Haxaco (HAX) Share Buyback: 4.5 Million Shares at VND 10,000 Cap

Overview

Haxaco (HOSE: HAX), formally Công ty cổ phần Dịch vụ Ô tô Hàng Xanh, has circulated a written resolution to shareholders seeking approval to buy back 4.5 million shares, equal to 4.19% of shares outstanding, at a maximum price of VND 10,000 per share. The stated purpose is to restructure the company’s capital base and subsequently reduce charter capital. The proposal is smaller than the up to 5 million shares (4.65%) flagged in Resolution 17 dated 17 September 2026.

Key Facts

• Buyback size: 4.5 million shares, equivalent to 4.19% of total shares outstanding.
• Maximum purchase price: VND 10,000 per share.
• Earlier plan under Resolution 17 (17 September 2026): up to 5 million shares, or 4.65% of outstanding stock, later reduced.
• Shareholder register date for voting rights: 2 October 2026; written ballots due by 17:00 on 27 October 2026.
• Vote counting location: company headquarters, 333 Điện Biên Phủ, Gia Định Ward, Hồ Chí Minh City.
• Execution window: expected Q4 2026 through end-2027, with timing set by the Board of Directors.
• Funding source: undistributed after-tax profit per the most recent audited financial statements; pricing follows Circular 120/2020/TT-BTC.
• Separate item: HAX approved lending VND 25 billion to subsidiary Công ty cổ phần Tập đoàn Tương lai Việt for up to 12 months.

What Happened

Haxaco published a tờ trình seeking shareholder opinion in writing on a plan to repurchase 4.5 million of its own shares, representing 4.19% of the total currently in circulation. The company set a maximum purchase price of VND 10,000 per share and said trades would be executed by matching orders and/or put-through transactions through a designated securities company. The buyback would be financed from undistributed after-tax profit as reported in the latest audited financial statements at the time of execution, and once completed the company would reduce charter capital by the face value of the shares actually repurchased.

The proposal marks a step down from the earlier board resolution. Under Resolution 17 dated 17 September 2026, Haxaco had intended to ask shareholders to approve a buyback of up to 5 million shares, or 4.65% of outstanding stock. The register date for voting rights was set at 2 October 2026, with ballots to be counted at the company’s Hồ Chí Minh City headquarters and a submission deadline of 17:00 on 27 October 2026. In a separate late-September 2026 decision, Haxaco approved a VND 25 billion loan to its subsidiary, Công ty cổ phần Tập đoàn Tương lai Việt, for working capital and investment purposes, with a term of up to 12 months from disbursement and interest set by agreement between the parties.

Market Context

HAX trades on the HOSE and closed at VND 8,420 on 15 October 2026, which places the VND 10,000 maximum buyback price at a premium of roughly 19% to the last traded level. That gap is notable for a company in the automobiles and parts sector, where dealer margins have been pressured by competition and financing costs. A buyback priced above market can signal management’s view of intrinsic value, but it also means the company may pay up relative to prevailing quotes if the stock does not re-rate before execution. The plan arrives against a broader Vietnamese market backdrop in which listed companies have used treasury share purchases and charter-capital reductions as capital-efficiency tools.

Strategic Significance

For long-term holders, the key question is capital allocation rather than the headline percentage. Haxaco is choosing to return retained earnings to exiting shareholders via a buyback and then cancel the shares, shrinking charter capital instead of deploying that cash into dealership expansion, inventory, or the VND 25 billion loan already extended to its subsidiary. That is a defensible choice if management sees limited high-return reinvestment opportunities in the current auto retail cycle, and it mechanically lifts earnings per share for remaining holders. The reduction from 5 million to 4.5 million shares also suggests the board is sizing the program to available retained earnings and liquidity rather than maximizing the headline number, which is a more conservative signal than the original resolution implied.

What to Watch

• Shareholder ballot results after the 17:00 on 27 October 2026 deadline, including the approval ratio and any dissenting votes.
• The Board of Directors’ announced execution timetable within the Q4 2026 to end-2027 window.
• Actual repurchase volume and average price versus the VND 10,000 cap, disclosed in subsequent treasury-share filings.
• Completion of the charter-capital reduction and the updated share count in the next annual report or registration filing.
• Q3 2026 earnings and the performance of the VND 25 billion loan to Tập đoàn Tương lai Việt, which will indicate whether cash is better used internally or returned.