Despite the prevailing downturn in the construction market due to the real estate sector’s struggles, Coteccons has made impressive strides with the 1Q2024 business results standing out as a significant bright spot. Notably, in May alone, the company commenced two major FDI construction projects, Pandora and Logos BN 2.
Quoted from Market commentary – May 2024 from KIM Vietnam Fund Management Company Limited (KIM Vietnam):
“[…] Coteccons Construction JSC (HOSE: CTD), one of the leading contractors, also performed nicely and contributed to the growth of the sector this month. In the context of construction and real estate gradually recovering thanks to supportive policies and economic stimulus, CTD has secured significant contracts from FDI enterprises that have proven their competitive ability and construction capacity. Vietnam becoming an attractive destination for FDI would bring more value to contracts for CTD in the future.”
“[…] At sector level, we are optimistic about the outlook of the Industrial sector, particularly the aviation and the construction sub-sectors where leading companies such as ACV, HVN, and CTD have posted robust earnings results in 1Q2024.”
On May 28, 2024, Korean Fund – KIM Vietnam officially became a major shareholder by purchasing 200,000 CTD shares. This acquisition increased their total holdings in Coteccons to 5.04 million shares, equivalent to 5.05% of the company’s capital.
For detailed Market commentary – May 2024 from KIM Vietnam Fund Management Company Limited, please see:
https://koreainvestment.com.vn/en/research/market-monthly-commentary-may-2024 (Eng)
https://koreainvestment.com.vn/en/research/diem-tin-thi-truong-052024 (Vie)
