Executive Summary

LEXUS THANG LONG JOINT STOCK COMPANY (Công Ty Cổ Phần Lexus Thăng Long) is a privately held joint stock company engaged primarily in the wholesale and retail of Lexus-branded vehicles and motor vehicle services. The company was incorporated in 2011 and operates under the regulatory oversight of the Hanoi Department of Planning and Investment. With over 13 years of experience, the company has developed a strong presence in Vietnam’s premium automotive retail sector.

Leadership and Management

Mr. Le Hong Thai serves as the Chairman of the company and is also a registered shareholder. He is supported by Ms. Doan Tuyet Mai, who holds the position of Deputy Director. The company employs approximately 100 personnel, indicating a streamlined operational model that supports both retail sales and aftersales services.

Financial Performance

As of the fiscal year ending 31 December 2023, LEXUS THANG LONG reported robust financial growth. Total assets surged to USD 62.3 million, marking a 307.4% year-over-year increase, reflecting major asset acquisitions or capital reallocation. Sales revenue reached USD 185.33 million, a substantial 57.63% increase compared to the previous year. Net profit also demonstrated impressive growth, rising to USD 8.87 million, up 49.61% from 2022. Owner’s equity increased by 70.89%, indicating reinvestment of earnings and potential shareholder confidence. The company’s working capital stood at USD 5.19 million, supporting liquidity for current operations.

Capital Structure

The company maintains a charter capital of USD 4.1 million, which is fully paid up. Mr. Le Hong Thai is a recorded shareholder with a 1% stake. Additional shareholders include Mr. Nguyen Xuan Ninh and Ms. Vu Thi Thu Ha, although their shareholding percentages were not disclosed in the latest filing. The equity structure suggests close ownership control, which is typical of high-end vehicle dealerships in emerging markets.

Operations and Business Activities

LEXUS THANG LONG’s core activity is the trading of Lexus vehicles, targeting the luxury car segment. It is also licensed for a diverse set of operations including vehicle maintenance and repairs, sale of parts and accessories, and rental of machinery and equipment. The company has registered capabilities in various construction-related services, including building construction, site preparation, and installation of industrial machinery, as well as freight and passenger transport, and travel agency activities. This range of services suggests a long-term strategy to diversify and vertically integrate automotive and industrial operations.

Assessment

The company’s outstanding performance in 2023, particularly the sharp increase in assets and profit, reflects a resilient and expanding business model. The focus on high-margin luxury vehicles, combined with diversified service registrations, positions LEXUS THANG LONG well for long-term growth. However, the limited publicly disclosed ownership distribution may warrant further scrutiny for stakeholders seeking transparency.

Strategic Recommendation

For investors, creditors, and supply chain partners, LEXUS THANG LONG presents a promising case of a high-growth, mid-cap enterprise with strong financial momentum. To fully evaluate risk exposure, stakeholder interests, and performance sustainability, it is advised to obtain a comprehensive company report, conduct financial due diligence, and explore risk assessment services.

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