearly one-fifth of the portfolio.